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Bless crypto price went parabolic and reached its all-time high on Wednesday, Oct. 15, even as the crypto market crashed after forming a double-bottom pattern.
Summary
- Bless hit an all-time high at $0.1125 on $101M volume; market cap topped $200M.
- Breakout followed a double-bottom; after a parabolic move, a $0.07536 break-and-retest would keep the bullish structure intact.
- Catalysts include Binance Alpha , listing speculation, and a roadmap with GPU-ready nodes and fiat on-ramps.
Bless Network (BLESS) jumped to a record high of $0.1125, up by over 230% in the last 24 hours. It has now jumped by over 390% from its lowest point this week.
Bless jumped in a high-volume environment, with the 24-hour volume soaring by 150% to $101 million. Its surge brought the total market capitalization to more than $200 million.
Bless crypto price surged after forming a bullish pattern
The main reason why the Bless Network token jumped is that it formed a giant double-bottom pattern at $0.0234. Its double-bottom point was the lowest swing on Oct. 1 and 10.
This pattern’s neckline is at $0.97535, its highest level on Oct. 6. It has now jumped above this neckline and even crossed the all-time high of $0.1070.
A double-bottom is one of the most bullish patterns in technical analysis because it signals that bears are afraid of shorting below the low point at $0.0234.
Still, in most cases, such a parabolic move is followed by a reversal as investors book profits. If this happens, the next point to watch will be at $0.07536. Such a move will be a break-and-retest pattern, which is a bullish continuation sign.
Bless crypto price chart | Source: TradingViewBless Network is soaring as Binance Alpha competition continues
One potential catalyst for the ongoing Bless crypto price surge is the ongoing Binance Alpha competition. Launched earlier this month, this competition gives users the potential to share $2 million in rewards.
The competition, which also involves AOP and STBL, will end later this month, with each Bless winner getting 1,100 BLESS tokens.
Bless crypto has also jumped, potentially on hopes that it will be listed by more exchanges. Most of its trading is happening on PancakeSwap, Bitget, Gate, MEXC, and Kraken. There is a chance that it will be listed by popular exchanges like Binance and Upbit.
Additionally, the developers recently published a roadmap, which includes GPU-ready nodes and fiat on-ramps in the coming weeks. This roadmap provided more color on its future as it seeks to disrupt an industry where Grass (GRASS) has a large market share.
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