These Two Lesser-Known Altcoins Have Potential to Soar

Cryptocurrency trader @bitcoin_brown stated that two new projects, DIA and ERD are very bullish, having the potential for significant increases. In this article, we will take a quick look at both to try and determine where they might be headed next.

DIA (DIA)

The price data for DIA is very limited as it’s only been present for less than a week. However, since Aug 19, the price has been trading inside a large ascending triangle, which is considered a bullish pattern. At the time of press, the price was just above the support line of the triangle and has made three unsuccessful attempts at breaking out over the horizontal resistance. The RSI is holding up above 50 and the MACD is moving upwards, showing some bullish divergence. A breakout that travels the entire height of the pattern could take DIA all the way to 42,000 satoshis.

Elrond (ERD)

ERD has been decreasing since July 27, after the price reached a high of 290 satoshis. The move to the downside was preceded by a significant bearish divergence in the RSI. Since then, it seems that the price has been trading inside a descending wedge, which is normally considered a bullish pattern. Furthermore, the MACD has been generating some bullish divergence, a sign that the price is likely to break out and move upwards.

At the time of press, the price was trading near the 140 satoshi level, which is both a previous support level and the 0.618 Fib level of the entire upward move. A breakout from the wedge could take the price to the closest resistance area at 210 satoshis.

To conclude, while both DIA and ERD have possibly created bullish formations, the significantly bigger amount of price history for ERD makes it a more enticing option relative to DIA.