Energy Web Token (EWT) is among the altcoins displaying upward momentum as Bitcoin’s dip below $60K triggered significant liquidations.

The top cryptocurrency by market capitalization trades at $59,634 after dropping 0.46% on its daily chart. Meanwhile, EWT led today’s gainers with a 3.50% jump over the past 24 hours to trade at $1.49 at press time.

Its current price action places the altcoin well beyond the vital resistance of $1.40, opening the doors for more uptrends in the near –term.

Continued bullishness could propel Energy Web Token towards $3.1, translating to an approximately 108% increase from the current price.

While EWT’s current performance suggests decoupling, broad market sentiments will be crucial in shaping the token’s near-term price actions.

Continued bearish pressure could halt Energy Web Token’s predicted explosive move, whereas solid rebounds would propel the alt to its targeted highs.

Current crypto market outlook

All eyes remain on Bitcoin as the market anticipates new all-time highs in 2024. Crypto trader and analyst Captain Faibik emphasized how crucial the $69 – $70K range is for BTC to hit $100K.

The trader stated that nothing has changed for Bitcoin as the asset has consolidated in a descending broadening wedge within the last six months.

Bulls should overcome $69K – $70K to end this phenomenon. Meanwhile, their previous 4-5 attempts failed, though they increased the chances of breakout as they weakened the resistance.

A successful breakout from the descending wedge could see Bitcoin hitting $100k in Q4 2024. Captain Faibik added,

For now, leverage trading might not be ideal. If you’re a Bitcoin holder, it’s time to sit back and relax, as the Bitcoin bull run is very close.

Meanwhile, Bitcoin displays weakness after its latest fall beneath $60K. The massive outflows also dent BTC’s immediate recoveries.

Bitcoin’s trajectory in the coming days will largely depend on whether the bellwether crypto surpasses the $69K – $70K region.

Enthusiasts will closely watch such developments as they would mean a pivotal moment for the entire market, sending digital assets to historic highs.

Such sentiments will support Energy Web Token’s goal of exploring price regions above the $3 mark.

EWT’s current price action

Energy Web Token traded bullishly at $1.49 after gaining 3.50% in the past day. The altcoin targets extended recoveries towards $3.1, translating to a more than 100% increase.

Source: EWT 1D Chart on CoinMarketCap

Broad market sentiments would be essential in supporting such a robust uptrend. In the meantime, bears dominate the crypto space as Bitcoin sways below $59K. Continued BTC weakness will likely hinder EWT’s expected surge.

Sudden bearishness would see the alt losing the vital support barrier at $1.40 and $1.16 upon amplified selling pressure.

EWT’s 20% decline in daily trading volume supports slight declines before steady upswings to higher targets.

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