The crypto market recently witnessed a key development for the approval of Spot Ethereum ETF, which triggered a bullish sentiment among altcoins. However, the sudden correction trend from Bitcoin to $67,000 has disrupted the recovery momentum initiated by Ethereum earlier this week.
Having said that, some analysts perceive this pullback as an opportunity for buyers to recuperate the bullish strength after a strong recovery in May Month. If the buying pressure resumes from here, the market could enter into the post-Bitcoin halving rally.
Altcoins like ONDO and Pendle show a suitable opportunity to leverage a high-momentum market.
ONDO Altcoin Rally Jumps 25%
For the past two months, the ONDO price has traded sideways, resonating within the formation of a descending triangle pattern. The pattern is originally viewed as a bearish continuation pattern, as a downsloping pattern offers constant resistance to bullish attempts.
However, with the renewed recovery sentiment in the market, the altcoin price gives this bullish breakout from the overhead trendline. Thus, it is accelerating the buying momentum in the market.
The post-breakout rally uplifted the altcoin price from $0.853 to $1.06, registering a 25% jump. The bullish pattern holds true; the coin buyers must drive an extended recovery to $1.3, followed by $1.48.
Pendle Price Action Reveals Major Reversal Rally
The Pendle coin entered the current recovery rally in mid-May as the price rebounded from the $3.824 support. The bullish turnaround propelled the altcoin value to $6.2, accounting for 62% within two weeks. Further, an analysis of the daily chart shows this recovery as the formation of a rounding bottom pattern.
Under the influence of this pattern, the Pendle price could rise another 18% to challenge the neckline resistance of $7.32. A potential breakout will provide buyers with suitable support to chase a potential target of $8.7, followed by $11.585.