2020-4-3 20:38 |
The majority of altcoins have been decreasing significantly since February 15, at least relative to the price of Bitcoin, as has been visible by the increasing bitcoin dominance rate during this same period. However, by the end of March, some bullish formations revealed themselves — allowing for the possibility that altcoins could increase in the month of April.
Well-known trader @devchart stated that he is not trading alts at the moment, most likely due to the bearishness of the past two months. However, he outlined four altcoins that he believes have created positive formations that allow for significant upside. They are:
Ethereum Classic (ETC) Kyber Network (KNC) Steem (STEEM) Qtum (QTUM)Not trading alts at the moment but if you are, here are some freebies.
Alerts from @ChartAlertsIO #Altcoins#crypto pic.twitter.com/XHL8Og0i2I
— Devchart (@devchart) April 2, 2020
Below, we will take a closer look at teach of them individually and determine their potential for future increases.
Ethereum Classic (ETC)The Ethereum Classic price is trading very close to a significant support area that is found at 74,000 satoshis. This area is also solidified by the presence of the 200-day moving average (MA), on which the price has bounced twice until now.
However, the price is following a descending resistance line and until it breaks out, its price action is considered bearish. If it is successful in doing so, the next resistance area is found at 100,000 satoshis.
Due to the strong support at the current level, there seems to be a decent chance of the price breaking out and heading towards the resistance area.
ETC Chart By Trading View Highlights The price has found support above its 200-day moving average. There is support & resistance at 74,000 and 100,000 satoshis, respectively. The price is following a descending resistance line. Kyber Network (KNC)The KNC price is also trading inside a support area, which is found at 7000 satoshis. However, this is not as significant as the ETC support area, since the price has yet to react to it and it is not supported by any moving averages. In addition, the potential for downside remains significant, since the next support level is found at 3500 satoshis.
This second support level coincides with both the 200-day moving average (MA) and an ascending support line the price is trading in. At the current time, there are no signs that suggest the KNC price will reverse its bearish trend.
KNC Chart By Trading View Highlights There is support at 3500 and 7000 satoshis. The price is following an ascending support line. Steem (STEEM)The STEEM price has been following an ascending support line since January 9. At the time of writing, it was trading right at this support line. Furthermore, the price is trading at a confluence of support levels, since this area also coincides with the 2100 satoshi support area and the 100-day moving average (MA).
Therefore, this would be an optimal level to initiate an upward move, that could take the price to the next resistance area at 2600 satoshis.
STEEM Chart By Trading View Highlights The price is following an ascending support line. There is support at 2100 satoshis. There is resistance at 2650 satoshis. Qtum (QTUM)The QTUM price is trading very close to an all-time low, being right at the long-term support area of 18,500 satoshis. However, there are no signs that suggest the price might move upwards, such as a bullish divergence in the RSI.
If it begins an upward movement, the next resistance area is found at 22,500 satoshis.
QTUM Chart By Trading View Highlights There is support at 18,500 satoshis. The price is trading near an all-time low. There is resistance at 22,500 satoshis.The post These 4 Altcoins Have Considerable Upside Potential appeared first on BeInCrypto.
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