These altcoins have bullish-looking formations and could reach new all-time highs in December.
November began as a bullish month for the cryptocurrency market, but the prices have stalled in the second half of the month. BeInCrypto looks at the top altcoins for December that could hit new all-time highs.
SEI Reaches New All-Time High
The SEI price has increased swiftly since falling to a low of $0.095 on October 19. The upward movement accelerated on November 22, and the price broke out from a pivotal resistance area two days later.
On November 27, the altcoin validated the resistance as support (green icon), bouncing significantly afterward. Today, the price reached a new all-time high of $0.30.
The high was right at the 1.61 external Fib retracement of the previous downward movement.
If SEI breaks out above it, it can increase by another 50% and reach the next resistance at $0.43.
Despite this bullish SEI price prediction, a rejection from the $0.30 resistance can lead to a 22% decrease to the $0.22 horizontal support area.
Bittensor (TAO) Breakout Can Lead to New All-Time High
The TAO price has increased significantly since October 24. In 27 days, the price increased by 500%, leading to a new all-time high of $261.
While the altcoin fell slightly afterward, it still trades inside a symmetrical triangle, considered a neutral pattern. Since the triangle comes after an upward movement, it could lead to trend continuation.
With the Relative Strength Index (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. The opposite is true if the reading is below 50.
The RSI has generated a significant amount of hidden bullish divergence (green), a strong sign of trend continuation.
If the TAO price breaks out from the triangle, it can increase by 40% and reach the next resistance at $365.
Despite this bullish TAO price prediction, a close below the triangle can cause a 40% drop to the closest support at $155.
Read More: Best Upcoming Airdrops in 2023
Kaspa (KAS) Concludes All-Time High Altcoins
The KAS price has increased parabolically since the start of the year. The increase temporarily stopped in April, but the price regained its footing in May, accelerating its rate of increase once more.
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
The most likely count suggests that the KAS price is in wave three of a five-wave upward movement that began in May. The sub-wave count is given in white, indicating that KAS is in a corrective wave four, which has taken the shape of a triangle.
If the count is correct, the altcoin will break out from the triangle and reach a new all-time high near $0.18.
Despite this bullish KAS price prediction, a breakdown from the triangle will invalidate the upward movement and can lead to a 30% drop to the next closest support at $0.09.
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.
