Clearpool (CPOOL) Approaches Key Resistance in Falling Wedge: Is a Breakout on the Horizon?

Date: Thu, Jan 16, 2025, 09:45 AM GMT

In the cryptocurrency market within the last 24 hours, we are witnessing a bullish pump as the market reacted positively to the U.S. CPI report for December 2024. In response, Bitcoin crossed the $99,000 mark, meeting market expectations, while core inflation rose less than anticipated. Alongside this, a decline in BTC dominance to 57.83% is fueling altcoin price gains, bringing several tokens into the spotlight.

Following this, Clearpool (CPOOL) is coming up in spotlight with noticeable gains and is approaching a critical breakout level within a falling wedge pattern.

Source: Coinmarketcap

Clearpool’s Falling Wedge Setup

Currently trading at $0.3766, Clearpool is nearing a critical point within a falling wedge pattern, a setup that often signals a bullish reversal. The price recently found strong support around the $0.26 level, which aligns with the wedge’s lower boundary. This makes the current phase crucial, as any movement above the wedge’s upper resistance could trigger a significant rally.

Clearpool (CPOOL) 1D Chart / Coinsprobe (Source: Tradingview)

If a breakout occurs, CPOOL could aim for price targets at $0.46, $0.52, and potentially $0.5971. These targets represent gains of up to 58% from the current price, highlighting the potential for an explosive move if bullish momentum continues.

Technical indicators are also pointing toward a potential breakout. The MACD (Moving Average Convergence Divergence) is beginning to turn upward, signaling increasing buying pressure.

Is a Breakout Imminent?

The broader cryptocurrency market’s positive response to the CPI report has set the stage for altcoins to perform. Clearpool, demonstrating strong resilience, is supported by technical indicators like a turning MACD, which hints at increasing buying momentum.

Furthermore, the decline in BTC dominance, now at 57.83%, is paving the way for altcoins like CPOOL to attract more attention and liquidity, signaling potential upside in the near term.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research and consider your risk tolerance before investing in cryptocurrencies.

Also Read: XTZ and MKR Gain Momentum Ahead Of Key Breakouts: Is A Rally On Horizon?