These three altcoins are bullish compared to Bitcoin (BTC) and could potentially outperform it in January 2024.
Despite Bitcoin’s significant growth in the second half of 2023, some cryptocurrencies are showing promising price trends. Let’s try to figure out whether these three tokens can surpass BTC in January 2024.
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Axie Infinity (AXS) broke through long-term resistance
The Axie Infinity project token has been declining below a long-term downward resistance line since October 2021. As a result, AXS reached a low of 13,400 satoshi in October 2023.
The price has since risen and broke through this resistance line last week. At the time of the breakthrough, she was more than 800 days old.
Weekly momentum indicator RSI supports breakout. The index rose above the neutral level of 50 (green icon) in the same week when the altcoin price broke through the trend line.
After the breakout, AXS reached minor resistance at 24,500 satoshi and retreated slightly. If this barrier is successfully taken, the price could rise by 145% and reach the next resistance at 60,000 satoshi.
Source: TradingView
Despite this bullish outlook, failure of AXS to close above the 24,500 satoshi resistance area could trigger a 30% decline towards the descending resistance line at 16,000 satoshi.
Read also: How much do you need to invest in Axie Infinity (AXS) to become a millionisrum in a bull market
BNB advances above 400-day resistance
Since November 2022, the price of BNB has been declining along a long-term descending resistance line. As a result, the token reached a low of ₿0.0051 in December.
Following this, BNB began an upward movement and is now breaking above this resistance trend line. Although the token made a high of ₿0.007 and rose above the trend line, it is yet to close above it, which would confirm a bullish breakout.
In addition, the RSI index broke through its resistance (green color) and went beyond the oversold zone. However, it has not yet risen above the 50 barrier.
If the breakout develops further, BNB could rise another 25% and reach the next resistance at ₿0.0088.
Source: TradingView
On the other hand, an altcoin closing below the trend line will invalidate the bullish breakout. In this case, BNB could decline by 25% to its December low of ₿0.0051.
Arbitrum (ARB) could also outperform BTC
Like the previous two altcoins, ARB, a token of the Arbitrum project, also broke through the descending resistance line last week.
The breakout was preceded by a bullish divergence in the weekly RSI, which made the upward movement more reasonable.
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After the breakout, the price of ARB peaked at 3,350 satoshis and then declined slightly. In any case, it closed above the resistance line.
If the rise continues, the token could rise another 15% and reach the next resistance at 3,700 satoshi.
Source: TradingView
Despite this bullish outlook, a close of the altcoin below the trend line could result in a 20% decline to immediate support at 2,600 satoshi.
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2024-01-01 11:46:00
#Altcoins #Eclipse #Bitcoin #BTC #January
