Highlights:
- Threshold rallies through critical $0.02663 resistance with high volumes
- This rally opens the way for targets as high as $0.04 to be hit soon
- Threshold central role in Bitcoin DeFi could drive momentum
After several days of consolidation, the cryptocurrency market is sending bullish signals again. Threshold is among the cryptocurrencies that appear to be building up strong bullish momentum as the week progresses. In the last 24 hours, Threshold has gained by 9.69% and, at the time of going to press, was trading at $0.0277. Trading volumes are also on the rise, a reflection of the rising bullish sentiment. However, the trading charts best reflect the strong bullish sentiment around Threshold at the moment.
Advertisement
Technical Analysis – Threshold Price Rallies Through Critical Resistance
From the charts, Threshold is in a breakout after rallying through the multi-month resistance at $0.02663 earlier in the day. If bulls sustain this momentum and Threshold closes the day above $0.02663, it would be confirmation that bulls are firmly in control. In such a scenario, Threshold could easily rally to a high of $0.04 in the short term. However, if bulls are unable to sustain momentum and Threshold closes below the $0.02663 resistance, then two scenarios could play out in the short term.
The first is a continuation of the consolidation between the $0.02663 resistance and the $0.02480 support. The other scenario is where bears take control and push Threshold through the $0.02480 support. In such a case, Threshold could easily drop to a low of $0.02209 in the short term. While any of these scenarios are possible the odds are higher that bulls will sustain momentum, and that $0.04, or even higher in the short term. Multiple factors support such a scenario for Threshold.
Broader Market Momentum Favors Threshold Price Rally
The first is the fact that the broader market is regaining bullish momentum. Bitcoin is now headed for $92k after recently correcting to $87k. This is having a positive effect on the altcoin market. With the odds of Bitcoin soon rallying to $100k high, the odds of many altcoins going parabolic are quite high. Threshold, which is already sending positive signals could see its price rally to new highs in the short term.
Synthetix Integration of Threshold in DeFi a Big Deal
Besides getting a lift from broader market price action, Threshold also has big news around it that could help in its price action. One of them is the integration of Threshold into Bitcoin DeFi. Recently, it was reported that Synthetix had launched a multi-collateral future that introduced Threshold Network’s tBTC as the main collateral. Threshold tBTC was chosen because it has strong DeFi attributes.
You can already borrow against BTC in a decentralized way by using https://t.co/egxMrd6vei and https://t.co/Qc0dyQAVRY
— ✜ Threshold USD | thUSD is live! (@ThresholdUSD) November 16, 2024
These include being 1:1 backed by Bitcoin, and having no KYC. With trustless transparency and reserves that can be audited 24/7, tBTC could see even more adoption going into the future. Already, the Threshold network is on an expansion path with more products such as thUSD and stBTC being introduced. Not only are these moves expanding Bitcoin DeFi, but also opening up a potential parabolic growth rate for Threshold.
Bitcoin.com Offering High APY on Threshold
Threshold could also get a boost from the high rewards being offered on Bitcoin.com through the Threshold network. Recently, Threshold network retweeted a post by Bitcoin.com to the effect that Bitcoin.com was offering an APY as high as 198% in Bitcoin.
probably nothing https://t.co/qs3ps6looR
— Threshold Network ✜ (@TheTNetwork) November 15, 2024
This is a big deal as it could see more people to Bitcoin DeFi through Threshold in an attempt to earn high rewards. Such FOMO could help push Threshold token (T) to new high news in the short to medium term. This is a token that has the potential to trade in lockstep with Bitcoin as the cryptocurrency bull market continues to gain traction.
Recap
Overall, Threshold bulls have sent the signal that higher prices are coming. By pushing Threshold through a critical resistance level with high volumes, bulls have opened the way for FOMO buying. $0.04 could be the first target if bullish sentiment takes hold across the market.
Advertisement
