These three altcoins show bullish patterns compared to Bitcoin (BTC) and have the potential to outperform it in January 2024.
Despite Bitcoin experiencing significant growth in the second half of 2023, these altcoins demonstrate even more favorable price trends. Is it possible for them to exceed the gains observed in BTC during January 2024?
Axie Infinity (AXS) Breaks Out from Long-Term Resistance
The AXS price had fallen under a long-term descending resistance trend line since October 2021. The decrease led to a low of 13,400 satoshis in October 2023.
The AXS price has increased since and broke out from the resistance trend line last week. At the time of the breakout, the trend line had been in place for more than 800 days. With the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.
Bulls have an advantage if the RSI reading is above 50 and the trend is upward, but if the reading is below 50, the opposite is true. The weekly RSI supports the breakout since the indicator moved above 50 (green icon) the same week the price broke out from the trend line.
After the breakout, AXS reached the minor resistance at 24,500 satoshis and fell slightly. If it breaks out, the price can increase by 145% and reach the next resistance at 60,000 satoshis.
Despite this bullish AXS price prediction, failure to close above the 24,500 satoshi resistance area can trigger a 30% decrease to the descending resistance trend line at 16,000 satoshis.
Read more: Axie Infinity (AXS) Explained for Beginners
BNB Price Moves Above 400-Day Resistance
The BNB price has fallen under a long-term descending resistance trend line since November 2022. The decrease led to a low of ₿0.0051 in December.
BNB began an upward movement afterward and is now breaking out above the resistance trend line. While the altcoin reached a high of ₿0.007 and moved above this trend line, it has not reached a close above it yet, which will confirm the breakout.
Also, the RSI is increasing, has broken out from its resistance (green), and has moved outside of its overbought territory. However, it has not increased above 50 yet.
If the breakout continues, BNB can increase by another 25% and reach the next resistance at ₿0.0088.
Despite the bullish BNB price prediction, a close below the trend line will invalidate the breakout. Then, BNB can decrease by 25% to its December low of ₿0.0051.
Read More: How to Buy BNB and Everything You Need to Know
Arbitrum (ARB) Concludes Altcoins That Can Outperform BTC
The final altcoin that could outperform Bitcoin is ARB. Similarly to the other two, the ARB price broke out from a descending resistance trend line last week.
The breakout preceded a bullish divergence in the weekly RSI, legitimizing the upward movement.
After breaking out, ARB reached a high of 3,350 satoshis before falling slightly. In any case, the price did close above the resistance trend line.
If the upward movement continues, ARB can increase by another 15% and reach the next resistance at 3,700 satoshis.
Despite this bullish ARB price prediction, a close below-the-trend line can lead to a 20% decrease to the closest support at 2,600 satoshis.
Read More: What is Arbitrum?
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
