The cryptocurrency market went through a correction after a bullish momentum that took it to new yearly highs. Some altcoins have already bounced off from critical support points giving signs of a continuation of the bullish trend.
Basic Attention Token
After hitting a low of $0.10 on Feb. 6, Basic Attention Token has risen almost 400 percent to reach a yearly high of $0.50 on Apr. 21. Now that it has broken below the support trendline and tested the $0.29 support level, it is bouncing back up.
If the $0.35 support level holds, BAT may continue going up and test the resistance around $0.50 and if that level breaks it could go up to $0.67. However, if the $0.35 support level breaks down this cryptocurrency may go back to $0.29 once again.
Dogecoin
Since its inception, Dogecoin ’s price action has been characterized by huge spikes. At the beginning of April, it saw a 100 percent increase in a matter of four days that took it from $0.002 to $0.004. Then, around May 11, it went up 47 percent in six days from $0.0025 to $0.0036.
On the 3-day chart, the 200, 100, and 50 moving averages have been playing an important role in the latest market valuation movements that DOGE has experienced. Currently, this cryptocurrency has been fighting the resistance given by the 100 MA. If it is able to trade above this moving average it could try to test the 200 MA once again. However, if it is not able to break above the 100 MA, it could pull back to the 50 MA, which is sitting around $0.0024.
On the 1-day chart, Dogecoin can be seen trading between $0.0028 support and $0.0036 resistance. A break below support could take DOGE to the $0.0024–$0.0022 accumulation zone, while a break above resistance could take it to test the $0.0046 level.
BitTorrent
BitTorrent went through a steady decline in its market valuation since it was released, but after hitting a low of $0.0006 on May 8 it went up around 120 percent in a matter of thirteen days.
The TD Sequential Indicator was able to call the bottom on the 3-day chart by giving a buy signal with a red nine candlestick that was later validated once a green two started trading above a green one. Now BTT is on a green six out of nine candlesticks, indicating that there is potential for another nine days of upside momentum.
An ascending parallel channel developed on the 4-hour chart since the beginning of May. Now that BTT can be seen trading above the middle line of the parallel channel it could either pull back to the middle line or continue going up to the top of the channel. A break out of the parallel channel could spike up the market valuation of this cryptocurrency.
Ravencoin
Since late March Ravencoin has been consolidating between the $0.044 support and $0.07 resistance level on the 3-day chart. A break above resistance will take RVN to new highs while a break below support could take it down to around $0.026, where the next level of support sits.
The TD Sequential Indicator gave a buy signal on the 1-day chart with an aggressive thirteen on a reversal candlestick, which is a strong bullish signal. RVN is trading on a green two out of nine candlesticks, but a break above the $0.065 trendline could validate the bullish signal and take this cryptocurrency out of the consolidation zone to new highs.
Enjin Coin
There is not enough data to evaluate the long-term view of Enjin Coin .
Based on the 12-hour chart, this cryptocurrency has been trading in an ascending parallel channel since May 12. Now that it is trading around the bottom of the channel three different outcomes could materialize: consolidate around the current price point, move up to the middle line or break below the channel.
A break above the parallel channel could take ENJ to new all-time highs, while a break below could be the beginning of a correction in its market valuation.
On the 4-hour chart, Enjin Coin is trading above the 7 MA, which is a bullish sign. If it remains trading above this moving average it could test the $0.18 resistance level and potentially break it to reach new highs.
To the downside, ENJ will find strong support given by the 30 and 50 moving averages. If it breaks below these two moving averages it could indicate that a further pullback is coming.
Overall Sentiment
It seems like it is just a matter of time before the cryptocurrencies previously analyzed continue increasing their market valuation. At this point in time, the retrace might be over, but it would be wiser to wait for a break of the previous yearly highs before entering bullish positions once again.
The post Altcoin outlook: Basic Attention Token, Dogecoin, BitTorrent, Ravencoin, Enjin technical analysis appeared first on CryptoSlate .