January was a mixed month for the cryptocurrency market, starting with new all-time highs for many altcoins, which, however, experienced bearish trend reversals in the latter half of the month.
This BeInCrypto analysis delves into lesser-known altcoins that display positive trends, indicating the possibility of substantial profits in the upcoming month. The analysis is specifically directed towards cryptocurrencies positioned within the 150 to 300 rank in market capitalization.
Treasure (MAGIC) Attempts Breakout
The MAGIC price has increased since falling to a low of $0.41 on October 19, 2023. The upward movement caused a breakout from a descending resistance trend line on November 25.
Before the breakout, the trend line had been in place for more than 280 days. The MAGIC price has increased since and is making its third attempt at breaking out above $1.28.
The daily RSI supports this breakout. The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset. Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite. The indicator is above 50, and increasing (green icon) is considered bullish.
Cryptocurrency trader World Of Charts gives a positive MAGIC price prediction, suggesting that an eventual breakout will occur.
If MAGIC breaks out, it can increase 65% to the next resistance at $2.10.
Despite the bullish MAGIC price prediction, a rejection from the $1.30 resistance area can trigger a 40% drop to the closest support at $0.78.
Read more: A Beginner’s Guide to MAGIC Token
Echelon Prime (PRIME) Bounces at Previous All-Time High
The PRIME price has fallen since reaching an all-time high of $11.84 on December 15, 2023. The decrease was contained inside a descending resistance trend line.
It led to a low of $6.57 on January 23, when the price bounced at the previous all-time high region of $6.90 (green icon).
Afterward, PRIME began an upward movement and broke out from the trend line yesterday, as noted by cryptocurrency trader Josh Mcgruff.
The daily RSI supports this movement since it broke out from its bearish divergence trend line and moved above 50. If PRIME continues to increase, it can reach a new all-time high at $14.90, 70% above the current price.
Despite this bullish PRIME price prediction, a daily close below $6.90 will invalidate the breakout. PRIME can fall 50% to the next closest support at $4.40.
Read More: 15 Best Penny Cryptocurrencies to Invest
Ravencoin (RVN) Concludes Lesser-Known Altcoins
The final lesser-known altcoin is RVN, which has traded inside a descending parallel channel since December 2023. Such channels usually contain corrective movements, meaning an eventual breakout from it is the most likely scenario.
On January 23, RVN bounced at the channel’s support trend line (green icon) and has increased since. The daily RSI generated a bullish divergence during the bounce, supporting the upward movement. If RVN breaks out, it can increase by 30% to the next resistance at $0.024.
Cryptocurrency enthusiast Tron Black believes that RVN is well-positioned to succeed in the ensuing bull run. He tweeted:
Note: #Ravencoin also allows creation of assets that have none of the super-powers and act just like you’d expect a self-sovereign token to act. All with a user interface that an 8 year-old can use.
Despite this bullish RVN price prediction, a fall below the channel’s midline can trigger a 10% drop to its support trend line at $0.016.
For BeInCrypto’s latest crypto market analysis, click here.
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