Despite Bitcoin experiencing significant growth in the second half of 2023, the spotlight is now on alternative cryptocurrencies showing more positive trends. This scenario raises pressing questions about the potential for these alternative currencies to surpass the gains witnessed by BTC in January 2024. Do these currencies hold opportunities for greater returns? Should investors delve deeper into these currencies as part of their investment strategy?
As professionals and enthusiasts seek predictive signals and robust indicators, many are curious about market expectations and the potential of alternative digital currencies to achieve tangible gains. In this context, interest is growing around these three digital currencies that are gaining momentum, making January 2024 a pivotal period to test the strength and appeal of these alternative assets.
Will these positive trends persist? Could these three alternative digital currencies be the driving force to reshape market power dynamics? The questions are plentiful, and investors eagerly await to see how these influences will integrate into the complex digital landscape.
•BNB Breaks 400-Day Resistance Triumphantly
BNB continues its bullish momentum, currently trading above the 400-day resistance trendline. While the alternative currency reached its highest level at 0.007 Japanese yen and successfully moved beyond this trendline, it has yet to close above it, confirming the breakthrough.
Furthermore, the Relative Strength Index (RSI) is on the rise, surpassing the resistance level (shown in green) and exiting the overbought zone. This increase in the robust indicator heightens investors' optimism about the ongoing upward trend, emphasizing positive expectations for BNB's performance and reinforcing the potential for the positive trend to persist.
•Arbitrum (ARB):Leading the Alternative Cryptocurrencies List
The latest alternative currency expected to outperform Bitcoin is ARB, and signals indicate increasing strength. Last week, ARB's price surpassed the descending resistance trendline, highlighting a positive shift.
This breakthrough was accompanied by clear upward divergence in the weekly Relative Strength Index (RSI), bolstering the validity of the current upward trend.
Following this breakthrough, ARB reached its highest level at 3350 satoshis before experiencing a slight decline. However, the price closed above the resistance trendline, reinforcing the strength of the upward movement.
If the upward momentum continues, ARB could see another 15% increase, reaching the next resistance level at 3700 satoshis.
•Axie Infinity (AXS): Long-Term Resistance Successfully Pierced
The price of AXS has been trading below the long-term descending resistance trendline since October 2021, experiencing a continuous decline. This descent led to reaching a low level of 13400 satoshis in October 2023.
However, the AXS coin has witnessed a significant surge since then, surpassing its weekly resistance trendline in the past period, which had stood as a barrier for over 800 days. The Relative Strength Index (RSI) serves as a momentum indicator, allowing traders to determine whether the market is in a buying or selling peak and whether there is an accumulation or liquidation of the asset.
Consequently, bullish traders gain a competitive advantage if the RSI remains above 50 and the upward trend persists. Conversely, if the RSI falls below 50, traders anticipate a downward movement. Currently, the weekly RSI for Axie Infinity reinforces the breakthrough, as the indicator rose above 50 (depicted by the green arrow) in the same week as the trendline breach.
Following this significant breakthrough, the price of AXS reached a slight resistance level at 24,500 satoshis, then experienced a minor decline. If this level is eventually surpassed, the currency may achieve an additional increase of approximately 145%, reaching the next resistance level at 60,000 satoshis.
In conclusion, the bullish expectations for three digital currencies surpassing Bitcoin in January 2024 may result from technological advancements and increasing investor interest. Investors should carefully monitor market developments and industry news to make informed investment decisions in line with their financial goals and expectations.