- Dogecoin price rallied by 50%, piercing several resistance levels.
- Crypto.com price has printed consecutive bullish divergences on the Relative Strength Index.
- Litecoin price might 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 all show potential for more uptrend rallies in the coming days.
Dogecoin price blows past resistance
Dogecoin price has rallied by 50% since November 21 after briefly tagging the $0.07 zone. The ascension took the market by surprise as the bulls were able to conquer several resistance zones.
Dogecoin price currently auctions at $0.094. The broken support that briefly acted as resistance on November 25 was pierced during the weekend, and the bulls produced a surging rally surpassing both the 8-day exponential and 21-day simple moving averages.
The only thing sidelined bulls will need to justify opening a long position will be a classical retest and rally signal from recently breached zones near $0.08. The coiling of the moving averages adds credence to the bullish optimism lingering in the market. The coiling effect is usually witnessed before the bullish cross signal occurs. A bullish cross is when the two signals collide under the auctioning market price. Bullish crosses are known to catalyze strong uptrend rallies.
DOGE/USDT 8-Hour Chart
If the market is genuinely bullish, bears placing their stop losses above the November highs near $0.15 will likely face a challenge. The bullish scenario creates the potential for a 65% uptrend rally.
Crypto.com price shows consecutive buy signals
Crypto.com price currently trades at $0.0631, which has produced a vital buy signal that sidelined bulls have been waiting for. Since falling 50% earlier in the month, the CRO price has progressively settled at lower prices in each auction. Specifically on November 13 at $0.066. November 21 at $0.064, and November 28 closed at $0.0633.
Crypto.com price now auctions at $0.0629. The 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 their potential impact on an asset's trading price. The divergence between all three dates suggests more bulls are holding on to their positions despite the stair-stepping price action.
Considering CRO's optimistic gestures, there is a high chance for a countertrend bounce.
CRO/USDT 1-Day Chart
A Fibonacci retracement tool surrounding the steepest downtrend in November shows key Fibonacci levels at $0.077 and $0.085. The 61.8% Fib level, considered the "Golden Pocket" target zone amongst traders, is positioned at $0.093. A tag of the level would create a 50% uptrend rally from Crypto.com's current auctioning price.
Litecoin price is a must watch
Litecoin price rallied by 75% in November, outperforming nearly all cryptocurrencies. Now, as the final days approach the month approach, LTC price is set to make a bullish statement for the months to come.
Litecoin price auctions at $75 as the bulls are finding support from the 8-day EMA following a week of profit-taking congestion near the $70 zone. The previous congestion, which also retested the 8-day EMA and 21-day SMA before exploding into the monthly high, took only three days of consolidation. Elliott Wave practitioners use a ‘rule of alternation’ to gauge when consolidation may stretch far or thin. The rule is that consolidations should alternate in time by at least two-to-one but can stretch to as much as a four-to-one ratio.
Considering the rule of alternation, the LTC price has another five days of breathing room before a volatile move comes. This thesis proposes that LTC trade range bound and potentially breach a new high into the $80 barrier within the coming days. Still, traders should look for a lower high and higher low sequence of events even if a new high is established. This would create a triangle pattern which is a trading pattern only witnessed in wave four under the 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 does not pan out, the uptrend's potential targeting a new LTC high in the $80 zone depends on Wave one at $64.72 remaining unbreached.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
![Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/Ethereum_Coins_31_03_XtraSmall.jpg)
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
![Solana bears dominate market as SunPump has potentially led to less demand for SOL](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Solana/Solana_Crypto_31_XtraSmall.jpg)
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
![AI tokens see narrow gains as Wall Street banks raise price targets on NVDA](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/PEPE/PEPE_coin_2_XtraSmall.jpg)
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
![XRP back above $0.57 even as Ripple traders take $8 million in profits](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
![Bitcoin: Will BTC continue its ongoing decline?](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.