- Dogecoin price rallied 50%, piercing several resistance levels.
- Crypto.com price has printed consecutive bullish divergences on the Relative Strength Index.
- Litecoin price could be days away from another rally.
Despite Bitcoin’s bearish price action throughout November, several altcoins have served as profitable trading opportunities. Within the Crypto market, DOGE, LTC, and CRO show potential for more uptrend rallies in the coming days.
Dogecoin Price Passes Resistance
Dogecoin price is up 50% since November 21 after briefly marking the $0.07 zone. The rally took the market by surprise as the bulls were able to conquer several resistance zones.
Dogecoin price is currently auctioning at $0.094. The broken support that briefly acted as resistance on November 25 was Perforated over the weekend, with the bulls producing a growing rally that broke above both the 8-day exponential moving average and the 21-day simple moving average.
The only thing marginalized bulls will need justify Going long will be a classic retest and sign of recovery from recently breached zones near $0.08. The curling up of the moving averages adds credibility to the persistent bullish optimism in the market. The roll-up effect is usually seen before the bullish crossover signal occurs. A bullish crossover is when the two signals collide below the auction market price. Bullish crossovers have been known to catalyze strong uptrend rallies.
DOGE/USDT 8-hour chart
If the market is genuinely bullish, bears who place their stop losses above the November highs near $0.15 will likely face a challenge. the bullish screenplay creates the potential for a 65% uptrend rally.
Crypto.com Price Shows Consecutive Buy Signals
Crypto.com price is currently trading at $0.0631, which has produced a vital buy signal that the sidelined bulls have been waiting for. Since falling 50% at the beginning of the month, the CRO price has progressively settled into lower prices at each auction. Specifically on November 13 at $0.066. on November 21 at $0.064 and on November 28 it closed at $0.0633.
Crypto.com price is now auctioning at $0.0629. All three closing dates produced a bullish divergence on the Relative Strength Index (RSI). The RSI is a tool used to assess the psychology of market participants and its potential impact on the trading price of an asset. The divergence between the three dates suggests that more bulls are holding on to their positions despite the staggering price action.
Considering the bullish gestures by CRO, there is a high probability of a counter-trend bounce.
CRO/USDT 1-day chart
A Fibonacci Retracement Tool Surrounding the Steeper November Downtrend Shows Keys fibonacci levels at $0.077 and $0.085. The 61.8% Fibonacci level, considered the “golden pocket” target zone among traders, sits at $0.093. A tag at the level would create an uptrend rally of 50% of Crypto.com’s current auction price.
Litecoin price is something to watch
Litecoin price rose 75% in November, outperforming almost all cryptocurrencies. Now, as the last few days approach the focus of the month, the LTC price is set to make a bullish statement for the coming months.
litecoin price auctions at $75 as the bulls are finding support at the 8-day EMA after a week for-profit congestion near the zone $70. The previous congestion, which also retested the 8-day EMA and the 21-day SMA before breaking out at the monthly high, took just three days of consolidation. Elliott Wave practitioners use a ‘rule of alternation’ to gauge when consolidation can go long or short. The rule is that consolidations should alternate in time by at least two to one, but can extend up to a ratio of four to one.
Taking the reversal rule into account, the LTC price has another five days of breathing room before a volatile move occurs. This thesis proposes that LTC’s trading range caps and potentially breaches a new high at the $80 barrier in the coming days. Still, traders should look for a sequence of lower and higher events, even if a new high is set. This would create a triangle pattern which is a trading pattern that was only seen in wave four under Elliott Wave theory.
LTC/USDT 8-hour chart
For traders looking to participate in an early knife-catch scenario, in case the sideways range thesis doesn’t work, the potential of the uptrend pointing to a new LTC high in the $80 zone depends on whether wave one at $64.72 remains intact.