These 4 Altcoins Could Soon Initiate Upward Movements
OGN and COS are showing signs that their long-term downward trend may be nearing its end. Even though ETC and VIBE show similar price action, the chances for a reversal are not as strong.
With the consistently increasing Bitcoin dominance rate, altcoins are naturally falling to their lowest levels when looking at their BTC pairs. However, some of them have been showing signs that their downward trend could soon be coming to an end. Cryptocurrency trader @CryptoNewton outlined a chart of four altcoins that he believes are worth keeping an eye on since they have high breakout potential.
- Contentos (COS)
- Vibe (VIBE)
- Ethereum Classic (ETC)
- Origin Protocol (OGN)
In this article, we will take a closer look at each of them individually and determine their potential for future increases.
The COS price has been following a descending resistance line since September 2019, decreasing at its rate. The price initiated an upward move in the beginning of 2020, but it was rejected by this resistance line and swiftly decreased.
Since then, even though the price has made a lower low, there is very significant bullish divergence developing, suggesting that COS might soon initiate a reversal.
If the price breaks out above this resistance line, it could increase all the way to the next resistance area at 155 satoshis.
VIBE has also been following a descending resistance line since October 2019. At the time of writing, the price was in the process of validating this line for the third time. However, unlike COS, there is no bullish divergence to indicate a possible upcoming reversal.
Furthermore, the descending resistance line coincides with the 135 satoshi area that previously acted as support but has now turned to resistance. This reduces the possibility of a breakout, since the price is trading at a confluence of resistance levels.
Ethereum Classic (ETC)
ETC has been decreasing since the beginning of February, when the price reached a high of ₿0.001365, following a descending resistance line.
However, ETC has fallen below the ₿0.0007 support level and has also decreased below the 200-day moving average (MA). Therefore, the price is expected to decrease at the rate predicted by this line until it reaches the ₿0.00052 support area.
Origin Protocol (OGN)
Similar to the other three coins, OGN has also been following a descending resistance line. However, the line has only been in place since the beginning of March.
The price has created a triple top near the current price level of 1,800 satoshis, and the RSI has generated bullish divergence. This is a sign that the price is likely to move upwards and break out from the descending resistance line.
If it does, it is likely to move towards the closest resistance area at 3,000 satoshis.
The post These 4 Altcoins Could Soon Initiate Upward Movements appeared first on BeInCrypto.
Original Source: Beincrypto These 4 Altcoins Could Soon Initiate Upward Movements