- Scallop’s double-bottom pattern hints at a bullish breakout, targeting $0.81, $1.10, and $1.31 as momentum builds on Bybit.
- Growing support around $0.30-$0.35 could fuel SCA’s potential rally, as price action shows a promising reversal signal.
- Repeated tests at $0.48 resistance reveal rising buying pressure, suggesting a potential breakout to higher targets.
Scallop (SCA), a DeFi protocol built on the SUI network with a total value locked (TVL) of $180 million, recently displayed a promising breakout on its 3D chart. Analyst CryptoBullet highlights that $SCA has formed a double-bottom pattern after consolidating for months, showing signs of a potential rally toward mid-term targets of $0.81, $1.10, and $1.31.
SCA Chart Analysis: Key Breakout and Bullish Indicators
The SCA/USDT trading pair on Bybit shows a steady downtrend beginning in April, leading to a significant low by June. From June to October, $SCA stabilized within a tight price range, marking two notable lows around $0.30 and $0.35. This double-bottom pattern is typically associated with a trend reversal. Besides, the chart features a curved support structure, signaling to grow to buy interest.
In early October, SCA began rising, breaking out from the prolonged sideways movement. Approaching a resistance level at $0.48, the price recently showed increased momentum, hitting $0.4787—a 3.44% gain. Consequently, CryptoBullet suggests that a breakout above $0.48 could spark a rally, with projected targets at $0.81, $1.10, and $1.31.
Bullish Momentum Builds with Increased Accumulation
October’s trading data reflects more bullish candlesticks, indicating stronger buying activity. The repeated tests of the $0.48 resistance suggest increased accumulation and rising bullish sentiment. Moreover, SCA’s chart shows an emerging right shoulder formation, an additional bullish indicator reinforcing potential upward momentum. Each target level—$0.81, $1.10, and $1.31—could act as resistance or consolidation points where the price may pause or even retrace.
CryptoBullet notes that $SCA’s current price action and accumulation phase suggest strong support at lower levels, which could underpin future bullish movement. Besides, the upward price action and repeated resistance tests imply growing buyer interest and a likely sustained upward trend.
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