Key Insights
- 5 Altcoins primed for a breakout are BAT, LIT, SUSHI, LTC, and THETA.
- Between May and September, the price of LIT formed a double bottom pattern around the $0.5 zone, which is generally interpreted as a bullish signal.
- BAT’s price broke over a short-term declining resistance line that had been valid since mid-August.
Over the past two weeks, there has been a significant spike in the price of altcoins across the market. This continuous price surge has led to a significant bullishness regarding investor and trader sentiment for the cryptocurrency market.
Overall, hopes previously bashed against the bear market’s rocks have been revived for a forthcoming altcoin season.
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Although several altcoins have risen past important resistance zones in the past weeks, some still have a long way to go for a confirmed breakout, while others appear to be starting their journey to the upside.
Altcoins- #1: Litentry (LIT)
Between May and September, the price of LIT formed a double bottom pattern around the $0.5 zone, which is generally interpreted as a bullish signal.
After hitting a low around the $0.67 zone, the price of LIT started to rise along with the rest of the crypto market. On 3 November, the price of LIT hit an important support zone of around $1.1.
Throughout the week, LIT has registered a breakout but failed to confirm this zone as support. The RSI on the daily chart has risen above the neutral 50 mark and may also see the price of the cryptocurrency continue to rise.
Conversely, if the price of LIT fails to close fully above this support level before the bears take control again, LIT may reverse and fall again toward the $0.7 zone.
#2: Basic Attention Token (BAT)
On 2 November, the price of BAT broke over a short-term declining resistance line that had been valid since mid-August, and the following day it reached a high of $0.352.
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The RSI, which rose above 50 after creating a bullish divergence, coincided with the breakout (blue line above).
After a retest of the descending trendline, the price action on BAT retested the $0.29 zone and rose. However, the cryptocurrency has hit an important resistance zone around $0.345 (red line below) and appears to be on the verge of a breakout.
This region (red line) has been a vital source of support and resistance to cryptocurrency since May. If the BAT price can rise above it, it is expected to rally toward $0.470.
#3: Litecoin (LTC)
After breaking the range low of $60 to the downside in early June, LTC has started to correct itself to the upside. However, LTC has failed to break above the ascending trendline that has been holding it down ever since.
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The $70 resistance level has been in place since the start of June and is being tested by the LTC price action. If Litecoin successfully breaks through this line, a long-term declining resistance line near $91 would be the next target.
The RSI on the daily chart is currently in the overbought zone, decreasing the likelihood of a breakout happening. However, the investors and traders in the market have their fingers crossed.
Sushi (SUSHI)
Since staying below the $1.95 support region in early may, SUSHI has been trying to get back above it. After one attempt in June and another in November, SUSHI has hit the $1.95 resistance again and is on the verge of a confirmed breakout.
Although the cryptocurrency price has managed to break above this zone, a clear breakout is yet to be confirmed. SUSHI has to close above this level with a daily candle for a confirmation of the bulls’ control of the market.
Conversely, if the cryptocurrency fails to close above this zone before the bears take control again, SUSHI may see a decline to the downside and retest the $1 zone.
Theta (THETA)
In April, the price of THETA fell below the $1.4 resistance. This decline resulted in a low of $0.91 on 13 October.
After hitting a $0.91 low in mid-October, the price of the cryptocurrency has started to rise and now appears to be heading for the overhead resistance around $1.38. The price of THETA needs to rise further upwards and close with a daily candle above this point for a confirmed breakout and upward movement to the next support, around $2.
If a breakout fails to happen on the price action of THETA, the cryptocurrency may make another lower low around the $0.9 zone.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
