Both Ravencoin and TETA are trading near record lows. Technical indicators support the start of a new market cycle. While Ravencoin has the potential for higher growth, most likely THETA will be the first to start growing.
- Highlight:
Ravencoin traded inside a descending wedge.
Subsequent movement upwards can lead to 900 Satoshi. - THETA moves to its high range.
A break above it can lead to 2600 Satoshi.
Several altcoins doubled in price over the past month. Well-known trader @TheEuroSniper tweeted five altcoins, which, in his opinion, will significantly increase in February-March.
Set out coins:
- RVN
- THETA
- FTM
- ENJ
- KMD
The main $ ALTS i intend to trade Feb-March$ RVN $ THETA $ FTM $ ENJ $ KMD
Over the next 2 weeks i expect dips, the last dips on certain $ ALTS before they have a new Cycle.
View on $ BTC, No significant upside until after the Mids have finished their Cycles.
- € uroSniper (@TheEuroSniper) January 23, 2020
Below we will consider each of them individually and evaluate their potential for future growth. This is the first part of the analysis that will cover RVN and THETA.
Ravencoin
The Ravencoin price is trading very close to the support area surrounding its record low price of 275 Satoshi. This area was the catalyst for the rapid upward movement, which began in February 2019.
In addition, since May 2019, the price has been going down the resistance line, which currently stands at 380 Satoshi.
The weekly RSI generated a strong bullish divergence, but could not rise above the midline (50). Confirmation of the upward movement will be a break above the downward resistance line in combination with a weekly RSI value above 50.
In the short term, the price of RVN is traded inside a downward wedge. Although this is a bullish reversal pattern reinforced by divergence on the weekly RSI, there is significant resistance above the current price in the form of 100- and 200-day moving averages (MAs).
This makes it difficult to break through and allows the possibility that the price will again fall to the support line before trying to break through.
In conclusion, the price of RVN showed signs that it wants to start an upward movement, but has not yet taken the first steps for this. The next cycle can bring a yield of 200%
THETA
Like RVN, the price of THETA is close to its historical low, which was at 1000 Satoshi. The current movement is very similar to the movement in August-December 2018, when the price consolidated 147 days before the break.
In the current movement, the price is consolidated over 210 days. The nearest resistance zone is at 1800 Satoshi. A break above it can lead the price to the next resistance area of 2600 Satoshi.
RSI supports this price increase. He gave rise to bullish divergence throughout the consolidation period and completed an unsuccessful swing. In addition, it is above line 50 and moves up with force.
In conclusion, the THETA price moves to the maximum of its range. Its long-term movement RSI supports the ongoing price increase, which could lead it to the next area of resistance at 2600 Satoshi. This will mean a 100% increase compared to the current price.