Three Altcoins Poised to Outshine Bitcoin in January
Date: 2024-01-02 Author: Dima Zakharov Categories: BUSINESS
Axie Infinity (AXS) Breaks Long-term Resistance
Since October 2021, Axie Infinity's token, AXS, had been declining below a long-term descending resistance line. By October 2023, AXS reached a minimum of 13,400 satoshis. However, its price has since risen, breaking through this resistance line last week after more than 800 days.
The weekly RSI momentum indicator supports this breakthrough, rising above the neutral level of 50 when the altcoin's price broke the trendline. Following the breakthrough, AXS reached minor resistance at 24,500 satoshis and could potentially increase by 145% if it successfully surpasses this barrier, aiming for the next resistance at 60,000 satoshis.
BNB Surpasses 400-day Resistance
Since November 2022, Binance Coin (BNB) had been declining along a long-term descending resistance line, reaching a minimum of ₿0.0051 in December. However, BNB has started an upward movement, breaking above this trendline. While it reached a peak of ₿0.007 and crossed the trendline, it has not closed above it, confirming the bullish breakthrough.
Furthermore, the RSI index broke its resistance (in green) and exited the oversold zone, but it has yet to rise above the 50 dividing barrier. If the breakthrough continues, BNB may rise by an additional 25%, targeting the next resistance level at ₿0.0088.
Arbitrum (ARB) Also Has Potential to Outperform BTC
Similar to the previous two altcoins, ARB, the token of the Arbitrum project, broke the descending resistance line last week. A bullish divergence in the weekly RSI preceded this breakthrough, making the upward movement more justifiable.
Following the breakout, ARB reached a peak of 3,350 satoshis and closed above the resistance line. If the growth persists, the token could increase by 15% and reach the next resistance level at 3,700 satoshis.
However, closing below the trendline may lead to a 20% decline in ARB's price, down to the nearest support level at 2,600 satoshis.
