Date: Sat, Feb 01, 2025, 06:08 AM GMT
In the last 24 hours, major altcoins have been making impressive gains following Ethereum’s (ETH) breakout. This rally has also resulted in a decline in Bitcoin (BTC) dominance, which now stands at 58.81%.
With liquidity flowing into altcoins , gaming tokens Gala (GALA) and Axie Infinity (AXS) are coming on green track track with noticeable gains.
Source: Coinmarketcap
Both tokens are approaching key resistance levels within their falling wedge patterns, and potential breakouts could lead to further upside movement.
Gala (GALA)
Gala (GALA) is currently trading at $0.03218 and is edging closer to the upper resistance of its falling wedge, which aligns with the 25-day Simple Moving Average (SMA). The token recently found strong support around $0.0278, which coincides with the 200-day SMA, reinforcing a key demand zone.
Gala (GALA) Daily Chart/ Coinsprobe (Source: Tradingview)
If GALA successfully breaks out and confirms support with a retest, the next key resistance is at the 100-day SMA. A clean move above this level could push the price toward $0.042 and $0.044, marking a potential 37% gain from its current price.
MACD: The MACD line is crossing above the signal line, indicating growing bullish momentum.
Axie Infinity (AXS)
Axie Infinity (AXS) is following a similar pattern, currently trading at $5.46 and approaching the upper resistance of its falling wedge. The token recently found strong support around $4.99, which marked the lower boundary of the wedge.
Axie Infinity (AXS) Daily Chart/ Coinsprobe (Source: Tradingview)
If AXS successfully breaks out and confirms support with a retest, the next resistance to watch is the 25-day SMA. A clean move above this level could push the price toward the next resistance level of $6.78, marking a potential 26% gain from its current price.
MACD: AXS’s MACD is approaching a bullish crossover, signaling growing upward momentum.
Will These Tokens Rally?
As of now, Ethereum (ETH) is retesting its breakout level of $3,280, and if it bounces from this level, it could ignite a major rally in altcoins. Meanwhile, Bitcoin’s dominance has dropped to 58.81%, indicating that capital is flowing into alternative assets.
With GALA and AXS both approaching critical breakout points, traders are keeping a close eye on potential upward moves. However, confirmation signals are crucial before making any trading decisions, as market conditions can shift rapidly.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before making investment decisions.
