The transition from November to December has been bullish for the crypto market. Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, have both seen substantial inflows and double-digit gains in the last fortnight, propelling them to multi-month highs. This resurgence in value can be largely attributed to the anticipated approval of Bitcoin spot ETFs and the applications submitted by major asset management firms for Ethereum spot ETFs.
In the wake of this momentum, numerous altcoins have begun to mirror the recovery trend. However, a handful of these alternatives have not only followed suit but have also surpassed the performance of the market leaders. This article delves into an analysis of select altcoins that possess the potential to catalyze a more accelerated rally in December 2023.
Also Read: Bitcoin ETF: Grayscale CEO is Optimistic on Securing Approval
Terra Classic(LUNC)
The Terra Classic coin price has been one of the highest performers in the last two weeks with a price jump from a $0.000069 low to a recent high of $0.00028, registering a growth of 308%.
However, the coin price has recently retraced from its high to plunge to the current trading price of $0.000222. Such a retracement is common after a rapid growth meant to recuperate the bullish momentum.
If the correction found suitable support at the 38.2% Fibonacci retracement level at $0.00194 or 50% FIB at $0.0001685, the LUNC price could resume its bullish recovery aiming for the next high of $0.0003073
Stacks(STX)
The stacks price started picking up momentum from the 4th week of November when the coin price rebounded from the $0.58 support. The resulting bullish rally surged 102% to reach the current trading price of 1.16.
Amid this rally, the coin price has recently given a bullish breakout from the downsloping resistance of a long-coming symmetrical triangle pattern. This breakout indicates the buyers escaping from a 20-month consolidation phase and accelerating the buying momentum.
If the coin price shows sustainability above the breached level, the post-breakout rally could surge the prices by 37.85% to reach the first target at $1.56, followed by $2.25.
Conflux(CFX)
Amid the last 4-month sideways trend, the Conflux coin developed into an inverted head and shoulder pattern in the daily chart. This bullish reversal pattern is commonly spotted at the market bottom and indicates an early sign of trend reversal.
Bolstered by the current recovery sentiment in the market, the CFX price gave a massive breakout from the neckline resistance of this pattern on December 4. By the press time, the prices traded at $0.21 and are trying to sustain above breach resistance.
Under the influence of the chart pattern, a recovery trend is likely to increase another 30% to hit a target of $0.28. With this rally, buyers will surpass with a few swing high resistances changing Dow theory formation to an uptrend.
This news is republished from another source.
