These Altcoins Can Surge Strongly Thanks to Ripple Wins Effect
At the beginning of June, the SEC filed lawsuits against cryptocurrency exchanges Binance and Coinbase, alleging serious regulatory violations.
In this lawsuit, the SEC has also designated many tokens as securities, including FIL, ALGO, and COTI.
Ripple’s recent legal victory against the SEC may bring positive momentum to these altcoins. Now, let’s analyze the charts of these three cryptocurrencies to find potential upward targets in the coming days.
The price of Filecoin (FIL) has been trading within a descending parallel channel since August 2022. This is a bullish pattern that usually leads to a breakout in most cases.
After being rejected by the channel’s resistance in February 2023, the price declined to the support zone at $2.7 and rebounded (green arrow).
This recovery helped the price reclaim the midline of the channel and formed a bullish divergence in the weekly RSI indicator.
Therefore, the FIL price has the potential to rise towards the channel’s resistance at $0.63, marking a 36% increase from the current level.
The ALGO price has been declining since reaching its yearly high at $0.3 on February 8. During this period, it dropped to the support area at the all-time low of $0.1 on June 10.
After the initial recovery, the ALGO price retested the $0.1 support level and formed a double bottom pattern with a strong rally yesterday.
This is a bullish pattern that often leads to a trend reversal to the upside.
The nearest resistance level is found at $0.14. However, if the upward reversal occurs, the ALGO price could rise to the resistance zone at $0.16, indicating a more than 30% increase in the near future.
Considering that this zone is formed by a previous support area, it is likely to provide strong resistance to the price.
The COTI price has recovered after reaching a yearly low at $0.4 on June 10. During this period, it reclaimed the $0.51 support zone, turned the previous breakdown into a deviation (red ellipse).
This is a bullish signal that is often followed by strong upward movements.
The daily RSI indicator has formed a bullish structure and is above 50, indicating an advantage for the bulls.
Therefore, COTI price could rise towards the next resistance level at $0.72, marking a nearly 30% increase from the current level.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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