Silver has completed a breakout from a 13-year cup-and-handle formation, signaling a possible trend shift.
Current price action hovers above $36.20 support, with $37.09 as the next resistance to watch.
Rising volume and technical momentum suggest continued bullish pressure if resistance levels are cleared.
Silver has now formally broken above a key resistance level dating back more than ten years, signaling a possible shift in longer-term market structure. Analysts point to the completion of a 13-year cup-and-handle pattern, a technical pattern that has heralded longer-term bullish trends. The recent breakout, defined by the price action above the $31.50–$32.00 area, has put the upside potential for the precious metal back in the spotlight.
https://twitter.com/AkaBull_/status/1934481654493393332
Historical Context and Current Levels
The development since 2011 means silver entering a long fall from its peak around $50. This eventual bottom ended in the year 2015, and prices gradually started developing the rounded base of the "cup." Silver then moved higher with bouts of volatility, developing the "handle" over the last few years. Thevalidation of this pattern now puts the market at a critical turning point.
Silver currently is trading around $36.40, showing a modest 0.6% drop over the past 24 hours. Although the correction was minimal, the price is still above short-term support at $36.20. On the upside, resistance at $37.09 becomes the next point of interest for traders as well as institutional players.
Technical Signals and Market Behavior
This bullish trend is enhanced by a clean breakout above the long-term horizontal resistance, as well as the support line which forms an ascending line starting in 2020.
The breakdown is then accompanied by the surge in the volume of dealing, which is an element that further proves the strength of the movement. Analysts note that technical conditions usually precede long-term upswings especially if accompanied by macro-economic catalysts such as inflation fear and geo-political tension.
Outlook and Market Sentiment
While the technical setup allows for further upside, the ability of the market to hold above the $36.00 support will be of utmost importance in the next sessions. Failure to do so could invite a short-term correction to the $34.50 region. On the other hand, a close above $37.09 on a strong note could set the stage for a test of psychological resistance near $40.00.
Now that silver has broken out of its long-term pattern, the market is waiting to determine whether the momentum is sufficient to create a new trend to the upside or if it will encounter resistance sometime soon.
The post Silver’s 13-Year Breakout Sparks Fresh Bullish Momentum Toward $40 appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
