Targets Revealed: These are the 3 Altcoins Showing Breakout Potential!
Crypto analyst Danielle du Toit notes that over the past 2 weeks, INJ and SOL have managed to recover from key support levels. He says that RAD will soon exit the consolidation channel in which it has been trading for the last 2 weeks. According to the analyst, these 3 altcoins will see a strong upward movement soon.
First ranked altcoin: Solana (SOL)
As you follow from Kriptokoin.com, SOL is on the rise. SOL has rebounded from the long-term positive trend line on its chart over the past 2 weeks. Then, the altcoin price was trying to overcome a major resistance level at press time. On September 12, 2023, the price of SOL bounced back from a positive trend line that had formed on its daily chart since June of this year. Since then, SOL price managed to surpass the $19.35 barrier. Later, it turned this level into support. This gave SOL the basis for a challenge at the $22.20 resistance level.
Daily chart for SOL. Source: TradingViewIf SOL can close a daily candle above this barrier in the next few days, it could continue to rise to the next resistance level at $25.55 over the following 2 weeks. This bullish thesis will be invalidated if the altcoin fails to close a daily candle above $22.20 in the next 3 days. In this bearish scenario, it is possible that SOL’s price may soon decline to $19.35. If it loses support from this level, it is likely to drop to the next important price point at $17.15. However, there is the aforementioned positive trend line that stands in the way of SOL’s decline to $17.15.
In second place is Injective (INJ)
Recently, INJ triggered a notable bullish technical flag on its daily chart. This bull flag could lead the altcoin price to break through a key resistance level next week. But it needs approval. At press time, the 20-day EMA line was trying to break above the 50-day EMA line. This comes after INJ’s momentum over the past 20 days has been more bullish than the altcoin’s volume experienced over the previous 50 days.
Daily chart for INJ. Source: TradingViewThen, a crossover of these 2 technical indicators will likely indicate that the medium-term momentum has shifted in favor of buyers. Therefore, the altcoin price is likely to rise in the next 2 weeks. If this happens, it is possible that INJ will gain the necessary bullish pressure to surpass the $8,165 resistance. After that, INJ price is likely to rise to the next key benchmark level at $9,975. On the other hand, a rejection of INJ next week at the $8,165 resistance level would change things. In this case, it is likely to lead to a pullback of the altcoin towards the 50-day EMA line at $7,278. A break below this technical indicator would put the altcoin at risk of its value falling to the immediate support level of $6,845 in the next 48-72 hours.
Last secret altcoin: Radicle (RAD)
RAD has been in an accumulation phase for the last 2 weeks. This consolidation period is likely an accumulation before a strong breakout for the altcoin price. RAD has traded between $1,220 and $1,520 over the past 2 weeks. However, it is possible for RAD to finally break out of this horizontal channel. At press time, the altcoin price was trading above the 9-day EMA line, which is a technical indicator that acts as a resistance level.
Daily chart for VaR. Source: TradingViewIt is important that RAD maintains a position above the 9-day EMA line for the next 3 days. In this case, it may have the support needed to overcome the upper level of the current consolidation channel. After that, RAD needs to close a daily candle above $1,520. If this happens, traders are likely to view this as a bullish event. Then, it is possible for the RAD price to rise to $1,960 in the next few days. On the other hand, if the altcoin price falls below the 9-day EMA line in the next 48 hours, the bullish thesis will be invalidated. This is likely to cause RAD to seek support at $1,220 in the coming days.
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