However, numerous altcoins, mostly meme coins, outperformed Bitcoin. More specifically, MEW, POPCAT, DOGE, and NEIRO increased close to 50%, dwarfing Bitcoin’s 11% gain.
This article will analyze three altcoins with bullish formations that can outperform Bitcoin in November.
The weekly DOGE chart shows that the price broke out from a descending resistance trend line that existed for over 720 days. Breakouts from such long-term structures often mean that the correction has ended and a new movement has started in the other direction.
Dogecoin’s breakout transpired after the price created a double bottom pattern inside the 175 satoshi horizontal support area. The double bottom was a bullish pattern combined with bullish divergences in the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD), increasing its legitimacy.
Since the breakout, the RSI has moved above 50, and the MACD is close to increasing above 0, which are both signs of a bullish trend.
In that case, the next resistance would be at 620 satoshis.
RAY Price Breaks Out
Since December 2023, the RAY price has made three unsuccessful attempts at breaking out above the 41,000 satoshi resistance area. Despite the rejections, the price still made higher lows, creating an ascending triangle, which is considered a bullish pattern.
Last week, the RAY price finally broke out from the pattern, which it is validating as support this week. The RSI and MACD broke out from their bearish divergence trend lines (green) during the breakout, validating the positive price action.
So, the breakout is likely legitimate and will lead to new highs. An upward movement that travels the entire pattern’s height will take RAY to 75,000 satoshis, an increase of 60% from the current price.
TRON Clears Resistance
Since April, the TRX price has increased against BTC, catalyzed by bullish divergences in the RSI and MACD. In August, the upward movement caused a breakout from a descending resistance trend line and the 230 satoshi horizontal resistance area. This was a sign that the previous correction had ended and a new upward movement had begun.
Shortly after the breakout, the TRX price returned to the horizontal area, validating it as support (white icon). At the same time, the RSI returned to 50 while the MACD was 0. This is a common movement after a breakout.
Dogecoin, RAY, and are three altcoins with bullish-looking charts against Bitcoin.
Because of their positive readings, these altcoins will likely they will maintain their upward movements and perform better than Bitcoin in November.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
