The crypto market has seen a notable shift from bearish to bullish sentiment in the latter part of this week, creating a more favorable environment for altcoins. This change in market outlook has led to significant gains for select digital assets, driven by increased demand from investors.
BeInCrypto has pinpointed three altcoins that have attracted substantial attention today and are gaining popularity as investors pivot towards them.
Stellar (XLM)
XLM is currently trading within a symmetrical triangle pattern and is priced at $0.419. A breakout to the upside could propel XLM towards $0.58. Traders are observing the price movement closely to assess whether XLM can maintain its upward momentum and confirm a bullish trend.
For this breakout to be confirmed, XLM needs to turn the $0.48 resistance level into a solid support level. The 7% increase in the past 24 hours has instilled confidence among investors, fostering optimism for a potential breakout. Sustained buying activity will be pivotal in upholding this upward trajectory.
However, the failure to hold support at $0.416 could dampen market sentiment. In such a scenario, XLM might be at risk of dropping towards $0.35, negating the bullish outlook and prolonging its consolidation phase.
Lido DAO (LDO)
LDO is witnessing a surge in bullish momentum today after breaking out from an ascending triangle pattern. This technical breakout has bolstered investor confidence, positioning the altcoin for further upward movement. The increased buying pressure has fueled LDO's rise in the market.
With a 15% surge in the last 24 hours, LDO is making a strong attempt at breaking out. However, confirmation of this breakout will be contingent on LDO successfully turning $2.20 into a solid support level. This milestone could pave the way for a rally towards $2.61, offering investors potential profits. The surge in interest has propelled LDO to be among the most talked-about tokens today.
Litecoin (LTC)
Litecoin has experienced a 12% surge in the past day, driven by news of the SEC's consideration of Canary Capital's spot LTC ETF filing. This development has kept Litecoin in the spotlight on crypto social media platforms, sparking discussions about potential price increases.
If the current investor interest translates into sustained demand, Litecoin could climb towards $147. However, accomplishing this would necessitate LTC breaking above and solidifying $136 as a support level. Achieving this would strengthen the bullish momentum and enhance the prospects of further price appreciation.
Nevertheless, Litecoin has historically faced challenges in surpassing the $136 mark. Should this resistance level prove formidable once more, LTC might face a retracement. Failing to breach this barrier could push the altcoin downwards to $117, invalidating the bullish outlook and triggering renewed selling pressure.