Litecoin (LTC) is one of the top altcoins to watch in December. Although there are no positive developments, Litecoin price has broken above a long-term pattern and regained the critical horizontal resistance zone.
Theta Network (THETA), Chainlink (LINK) and ApeCoin (APE) have all produced bullish divergences while EOS (EOS) has bounced back from yearly lows.
Theta Network (THETA)
- Price: $0.90
- Market capitalization: $912,671 million
- Rank: #45
THETA price has been falling inside a descending parallel channel since August 8. Although such channels are expected to lead to breakouts, the price movement inside the channel is bearish.
THETA price broke below the $1.05 zone on Nov. 8 and has yet to regain it.
Despite this bearish movement, the daily RSI has created a bullish divergence (green line) and is moving upwards. However, it is still below 50.
Therefore, the price prediction is unclear. A breakout above the $1.05 resistance area and the resistance line of the channel will indicate the uptrend. In that case, the price could initiate a long-term upward movement.
Conversely, a rejection from the midline of the channel or the $1.05 resistance area will indicate that the trend is bearish. After that, THETA will likely initiate a downward movement toward the support line of the channel.
Theta v4.0.0 was successfully activated through a hardfork on November 2nd. The upgrade improves the smart contract by increasing the code size to maximum. This is the final upgrade that is considered a prerequisite for the Metachain launch on December 1. The launch of Metachain will allow developers to quickly produce and launch a subchain, after which plug it into the main chain. Since the subchains execute transactions independently, this will greatly facilitate scaling.
ApeCoin (APE)
- Price: $3.86
- Market capitalization: $1.406 billion
- Rank: #30
The APE price has been falling below the descending resistance line since Aug. 3. The downward movement led to a low of $2.61 on Nov. 14.
After that, the daily RSI created a bullish divergence, before the momentum accelerated over the past 24 hours. The price is likely to face a stiff resistance at $4, which is created by both the horizontal resistance area and the descending resistance line. Therefore, whether the APE price breaks out or not will likely determine the direction of the future trend.
A successful breakout can take the APE to $5.22 – $5.83, while a rejection can trigger a downward movement toward new lows.
Positive news will come in December, when ApeCoin launches its staking program on December 7 after a period of delay. It is unclear whether this will catalyze a breakout.
Litecoin (LTC)
- Price: $72.21
- Market capitalization: $5,182 billion
- Rank: #13
Litecoin price has been trading inside an ascending parallel channel since June. After a long period of consolidation, LTC broke out on November 23 and reached as high as $83.66.
It then created a bearish divergence (green line) and fell again. Even so, LTC price bounced off the confluence of the channel’s horizontal support and resistance line (green icon).
Therefore, whether it bounces or breaks below this zone will determine the direction of the future trend. In the first case, the next resistance will be at $100. In the latter case, the price could make a new yearly low.
Chainlink (LINK)
- Price: $6.83
- Market capitalization: $3.46 billion
- Rank: #21
Although Chainlink price is trading close to yearly lows, it has a more promising setup compared to other altcoins. On November 20, Chainlink deviated below the $6 support area (green circle) before regaining it shortly after.
Such revocations are often followed by significant movements in the other direction, as is the case with Chainlink.
Therefore, Chainlink price is set to explode in December if it fails to close below the $6 horizontal support area.
EOS
- Price: $0.90
- Market capitalization: $968 million
- Rank: #42
EOS price broke below the ascending support line on October 7 and confirmed it as resistance on November 5 (red icon). It fell sharply after that, reaching a new yearly low of $0.79 on November 9.
The price bounced up afterward, confirming the $0.87 zone as support.
If the bounce continues, the next resistance will be $1, created by the descending resistance line. On the downside, a breakdown below the $0.87 zone will lead to a new yearly low.
There will be several new releases in December, such as EOS network Ventures, EOS Developer Hub, and Antelope IBC. These can have a positive impact on EOS price.
(Reference: Beincrypto)
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision.
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