5 Altcoins That Have Reclaimed Long-Term Support Levels
With the decreasing Bitcoin dominance rate, numerous altcoin/Bitcoin pairs have begun to increase at a rapid rate. In this article, we will take a look at five of them and gauge their potential for future increases.
Dusk Network (DUSK)
On May 24, the DUSK price initiated an upward move and broke out from the 260 satoshi resistance area with considerable volume, reaching a high of 352 satoshis. The price has been decreasing since but has yet to decrease and validate the resistance area now likely turned to support.
In the shorter-term, the price is following an ascending support line and trading inside a descending wedge. The projected end of the wedge will coincide with the ascending support line near 265 satoshis, making this a likely place for the price to initiate an upward move and break out from the wedge, continuing the aforementioned upward move that began on May 24.
Ethereum Classic (ETC)
On May 24, the ETC price broke out from a descending resistance line that had been in place since January 2019. Afterwards, the price validated this line as support, a very common movement after breakouts.
However, the price has yet to reclaim the 75,000 satoshi level as support. Until it does, we cannot consider the price movement bullish.
If the price is successful in reclaiming this level, it would be expected to move upwards towards the 85,000 satoshi level and possibly the 100,000 satoshi one.
LTO Network (LTO)
On May 25, LTO broke out above the 450 satoshi area, which had purportedly turned to resistance. The price had been trading above this level since February 2020 but apparently broke down in the beginning of May. The recent reclaim of this level suggests that the breakdown was not valid and the price will continue to move upwards.
However, in the shorter-term, we can see that the price has already broken down from an ascending support line and validated it as resistance, creating a long upper wick. Furthermore, there is no bullish divergence in the RSI to warn of an impending reversal.
Therefore, while the long-term chart suggests that LTO is likely to increase, it has not given any short-term signs of reversal yet.
Origin Protocol (OGN)
On May 19, the OGN price broke out from a descending resistance line that had been in place since March 10. Since then, it has been gradually decreasing. The price is still trading above the recently reclaimed 1,900 satoshi support area, and as long as it is doing so, it could move towards 3,000 satoshis.
In the short-term, the price has bounced at the support line of a symmetrical triangle, out of which it would be expected to break out and move towards the outlined target.
WRX is trading above the 1,400 satoshi support area, something it has done since the beginning of March. In addition, the price is following an ascending support line. As long as the price is trading above this level, it is expected to move towards the closest resistance area at 1,850 satoshis.
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Original Source: Beincrypto 5 Altcoins That Have Reclaimed Long-Term Support Levels