Five Altcoins that Could Hit it Big in February (Part 1)

2020-1-24 10:27

Both Ravencoin and THETA are trading near all-time lows. Technical indicators support the beginning of a new market cycle. While Ravencoin has the potential for a higher increase, THETA is likely to be the first one to break out.

Highlights Ravencoin is trading inside a descending wedge. The ensuing upward movement could take it as high as 900 satoshis. THETA is moving towards its range high. A breakout above it could take it to 2600 satoshis.

Several altcoins have doubled in value over the past month. Well-known trader @TheEuroSniper tweeted five altcoins that he believes will increase significantly in February-March.

The coins outlined are:

RVN THETA FTM ENJ KMD

The main $ALTS i intend to trade February-March$RVN $THETA $FTM $ENJ $KMD

Over the next 2 weeks i expect dips, the last dips on certain $ALTS before they have a new Cycle.

View on $BTC, No significant upside until after the Mids have finished their Cycles.

— €uroSniper (@TheEuroSniper) January 23, 2020

Below, we will look at each of them individually and gauge their potential for future increases. This is the first part of the analysis, which will cover RVN and THETA.

Ravencoin

The Ravencoin price is trading very close to the support area surrounding its all-time low price at 275 satoshis. This area was the catalyst for the rapid upward movement that began in February 2019.

In addition, the price has been following a descending resistance line since May 2019, which is currently at 380 satoshis.

The weekly RSI has generated strong bullish divergence but has failed to move above the midpoint line (50). A confirmation of the upward movement would be a breakout above the descending resistance line combined with a weekly RSI value over 50.

In the shorter-term, the RVN price has been trading inside a descending wedge. While this is a bullish reversal pattern, strengthened by the divergence in the weekly RSI, there is considerable resistance above the current price, in the form of the 100- and 200-day moving averages (MA).

This makes a breakout more difficult and allows for the possibility that the price will drop to the support line once more before attempting to break out.

To conclude, the RVN price has shown signs that it wants to begin an upward move but has yet to take the first steps of doing so. The next cycle could bring returns of 200%.

THETA

Similar to RVN, the THETA price trader near its all-time low, which was at 1000 satoshis. The current movement is very akin to that on August-December 2018 when the price consolidated for 147 days before breaking out.

In the current movement, the price has been consolidating for 210 days. the closest resistance area is found at 1800 satoshis. A breakout above it could take the price to the next resistance area at 2600 satoshis.

The RSI supports this price increase. It has generated bullish divergence the entire period of consolidation and has completed a failure swing bottom. Furthermore, it is above the 50 line and is moving upwards with strength.

To conclude, the THETA price is moving towards its range high. Its long-term RSI movement supports a continued price increase that could take it to the next resistance area at 2600 satoshis. This would mark a 100% increase from the current price.

The post Five Altcoins that Could Hit it Big in February (Part 1) appeared first on BeInCrypto.

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