The cryptocurrency market has seen tremendous growth in the past couple of weeks. In turn, this rise has generated a significantly more bullish outlook for the market, fueling hopes for an upcoming altcoin season.
The famous trader @MacnBTC has compiled a list of 15 altcoins showing bullish looking charts. Among them, Lientry (LIT), Litecoin (LTC), Basic Attention Token (BAT), SushiSwap (SUSHI) and Theta Token (THETA) look set to lead the potential “altcoin season”.
The LIT price crosses resistance after forming a bullish pattern
Between May and September, the LIT price created a double dip pattern, which generally presents a bullish outlook.
Furthermore, this pattern was coupled with a bullish divergence in the weekly RSI.
On November 3, Litentry’s price broke through the long-term horizontal resistance zone of $ 1.10. This breakout is also combined with a rise in the RSI above 50. Therefore, the upside is likely to continue at least towards the next resistance, located at $ 2.
However, if the price fails to close above the $ 1.10 resistance zone, that would nullify this bullish forecast.
Litecoin (LTC) reaches the top of the range
The price of the LTC cryptocurrency has been on the rise since October 13, when it deviated below its range floor at $ 52. After this area was cleared, the rate of growth accelerated sharply.
Currently, LTC aims to break out of the $ 64 resistance zone, which has been in effect since the beginning of August. If successful, the next resistance will be at $ 80 and is created by a long-term falling resistance line.
The ongoing bullish move is also supported by the RSI, which broke above 50 after generating a bullish divergence (green line).
Failure to close above the $ 64 area daily would nullify this bullish forecast for the cryptocurrency Litecoin.
The BAT price crosses a resistance line
The price of the BAT cryptocurrency broke through a short-term declining resistance line on November 2 and hit a high of $ 0.352 the next day. This breakout was supported by the RSI, which broke above 50 after generating a bullish divergence (green line).
BAT is now facing a strong resistance at $ 0.355. This area is crucial as it has alternated support (green arrows) and resistance (red arrows) since May. If the altcoin manages to break out of it, it should rise towards $ 0.470.
If it fails to close above the $ 0.355 area, it would reverse this potential bullish action for the altcoin.
Could SUSHI lead the dance of the altcoin season?
The price of the SUSHI cryptocurrency is up from a deviation below the $ 1.10 support zone on September 25 (red circle). The bullish move led to a high of $ 1.89 hit on Oct 30, which led to a move above the $ 1.62 resistance zone.
After bouncing off the $ 1.62 area and validating it as support (green arrow), SUSHI rose significantly within 24 hours.
There is a noticeable lack of resistance above the current altcoin price. Therefore, SUSHI may be trending higher towards the next resistance at $ 2.94. This would amount to an upward move of 62%.
Conversely, a daily close below the $ 1.62 area would suggest that the price rise could not be sustained and a retest of $ 1.10 is expected.
The price of TETHA could rise to $ 1.70
The price of THETA has fallen below a declining resistance line since April. This bearish move led to a low of $ 0.91 reached on October 13th.
After creating a long lower wick (green arrow), THETA crossed this line on 23 October. It has so far reached a high of $ 1.28.
Due to the lack of next resistance, the upward movement seems likely to continue towards at least $ 1.70.
Conversely, a drop in the altcoin below the low of $ 1.11 (red line) would nullify this bullish assumption.
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