Scallop Eyes Bullish  Breakout as Key Patterns Emerge on Bybit 

• Scallop (SCA) displays a double-bottom pattern, indicating a bullish reversal with rising accumulation.  
• The $0.48 resistance level faces repeated tests, hinting at increased buying pressure.  
• SCA’s chart structure points to a potential rally with targets at $0.81, $1.10, and $1.31.  

Scallop (SCA), the decentralized finance (DeFi) protocol operating on the SUI network, has recently shown technical patterns that could signal a significant price rally. Notably, SCA has formed a double-bottom pattern on its chart, an indicator often associated with a trend reversal. This development is driving speculation that SCA may target the next price levels of $0.81, $1.10, and $1.31 as momentum on Bybit continues to build.

The double-bottom formation observed on SCA’s chart has garnered attention due to its potential to mark a bullish reversal. The pattern emerged between June and October, with price lows recorded around $0.30 and $0.35, forming a strong support base. This area of consolidation could support further gains as investors accumulate positions in anticipation of a breakout. The repeated tests of these lows have solidified this price range as a zone of growing buyer interest.

SCA Begins Rising, Testing Resistance at $0.48

In early October, SCA saw a notable shift from a prolonged sideways trend to an upward movement. As the price approached $0.48, a key resistance level, it demonstrated a brief rise to $0.4787, reflecting a 3.44% gain. According to technical analyst CryptoBullet, a decisive breakout above $0.48 could trigger an extended rally, with potential targets set at $0.81, $1.10, and $1.31.

This growing momentum is underscored by the emerging buying pressure, which has supported the double-bottom pattern on the chart. Moreover, a curved support structure has formed, adding another layer of bullish interest. This curved trendline supports the double-bottom pattern, indicating a firm foundation for further price growth.

Trading activity in October shows a notable increase in bullish candlesticks, indicating strong buyer interest in SCA. The frequent tests of $0.48 suggest that accumulation is building at this level, signaling possible upward momentum in the near term. Furthermore, SCA’s chart features an emerging right shoulder formation a common bullish indicator that can signal an imminent price breakout.

Each of the projected target levels at $0.81, $1.10, and $1.31 could act as points where the price may consolidate or retrace. However, the current accumulation phase and rising buyer interest suggest that SCA is preparing for a sustained rally if it breaks above the $0.48 resistance.

Scallop’s recent chart activity on Bybit reflects rising accumulation, with technical indicators suggesting the potential for a bullish breakout. As SCA approaches key resistance levels, the price movement toward $0.81, $1.10, and $1.31 could mark significant milestones for the DeFi protocol, especially with strong support around $0.30-$0.35 underpinning future momentum.