January was a mixed month for the cryptocurrency market, with many altcoins hitting new all-time highs, but we experienced a bearish trend reversal in late January.
This BeInCrypto analysis examines lesser-known altcoins that are trending positively, indicating the potential for significant gains in the coming months. The analysis specifically targets cryptocurrencies ranked in the top 150-300 by market capitalization.
Treasure (MAGIC) is attempting a breakout.
The MAGIC price fell to a low of $0.41 on October 19, 2023, and has since risen. This upward move led to a break above the bearish resistance trendline on November 25th.
Before the breakout, the trend line held for more than 280 days. MAGIC price has since risen and is making its third attempt to break above $1.28.
The daily RSI supports this breakout. RSI is a momentum indicator that traders use to assess whether the market is overbought or oversold and whether to accumulate or sell. A reading above 50 and an upward trend means the bulls still have an advantage, while a reading below 50 indicates the opposite. An indicator above 50 and increasing (green icon) is considered bullish.
Cryptocurrency trader World Of Charts Positive MAGIC price predictionThis suggests that a breakout will eventually occur.
If MAGIC occurs, it could lead to a 65% increase to the next resistance at $2.10.
Despite MAGIC’s optimistic price forecast, rejection of the $1.30 resistance area could lead to a 40% decline to the nearest support at $0.78.
Read more: MAGIC Token Beginner’s Guide
Echelon Prime (PRIME) has rebounded to previous all-time highs
PRIME price has been falling since hitting an all-time high of $11.84 on December 15, 2023. The decline was contained within a descending resistance trend line.
The price rebounded from the previous all-time high of $6.90 (green icon), hitting a low of $6.57 on January 23.
PRIME then began an upward trend and broke out of yesterday’s trend line. What Crypto Trader Josh McGruff Says.
The daily RSI supports this move as it is above 50, breaking away from the bearish divergence trend line. If PRIME continues to rise, it could hit a new all-time high at $14.90, 70% above the current price.
Despite these optimistic PRIME price predictions, a daily close below $6.90 would invalidate the breakout. PRIME could fall 50% to the next closest support at $4.40.
Read more: 15 Best Penny Cryptocurrencies to Invest in
Ravencoin (RVN) Shuts Down Lesser-Known Altcoin
The last lesser-known altcoin is RVN, which has been trading within a descending parallel channel since December 2023. These channels usually contain corrective moves, with an eventual breakout being the most likely scenario.
On January 23, RVN bounced off the channel’s support trend line (green icon) and has been increasing since then. The daily RSI created a bullish divergence during the bounce, supporting the uptrend. If RVN occurs, it could increase by 30% to the next resistance at $0.024.
cryptocurrency enthusiast Tron Black believes RVN is well-positioned to succeed in an ongoing bull market.. He tweeted:
memo: #Ravencoin It also allows you to create assets that have no superpowers and behave just like you would expect a self-sovereign token to behave. All have user interfaces that an 8-year-old can use.
Despite this bullish RVN price prediction, a break below the channel’s midline could lead to a 10% downside to the $0.016 support trendline.
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