Celestia (TIA), Polkadot (DOT) and Shiba Inu (SHIB) are three altcoins that are giving bullish signals and could strengthen significantly in February and beyond.
Celestia pulled back from all-time high
TIA price has been rising since January 23 when it bounced off the $15 horizontal support zone (green icon). As a result, on February 10, the price reached a new historical high of $21.15.
Since then, the price of TIA has dropped slightly. However, it is trading inside the horizontal area of $19.30 (the area of the previous all-time high). Osmosis noted that TIA staking has been very profitable this year, as liquidity providers generated more than $100 thousand over the past week. in the form of commissions.
The daily relative strength index (RSI) is showing a positive signal. It is rising and is above the neutral level of 50, which is a sign of a bullish trend.
If the altcoin resumes its rise, it could strengthen by another 27% and reach the next resistance at $24.40.
Source: TradingView
Despite the bullish outlook, a TIA close below $19.30 could trigger a 22% drop to the nearest support zone at $15.
Polkadot (DOT) broke above resistance
The DOT price has been declining below the descending resistance line since December 25, 2023. This drop brought the token to a low of $5.98 on January 23, 2024.
After this, the price increased, bouncing off the 0.618 Fibonacci retracement level. The rebound also led to a recovery above the $6.60 horizontal area and a breakout of the descending resistance line. Today the price reached a high of $7.65.
The daily RSI confirms the bullish breakout of the DOT price, as against its background this indicator also rose above 50. Trader FLASH believes that the new momentum will soon help the DOT price rise above $10:
DOT/USDT daily chart. Source: X
However, strong resistance stands out at $8.20 (0.618 Fib level and horizontal resistance area). A break of this would bring into play the next resistance at $9.20, which is 22% higher than the current price.
Source: TradingView
Meanwhile, DOT's bounce from $8.20 could trigger a 13% drop back to the $6.60 support area.
Shiba Inu: NFT launch could give price a boost
The price of the popular memecoin SHIB is declining after it bounced off the resistance line of the ascending parallel channel on December 17, 2023 (red icon). The decline brought the token to its low on January 3, 2024 at $0.0000082.
During the decline, there was a breakdown of the critical horizontal support area at $0.0000093. However, after briefly consolidating below it, SHIB regained this area by rising above it last week. Thus, the previous decrease can only be considered a deviation.
The RSI also confirms the upward movement as it rose above the 50 mark while the price moved above the horizontal support area.
If SHIB continues to rise, it could reach the channel resistance trendline at $0.0000125, which is 32% higher than the current price.
In macro news, we can also mention that the developers of SHIB, on the eve of Valentine’s Day, announced the release of the Sheboshis NFT collection on a women’s theme. This could potentially generate additional interest in the project.
Source: TradingView
Despite the bullish outlook, a close of SHIB below $0.0000093 will invalidate the bounce and could lead to a 20% fall towards the channel support line at $0.0000080.
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