The Bitcoin dominance rate has been decreasing steadily since March 25. This has caused numerous altcoins to increase considerably when looking at their BTC pairs.
In this article, we will take a look at two such altcoins and determine their growth potential in the near future.
Chiliz (CHZ)
Cryptocurrency trader @Frankrypto posted a CHZ chart, stating that after a retrace, he is looking to re-enter this trade with a long position and a target of 120 satoshis.
$CHZ update. Got stopped out of this days ago but it's got my interest again. Waiting for slight re-trace then i'm eyeing 120 sats as target. U r welcome. pic.twitter.com/zw4UfaavsT
— FrankLy (@Frankrypto) April 13, 2020
CHZ has been following a long-term ascending support line since Sept. 24, 2019. At the time of writing, the price had seemingly touched this support line for the third time. In addition, there is some very considerable bullish divergence being generated in the daily RSI, which when combined with the touch of the support line indicates that the price is likely to move upwards.
The closest resistance area is found at 120 satoshis, as was outlined in the tweet.
In the short-term, the price is following two descending resistance lines lines, the first being a short-term one in place since March 13, while the other more longer-term, being in place since Feb. 13. At the time of writing, they are coinciding with each other.
If a breakout occurs, it could initiate a rapid upward movement towards the first resistance area at 120 satoshis and possibly the second one at 150 satoshis.
The double bottom that has been created at 90 satoshis supports this possibility since it is known as a bullish reversal pattern, especially when it occurs after a significant downward move.
Basic Attention Token (BAT)
Bitcoin and altcoin trader @TheEuroSniper outlined a BAT chart, announcing that he has entered the trade in a long position. He did not give any targets for the ensuing upward move.
Entered
One of my top 5 $ALTS right now with @Altcointraders_
#Crypto pic.twitter.com/rJhPZzCOPl— €ｕｒｏＳｎｉｐｅｒ (@TheEuroSniper) April 13, 2020
The main support area for BAT is found at 2,250 satoshis. The price initially decreased below this area in the beginning of March. However, that proved to be a failed breakdown since the price reclaimed the support area after a short period of time. On April 7, the price broke out from a descending resistance line it had been following since Feb. 13.
On another bullish note, the daily RSI has clearly moved above 50. A slight decrease in the BAT price would cause it to revisit the 2,250 satoshi support area and the RSI to validate the 50 line from above.
In the short-term, the price is trading inside an ascending triangle. A breakout from this area would likely take the price to the closest resistance area of 2,700 satoshis.
The ascending support line coincides with the 2,250 satoshi long-term support area.
The post Two More Altcoins That Could Soon Break Out appeared first on BeInCrypto.
from BeInCrypto https://beincrypto.com/two-more-altcoins-that-could-soon-break-out/
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