Bitcoin and Altcoins Experience Substantial Growth in December
In December, Bitcoin (BTC) and various altcoins saw significant growth, with many altcoins reaching new yearly or all-time highs. This analysis focuses on lesser-known altcoins ranked between 150th and 300th in market capitalization, which show bullish patterns indicating potential gains in the coming month.
Reserve Rights (RSR) Breaks Out From Long-Term Resistance
The RSR price had been following a descending resistance trend line since April 2021 but broke out from it in October. The breakout occurred after the trend line had been in place for 924 days. Traders use the Relative Strength Index (RSI) to determine market momentum and make decisions about buying or selling assets. The weekly RSI confirms the breakout, as it moved above 50 while the price broke out. If the altcoin continues its upward movement, it could increase by 200% to reach the next resistance at $0.0100.
Has Status (SNT) Price Begun Its Rally?
Status (SNT) had been following a descending resistance trend line since the beginning of 2021 but broke out from it in October 2023. The breakout occurred after the trend line had been in place for 900 days. Similar to RSR, the RSI validates the upward movement by breaking out above 50. If the rally continues, SNT’s price could increase by 150% and reach the next resistance at $0.115.
BRC20.com (COM) Concludes Lesser-Known Altcoins
BRC20.com (COM) is a BRC20 token that has seen success this year with increases in Ordinals (ORDI) and SATS. COM has made several unsuccessful attempts to break out from a descending resistance trend line in December. However, given that trend lines weaken with each touch, a breakout is expected. The COM price moving above the $3.60 horizontal area and the RSI being above 50 further support this expectation. If a breakout occurs, the price could increase by 60% to the next resistance at $6.10.
Hot Take: Lesser-Known Altcoins Show Potential for Significant Gains
In December, lesser-known altcoins have shown bullish patterns and potential for significant gains. Coins like Reserve Rights (RSR), Status (SNT), and BRC20.com (COM) have broken out from long-term resistance and are supported by positive RSI readings. These altcoins have the potential to increase in value by significant percentages if their upward movement continues. However, it’s important to monitor key support levels and watch for any invalidations of these bullish predictions.
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