Crypto analyst Valdrin Tahiri shares three altcoins that are showing bullish signs due to their price movements. The analyst says that these cryptocurrencies are ideal gifts for Valentine’s Day. In this context, it looks at the technical outlook of the tokens and tries to determine their possible routes.
Celestia (TIA): Altcoin fell from ATH but…
TIA price has gained ground since January 23, when it rebounded from the $15 horizontal support area (green icon). The upward move reached an all-time high of $21.15 on February 10. Since then the TIA price has fallen slightly. However, it is trading inside the sideways area at $19.30, the previous all-time high resistance. Osmosis noted that TIA has been quite profitable this year, as its liquidity providers generated more than $100,000 in fees last week.
Meanwhile, the daily Relative Strength Index (RSI) is showing a positive sign. RSI is rising and above 50. Therefore, both are signs of a bullish trend. If the bullish altcoin continues its rise, another 27% increase is possible. Thus, TIA will reach the next resistance at $24.40.
Despite this bullish TIA price prediction, a close below $19.30 could trigger a 22% decline to the nearest support area at $15.
Polkadot (DOT): The token broke above resistance, now what’s next?
DOT price has fallen below a descending resistance trend line since December 25, 2023. The decline led to a low of $5.98 on January 23, 2024. The price then increased and bounced at the 0.618 Fib retracement support level. The bounce also led to a recovery of the $6.60 horizontal area and a breakout from the descending resistance trend line. Today, the altcoin price reached a high of $7.65. The daily RSI legitimizes the breakout as it moves above 50 as the DOT price breaks. Analyst FLASH believes that DOT has started a new impulse and will soon rise above $10.
Even though this is the case, DOT has strong resistance at $8.20 formed by the 0.618 Fib retracement resistance level and a horizontal resistance area. If it breaks, it is possible it could reach the next resistance at $9.20, which is 22% above the current price. Despite the bullish DOT price forecast, a rejection at $8.20 could trigger a 13% decline to the $6.60 support area.
Shiba Inu (SHIB): NFT launch could boost meme coin price!
SHIB price has fallen since it was rejected by the resistance trend line of an ascending parallel channel on December 17, 2023 (red icon). The decline led to a low of $0.0000082 on January 3, 2024. The downside movement resulted in a break through a critical horizontal support area at $0.0000093. However, after consolidating, SHIB regained territory by surging above last week. This makes the previous decline merely an aberration.
A SHIB developer also announced a women-themed NFT collection ahead of Valentine’s Day. The RSI also rose above 50 as the price jumped above the horizontal support area. Therefore, it legitimized the upward move for SHIB. If SHIB continues to rise, it is possible for it to reach the resistance trend line of the channel at $0.0000125 with a 32% increase.
Despite this bullish SHIB price prediction, a close below $0.0000093 would invalidate the bounce. In this case, a 20% drop in the altcoin price to the channel’s support trend line at $0.0000080 is possible.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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