These altcoins have bullish-looking formations and could reach new all-time highs in February.
The start of 2024 led to mixed price action in the cryptocurrency market. While new highs were seen in the first part of the month, a sharp correction ensued in the latter half. BeInCrypto looks at the top altcoins for February that could hit new all-time highs.
Celestia (TIA) Support Trend Line Can Lead to New Highs
The TIA price has increased alongside an ascending support trend line since the start of November 2023. The upward movement led to a new all-time high price of $20.40 on January 15, 2024.
While the TIA price has fallen since, it bounced on January 23, validating the ascending support trend line and the $14.40 horizontal support area. So far, the trend line has existed for 86 days.
While the price bounced, so did the Relative Strength Index (RSI) (green circle). Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
Cryptocurrency trader Altcoin Sherpa said that while a new all-time high is possible, he expects the price to continue chopping. If the bounce continues, TIA can increase 43% to the next resistance at $24.60.
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Author: Valdrin Tahiri
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