- Dogecoin overpowered multiple resistance zones following a 50% rally.
- Litecoin price seems prepared for another rally.
Several alts have ensured profitable dealings for enthusiasts, regardless of Bitcoin’s bearish outlook throughout November. For instance, Litecoin (LTC) and Dogecoin (DOGE) highlighted the chance to soar in the upcoming days.
DOGE Overcomes Resistance
Dogecoin saw an impressive rally after briefly hitting $0.07, gaining 50% since 21 November. The upside surprised the mark as the bulls conquered multiple resistance levels. DOGE traded at $0.094 at this writing.
Meanwhile, the past weekend saw the meme coin pierce the support that slightly served as resistance on 25 November. That triggered a massive upside rally that surpassed the 8d and 21d SMAs. Meantime, sidelined buyers should justify that executing long positions will mean a classic retest & rally sign from lately breached levels near $0.08.
The moving averages coiling magnifies the bullish sentiment lingering within the marketplace. The coiling impact usually emerges before a bullish cross-cue happens. A bullish cross occurs after the two signs collide amid auctioning market price. Meanwhile, bullish crosses trigger massive upside rallies.
If the marketplace is genuine with its bullish stance, bears executing stop losses beyond $0.15 November highs may encounter challenges. Nevertheless, the bullish case suggests a potential 65% upsurge.
Litecoin gained approximately 75% during November sessions, outshining nearly all digital assets. Meantime, the alt needs to confirm a bullish sentiment for upcoming months as we close November. LTC price hovers near $75, with bulls securing support from 8d EMA after seven-day profit-booking congestion at around the $70 mark.
The last congestion, which retests 8d EMA & 21D SMA before erupting to a monthly peak, took only 72 hours of consolidation. Meantime, Elliot Wave experts use the ‘rule of alternation’ to measure the price consolidation. The alternation rule shows Litecoin price has five more days of respite before volatile actions emerge.
The tale shows Litecoin will likely remain range-bound and possibly soar to overpower the barrier at $80 in the upcoming days. Still, market players should watch for a higher low and lower high whenever a new high emerges. That would form a triangle setup.