Altcoins are once again in the spotlight as a new sentiment flows through the cryptocurrency markets. While Bitcoin has not yet fully stabilized, altcoins are approaching their own ATH levels. These formations indicate growing investor confidence and the potential for explosive upward movements in the future.
BeInCrypto has analyzed three such altcoins that are near their all-time highs and may have the potential to reach them.
Rain (RAIN)
RAIN is moving in an expanding rising triangular pattern, indicating a bull market. The price continues to form higher peaks and troughs while maintaining support and resistance on the trend line. Currently, RAIN is consolidating below the upper resistance of the channel near its all-time high of $0.01009.
The sentiment remains favorable as the Money Flow Index is still above the neutral level of 50, indicating neutral or slightly bullish conditions without overheating. Recent dips appear to be corrections rather than downturns.
If the price stays above $0.00930, it will likely test the level of $0.01009 again. A daily close above this support could open the opportunity for RAIN to target the ATH level of $0.0105, which is 11.8% away from the current value. This also gives the altcoin the chance to test targets at levels of $0.01150–$0.01200. If $0.00930 fails to hold, the price could drop to $0.00840, which would invalidate the uptrend pattern.
Canton (CC)
One of the altcoins approaching its all-time high price is CC, which shows signs of recovery after a correction phase. The price is now moving close to the level of 0.1493. The structure shows higher lows starting from the bottom of 0.1139, indicating a trend stabilization. The price remains above the important horizontal support at 0.1331, which maintains the short-term uptrend.
The sentiment strengthens as buying pressure returns after the recent dip at the level of 0.1646. CMF has recovered towards the neutral level, indicating capital flow back in. 0.1483 acts as an immediate support level, and if closes remain above 0.1493, it increases the likelihood of continuing the rise to previous highs.
Price development favors an uptrend as long as CANTO stays above 0.1331. A daily close above 0.1646 will likely trigger a price rally towards the ATH level of 0.1778, which is 19% away. If 0.1331 does not hold as support, the bullish pattern is invalidated and the price could drop to $0.1259 or $0.1139.
Kite (KITE)
KITE is in a short-term uptrend following a strong impulse rally from the level of 0.0897, and respects the rising support line. The price is currently consolidating around the important resistance level of 0.1161, indicating a healthy pause after the rise. The overall market structure remains bullish above the level of 0.0996.
Immediate support is clearly defined at 0.0996, and the deeper invalidation level is 0.0897. The upward target of 0.1161 acts as the trigger level. A daily close above 0.1161 opens the way directly to the all-time high of 0.1333, which KITE has 15.8% to reach.
A clear upward surge above 0.1333 could continue up to 0.1510. KITE's correlation with Bitcoin is currently -0.62. This indicates that the altcoin does not follow BTC's development, supporting KITE's recovery. However, if KITE does not hold above the level of $0.1161, the price could drop to $0.0996 and potentially continue the correction down to $0.0897, completely invalidating the bullish argument.
