3 Bullish Altcoins Predicted to Outshine Bitcoin (BTC) in November 2024

Key Takeaways

• Dogecoin (DOGE) has created a long-term double-bottom pattern.
• The Raydium (RAY) price broke out from an ascending triangle.
• Tron (TRX) broke out from a descending resistance trend line.

October was a bullish month for the cryptocurrency market. Bitcoin (BTC) outperformed altcoins, as evidenced by the nearly 5% increase in the Bitcoin Dominance Rate (BTCD).

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.

Dogecoin Creates Double Bottom

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.

If the upward movement continues, the closest resistance area will be 305 satoshis, 30% above the current price.

If Dogecoin closes above this level, it could accelerate its rate of increase greatly since there is no overhead resistance.

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.

The wave count aligns with this possibility since it shows a completed A-B-C corrective structure (black), where waves A:C had nearly the same length.

If TRX resumes its upward movement, it can increase by 40% to the next resistance area of 330 satoshis.

Three Altcoins Bullish vs Bitcoin

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.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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