BeInCrypto takes a look at the price movement for seven altcoins which have positive price developments and could see significant gains.
Bitcoin (BTC) reached a new all-time high price of $68,564 on Nov 9. However, it has been moving downwards since.
The downward movement was preceded by a bearish divergence in the RSI and MACD. This means that the upward movement was not combined with a similar increase in technical indicators. This often precedes downward movements, as has been the case in BTC so far.
Furthermore, BTC seems to be approaching the local top of its upward movement.
Ethereum (ETH) has been increasing inside an ascending wedge since Oct 28. Such wedges are considered bearish patterns, meaning that a breakdown would be more likely.
Furthermore, the token is approaching the $4,850 resistance area, created by the 1.61 external Fib retracement resistance level.
Similarly to BTC, it is possible that ETH will soon reach a local top.
XRP (XRP) has been increasing since breaking out from a descending resistance line on Oct 28. On Nov 7, it reclaimed the $1.22 resistance area, validating it as support afterwards. This confirmed that the downward movement had come to an end.
Currently, XRP is in the process of validating the area as support. Doing so would pave the way for a considerable upward movement.
Near Protocol (NEAR) has been increasing since Nov 6. At the time, it had just bounced at the resistance line of its previous ascending parallel channel, confirming it as support. Furthermore, it validated the $10.20 horizontal area as support.
This initiated an upward movement that took the token close to its all-time high of $13.24. A breakout above it would likely take NEAR to $15.34, the 1.61 external Fib retracement level of the previous drop.
Chiliz (CHZ) has been increasing since it broke out from a symmetrical triangle on Oct 30. The upward movement led to a high of $0.656 the same day.
While the token has been moving downwards since, CHZ is holding above the $0.45 horizontal support area (green icon). Doing so is crucial for the continuation of the upward movement.
If CHZ manages to hold on above this area, the next resistance would be at $$0.646. This is the 0.618 Fib retracement resistance level and coincides with the Oct 30 highs.
Litecoin (LTC) has been increasing at an accelerated rate since Nov 8. The upward movement took it above its Sept highs, and has so far led to a high of $295.7, which amounted to an increase of 47% in three days.
Currently, LTC is in the process of breaking out above the $297 resistance area, which is the 0.618 Fib retracement resistance level. Doing so would likely lead to an upward movement towards the yearly high at $415.
Chainlink (LINK) has been increasing since Sept 21. It is currently in the process of breaking out above the $35 horizontal resistance area, which is created by the Sept highs.
If it is successful in doing so, there would be no more resistance left until $52. An upward movement to these levels would amount to an increase of 43%.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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