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Top 5 Altcoins Poised for a Breakout

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VOC, Voice of Crypto, Bitcoin, Altcoins

Key Insights

  • LTC, SHIB, BNB, XRP, and DOGE are the top altcoins poised for a breakout.
  • Litecoin broke and closed above the 20-day EMA (blue line) around the $59 zone last week.
  • Shiba Inu has dropped 45% of its market value since the beginning of November.

 

The top altcoins primed for a breakout are LTC, SHIB, BNB, XRP, and DOGE. Institutional and retail investors have been under a lot of uncertainty and doubt from several factors, considering the last few weeks’ events.

Many are unsure whether to keep their money on centralized exchanges in the wake of the FTX crash or consider more decentralized exchanges and self-custody wallets.

However, despite the market crash, several cryptocurrencies are on the verge of breakouts and may even explode in price over the coming weeks. Their breakouts, however, depend on whether their bulls can push their prices over significant support levels that continue to act as lids on their price action.

Altcoins Poised for Breakout: #1 Litecoin (LTC)

Litecoin broke and closed above the 20-day EMA (blue line) around the $59 zone. The RSI on the daily chart also spiked upward above the neutral line, suggesting that the bulls be trying to take control of the market.

Daily chart of Litecoin, showing the price action of the cryptocurrency, VOC, Voice of crypto

Daily chart of Litecoin, showing the price action of the cryptocurrency | Source: TradingView

However, there is strong resistance around the $65 zone (red line), and the cryptocurrency could very well be poised for a breakout. As a result, there will likely be strong resistance to further upward movement at this zone as Litecoin tries to break through. However, if the price declines from this level, the LTC/USDT pair may again fall toward the moving averages.

In contrast to this presumption, the pair may try to rally to the overhead barrier at $75 if buyers push and keep the price over $65.

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Altcoins Poised for Breakout:#2 Shiba Inu (SHIB)

Shiba Inu, the infamous meme coin, has dropped 45% of its market value since the beginning of November. From the charts, it is clear that the downtrend that has plagued the memecoin is far from being weakened. However, the price action of SHIB over the next few weeks depends largely on Bitcoin.

As Bitcoin is currently bearish, the chances of a price explosion on SHIB seem grim. However, the memecoin appears at an essential point in its charts.

Chart showing the price action on Shiba Inu, Altcoins, VOC, Voice of crypto

Chart showing the price action on Shiba Inu | Source: TradingView

The memecoin appears to now be consolidating around the $0.00000909 mark as the bears continue to keep it under. However, the crypto market is very unpredictable, and the memecoin may break through this resistance.

The breakout, of course, depends on the strength of its bulls. If the memecoin rises above this $0.00000909 zone, Shiba Inu may head right up for a retest of the $0.00001185 zone.

Conversely, if the bulls cannot push the price up and cause a daily close above this support level, the bear market on SHIB may continue, and the memecoin may retest its local lows around $0.0000075.

#3 Binance Coin (BNB)

The breakout from BNB isn’t from a support or resistance line but from its 20 and 50-day exponential moving averages (red and green). This week, BNB declined along with the rest of the market to the critical support level of around $258. However, the bulls were ready and waiting at this price level.

Chart showing the price action on BNB, Altcoins, VOC, Voice of crypto

Chart showing the price action on BNB | Source: TradingView

As illustrated above, the bulls now have to worry about breaking through both moving averages to hit the next bullish price target of around $330.

If these bulls are successful in their attempts, the price of BNB may go as high as those above the $330 target and may even break further upwards to the $395 zone.

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The 20-day EMA’s downward slope and the RSI’s position in the negative region show that the bears are in charge. The bears will attempt to break the support at $258 one more time if the price declines from the present level or the 20-day EMA. If successful, the BNB/USDT pair may plunge to $239 and subsequently to $216.

#4 Ripple Coin (XRP)

XRP is now very close to some of its most important price levels. As a result, the bears are attempting to strengthen their position and drive the price below the $0.36 immediate support level.

Chart showing the price action on XRP,

Chart showing the price action on XRP | Source: TradingView

As illustrated above, XRP has moved below an important (blue) trendline that has been valid since September and is now trying to break above it again.

The RSI on XRP’s daily chart is still in the oversold region, and the 20-day EMA is trending downward. This suggests that the XRP pair may be headed further to the downside if the bulls fail to defend the appropriate price levels. The price of the XRP/USDT pair might go as low as $0.32 if the $0.36 level gives way.

Buyers will face tough opposition between this trendline and $0.41 to invalidate the bears’ efforts. The pair may gain traction and climb toward the $0.45 (50-day SMA) if this happens.

#5 Dogecoin (DOGE)

As illustrated below, Dogecoin is currently in a range between its 20-day exponential moving average (in green) and its 50-day EMA (in purple).

Over the last week, Dogecoin has been between these two moving averages. This shows that the bears’ sell drops to the 20-day EMA ($0.09), and the bulls are buying the dips to the 50-day SMA of $0.08.

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Chart showing the price action of Dogecoin, VOC, Voice of crypto

Chart showing the price action of Dogecoin | Source: TradingView

The 20-day EMA’s downward slope and the RSI’s oversold conditions indicate that the bears are currently under market control. If the bears continue to hold power over the market and break this 50-day EMA, the DOGE/USDT pair might fall to $0.07 and then to $0.06.

However, if the bulls can exert enough strength, XRP may rebound, break the 20-day EMA and even rise to the $0.12 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.

 

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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