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While the majority of altcoins increased significantly in February, March has painted an entirely different picture. Altcoins were hit hard during the March 11-13 decrease, with some losing more than 50% of their value. However, some bullish formations were created by the end of the month, leading to the possibility that April could see some altcoin gains.
Cryptocurrency analyst and trader @damskotrades stated that due to the decrease of the dominance and recent positive price action of several altcoins, he believes a relief rally is due for the altcoin market. He posted four such coins that he believes are likely to increase in the near future.
Altcoin relief coming
– BTC. Dominance showing weakness
– Majors look ready for some upside
– Lot of mids shaping up
– Waves pumped away from me without letting me in
— CryptoAmsterdam (@damskotrades) April 1, 2020
Below, we will take a look at each of them individually and measure their potential for future increases.
The WRX chart does not have long-term data, since it is a relatively new coin. The most important development is an upward move that began in the beginning of March and caused the price to reach a high of 2,666 satoshis on March 9. The price has been decreasing ever since.
WRX returned to validate the breakout level at 1,500 satoshis, which was successful in initiating a bounce. On April 1, the price broke out above the descending resistance line and is currently in the process of moving toward the next resistance area, which is found at 2,000 satoshis.
The XTZ price is currently trading inside a strong support area found at 25,000 satoshis. This is the previous breakout level, the movement above which in the beginning of February eventually led to the all-time high price of 40,530 satoshis on Feb. 21. Afterward, the price broke down from a symmetrical triangle on March 9 and has been decreasing since.
The current support area is also solidified by the 100-day moving average (MA), indicating that it is a strong support area that could initiate an upward move. The closest resistance area is found at 28,500 satoshis.
The TOMO price is currently trading inside the 3,500 satoshi support area. This level was instrumental in supporting the price throughout the entirety of 2019, even initiating the upward move that eventually led to the all-time high of 10,903 satoshis.
The daily RSI has been generating bullish divergence, suggesting that the price is likely to begin an upward move toward the closest resistance area of 5,300 satoshis and possibly higher.
The Litecoin price has been following a descending support line since Jan. 18, having bounced on it several times, most recently on March 25.
The price increase was preceded by significant bullish divergence in the daily RSI. The increase is ongoing, and the price is expected to reach the resistance area at ₿0.0068.
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