Bitcoin and most major altcoins rose significantly in October and November, with BTC hitting a new yearly high on Thursday
Let’s look at smaller altcoins that are showing bullish patterns. These formations could lead to significant gains next month. We have selected three altcoins that rank in the market capitalization rankings in the range from 150 to 300.
Are you wondering which cryptocurrency to buy? Read our guide on how to deal with the problem of choice
PENDLE approaches all-time high
The weekly technical chart shows that the price of PENDLE has been rising rapidly since August. The rise has especially accelerated in the last four weeks, leading to today’s high of $1.23. In addition, the price broke through the horizontal resistance area of $1, which has been present on the chart since September 2021.
While PENDLE has risen above this level before, it has never closed a week above it. Therefore, if the asset holds until the end of the week at current levels, this will be the highest weekly close for the token.
The weekly relative strength index (RSI) is giving positive signals. This momentum indicator is rising and above the neutral level of 50. It has also broken the bearish divergence trend line (green color).
Source: TradingView
If the altcoin continues to rise, the next resistance will be at $2.07, 80% above the current price. This is the 1.61 Fibonacci level of the outer retracement of the previous decline and represents a new all-time high.
Despite the bullish outlook, a weekly close below the $1 horizontal area could result in a 50% drop in price to immediate support at $0.60.
Read also: Famous trader named the next growth target for Bitcoin
Bancor broke through long-term resistance line
Bancor (BNT) has been trading below the $0.65 horizontal resistance area since May 2022. During this time, the token made several unsuccessful attempts to break it.
However, this week the altcoin finally broke above this area, reaching a new yearly high of $0.84.
The weekly RSI supports the current growth. The indicator is above 50 and moving up, which is considered signs of a bullish trend. Cryptocurrency trader HBJ trades believesthat the price will rise aggressively since it has already broken out of its range.
If the bullish breakout continues, the price could rise by 250% and reach the next resistance at $2.70.
Source: TradingView
Despite the bullish outlook, a close of BNT below the $0.65 horizontal area could result in a 35% fall to the next closest support level at $0.50.
Read also: These 3 altcoins could reach all-time highs in November
Radiant Capital breaks long-term resistance
The price of Radiant Capital (RDNT) has been moving along a descending resistance line since April 15. This decline led to the low of $0.19 recorded on September 11th.
After forming a rising low on October 19, the token accelerated its growth rate and broke through the trend line on October 25. On Friday the price reached a high of $0.30.
Cryptocurrency trader SherlockWhale believesthat the price will reach at least $0.36. The target is set between the Fibo levels of 0.5-0.618 correction and 25% above the current price.
Source: TradingView
Despite the bullish outlook, failure of RDNR to sustain gains could result in a 25% drop and test of the $0.22 trendline.
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2023-11-10 16:05:17
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