Bitcoin (BTC), large and lesser-known altcoins experienced substantial growth in December, with many altcoins achieving new yearly or all-time highs.
This analysis by BeInCrypto focuses on lesser-known altcoins exhibiting bullish patterns, suggesting the potential for significant gains in the coming month. The examination specifically targets coins ranked between 150th and 300th in market capitalization.
Reserve Rights (RSR) Breaks out From Long-Term Resistance
The RSR price had fallen under a descending resistance trend line since April 2021. The decrease led to a low of $0.0016 in August. The price began an upward movement afterward and broke out from the trend line in October. At the time of the breakout, the trend line had been in place for 924 days.
Traders utilize the Relative Strength Index (RSI) as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.
The weekly RSI legitimizes the breakout since the indicator moved above 50 (green icon) while the price broke out.
If the altcoin continues its ascent, the price can increase by 200% to the next resistance at $0.0100.
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Author: Valdrin Tahiri
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