The crypto market has seen tremendous growth over the past two weeks. In turn, this growth has brought a significantly better outlook for the market, fueling hopes for an upcoming altcoin season.
The famous merchant @MacnBTC has compiled a list of 15 altcoins that feature bullish-looking charts. Among them, Litentry (LIT), Litecoin (LTC), Basic Attention Token (BAT), SushiSwap (SUSHI) and Theta Token (THETA) look set to lead the potential “altcoin season”.
LIT price crosses the resistance after forming a bullish pattern
Between May and September, the price of LIT formed a double bearish pattern, which generally presents a bullish outlook.
Furthermore, this pattern has been accompanied by a bullish divergence in the weekly RSI.
On November 3, Litentry’s price broke above the long-term horizontal resistance area of $1.10. This breakout is also combined with a rise in the RSI above 50. Thus, the rally 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 area, it would negate this bullish forecast.
Litecoin (LTC) reaches the top of its range
The price of crypto LTC has risen since Oct. 13, when it deviated below its $52 threshold. After the recovery of this area, the growth rate accelerated significantly.
Currently, LTC is aiming to break the $64 resistance zone, which has been in place since early August. If successful, the next resistance will be $80 and is created by a long-term descending resistance line.
The continued upward movement is also supported by the RSI, which broke above 50 after generating a bullish divergence (green line).
Failure of a daily close above the $64 area would nullify this bullish forecast for the Litecoin cryptocurrency.
BAT price crosses a resistance line
The BAT crypto price broke through the short-term bearish resistance line on November 2 and reached $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 strong resistance placed at $0.355. This area is crucial as it has alternated between support (green arrow) and resistance (red arrow) since May. If the altcoin manages to break above it, it should rise to $0.470.
Failure to close above the $0.355 area would negate this potential bullish move for the altcoin.
Can SUSHI Lead the Bounce of the Altcoin Season?
The price of crypto SUSHI it has risen since a deviation below the $1.10 support area on September 25 (red circle). The upside move led to a rally to $1.89 on October 30, which led to a move above the $1.62 resistance area.
After breaking out of the $1.62 area and rating it as support (green arrow), SUSHI has risen sharply over the 24-hour time frame.
There is a noticeable lack of resistance above the current altcoin price. Thus, SUSHI may trend higher towards the upcoming resistance at $2.94. This would equate to a 62% upside move.
Conversely, a daily close below the $1.62 area would suggest that the price advance could not be sustained and that a retest of $1.10 is expected.
The price of TETHA may rise to $1.70
The THETA price has fallen below a bearish resistance line since April. This bearish move led to a low of $0.91 reached on October 13.
After forming a long lower wick (green arrow), THETA crossed this line on October 23rd. So far it has reached a high of $1.28.
Due to the lack of the next resistance, it looks like the upside move will continue towards at least $1.70.
Conversely, a drop in the altcoin below the $1.11 low (red line) would negate this bullish assumption.
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