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As the crypto market experiences a renewed surge in bullish momentum, several altcoins have caught investors’ attention. Band Protocol (BAND), dYdX (DYDX), and Tokocrypto (TKO) have all staged significant recoveries in recent sessions, fueled by a broader resurgence of risk appetite.
Band Protocol Breakout Sparks 2x Upside Projections
The BAND token has recently broken above $0.70 after months of tight consolidation, with the token rising over 35% since July 5. This dramatic upswing follows weeks of stagnation, as the cryptocurrency was stuck in a downtrend for nearly eight months.
Notably, analysts are optimistic about the token’s prospects, anticipating a potential mid-term rally following the breakout. Captain Faibik projects a whopping 100% upside towards $1.40, citing an “extremely bullish” chart structure. This view is supported by GeneralYayu, who emphasizes the importance of confirmation after a breakout, urging traders to wait for a close above resistance with rising volume.
The confirmation of BAND’s trend would be bolstered by its recent network upgrade, which restored full oracle services and improved performance for DeFi integrations. These enhancements are expected to accelerate adoption and provide a fundamental tailwind to the token’s price action.
DYDX Could Target $6 Supply Zones
DYDX has also staged an impressive recovery, retesting the $0.62 level after plummeting from sub-$0.50 lows. Max Polo sees this rally as a bullish signal, attributing it to renewed market confidence in dYdX’s new chain and its position as a leading decentralized derivatives platform.
Notably, analysts are optimistic about DYDX’s prospects, anticipating a potential move through the $2.5 to $3.5 supply zone. Analyst Sina Sipani highlights a strong double bottom at $0.50, hidden bullish divergence on the RSI, and a possible move through these zones. He believes that this surge could trigger an even more significant rally.
TKO Faces Warning Signs as Hidden Bearish Divergence Emerges
In contrast, Tokocrypto’s recent breakout above $0.15 may be losing momentum. After a sharp two-week rally that propelled TKO higher by over 35%, signs of exhaustion have started to surface. Yashu Gola flags a hidden bearish divergence on the daily chart, where price formed a lower high while the RSI marked a higher high – a setup often preceding downside.
Gola warns that such divergence can trap late buyers, particularly as major caps like Bitcoin continue to attract most of the market’s inflows. The analyst highlights weakening momentum even as TKO rose higher, suggesting that buyers may be running out of steam. Unlike DYDX and BAND, which have broken above long-term resistance levels, TKO has not reclaimed any key horizontal levels, and its broader trend remains bearish.
TKO now requires a swift validation to invalidate the bearish setup and maintain momentum; otherwise, it could trigger a sharp correction back below $0.14.
In conclusion, while all three tokens have exhibited impressive recoveries in recent sessions, TKO’s chart structure remains unconvincing, citing concerns over hidden bearish divergence.
Source: coinchapter.com
