Cortex (CTXC) Gains Bullish Momentum Ahead Of Major Breakout: Is More Rally On Horizon?

Date: Wed, Dec 11, 2024, 06:44 PM GMT

The cryptocurrency market regained its bullish momentum today after a brief two-day correction, with Bitcoin (BTC) soaring past the $100K mark. This bullish sentiment is spreading across altcoins, and Cortex (CTXC) has emerged as a standout performer.

The open-source, peer-to-peer decentralized blockchain platform saw its native token, CTXC, surge by an impressive 55% in the last 24 hours, climbing to $0.83 with a market capitalization of $188M.

Source: Coinmarketcap

Eyeing a Major Breakout

Cortex (CTXC) has witnessed a remarkable rally with 233% monthly gains, surging from a low of $0.21 to its current price of $0.83. This significant move has brought CTXC to a critical resistance level—a descending trendline that has persisted since 2018, marking a long-term downtrend.

The key zone to watch is the $0.86 level, where this trendline converges. Breaking above $0.86 would signify a decisive trendline breakout, paving the way for further bullish momentum. The next immediate resistance targets lie at $0.91 and $1.04, representing a potential upside of 25% from the current price.

Should CTXC successfully break above $1.04, it could trigger a sustained bullish rally toward $1.30, marking a significant step toward reclaiming higher levels.

Are More Gains Ahead?

CTXC’s strong momentum suggests the potential for further upside, especially if the broader cryptocurrency market continues its bullish trend, fueled by Bitcoin’s milestone performance. Additionally, the decline in Bitcoin dominance could serve as a catalyst, redirecting capital flows into altcoins like CTXC and fueling their rallies.

Conclusion

Cortex (CTXC) is showing strong signs of a breakout, and its performance this month has cemented its position as one of the top contenders in the altcoin space. With its robust price action and proximity to a critical resistance, CTXC is one to watch in the coming days.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.

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