These altcoins have bullish-looking formations and could reach new all-time highs in December.
November began as a bullish month for the cryptocurrency market, but the prices have stalled in the second half of the month. BeInCrypto looks at the top altcoins for December that could hit new all-time highs.
SEI Reaches New All-Time High
The SEI price has increased swiftly since falling to a low of $0.095 on October 19. The upward movement accelerated on November 22, and the price broke out from a pivotal resistance area two days later.
On November 27, the altcoin validated the resistance as support (green icon), bouncing significantly afterward. Today, the price reached a new all-time high of $0.30.
The high was right at the 1.61 external Fib retracement of the previous downward movement.
If SEI breaks out above it, it can increase by another 50% and reach the next resistance at $0.43.
SEI/USDT Daily Chart. Source: TradingView
Despite this bullish SEI price prediction, a rejection from the $0.30 resistance can lead to a 22% decrease to the $0.22 horizontal support area.
Celestia (TIA) Breakout Can Lead to New All-Time High
The TIA price began a massive increase on November 10. In 8 days, the price increased by 200%, leading to a new all-time high of $7.42.
While the altcoin fell slightly afterward, it regained its footing on November 22. Five days later, the price broke out from a descending resistance trend line, indicating that the correction had ended.
With the Relative Strength Index (RSI) as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.
Bulls have an advantage if the RSI reading is above 50 and the trend is upward, but if the reading is below 50, the opposite is true.
The RSI bounced at 50 (green icon) when the price broke out, legitimizing the movement.
If TIA breaks out, it can increase by 40% and reach the next resistance at $8.90. The resistance is created by the 1.61 external retracement of the previous drop and constitutes a new all-time high.
TIA/USDT 12-Hour Chart. Source: TradingView
Despite this bullish TIA price prediction, a rejection from the $6.50 resistance area can lead to a 20% drop to the descending resistance trend line at $5.30.
Kaspa (KAS) Concludes All-Time High Altcoins
The KAS price has increased parabolically since the start of the year. The increase temporarily stopped in April, but the price regained its footing in May, accelerating its rate of increase once more.
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
The most likely count suggests that the KAS price is in wave three of a five-wave upward movement that began in May. The sub-wave count is given in white, indicating that KAS is in a corrective wave four, which has taken the shape of a triangle.
If the count is correct, the altcoin will break out from the triangle and reach a new all-time high near $0.18.
KAS/USDT 3-Day Chart. Source: TradingView
Despite this bullish KAS price prediction, a breakdown from the triangle will invalidate the upward movement and can lead to a 30% drop to the next closest support at $0.09.
For BeInCrypto’s latest crypto market analysis, click here
