Despite Bitcoin’s significant growth in the second half of 2023, some altcoins are showing promising price trends. Let’s analyze whether these three tokens have the potential to surpass BTC in January 2024.
Axie Infinity (AXS) breaks through long-term resistance
The Axie Infinity project token has been struggling below a long-term downward resistance line since October 2021. However, AXS recently broke through this resistance and reached a low of 13,400 satoshi in October 2023.
The price has since risen, and the weekly RSI momentum indicator supports the breakout, indicating a positive trend. If AXS successfully breaks the minor resistance at 24,500 satoshi, it could potentially see a 145% increase and reach the next resistance at 60,000 satoshi.
Source: TradingView
However, it’s important to note that failure to close above the 24,500 satoshi resistance area may lead to a 30% decline towards the descending resistance line at 16,000 satoshi.
Wondering how much you need to invest in Axie Infinity (AXS) to become a millionaire? Keep reading!
BNB surpasses 400-day resistance
Binance Coin (BNB) has been facing a descending resistance line since November 2022. After reaching a low of ₿0.0051 in December, BNB started an upward movement and broke above the resistance trend line. However, it has yet to close above it to confirm a bullish breakout.
Additionally, the RSI index broke through its resistance and moved out of the oversold zone. If the breakout continues, BNB could potentially rise by 25% and reach the next resistance at ₿0.0088.
Source: TradingView
Nevertheless, if BNB closes below the trend line, it may invalidate the bullish breakout and lead to a potential 25% decline to its December low of ₿0.0051.
Arbitrum (ARB) also shows promise
ARB, the token of the Arbitrum project, broke through its descending resistance line last week. This breakout was preceded by a bullish divergence in the weekly RSI, suggesting a more reasonable upward movement.
After the breakout, ARB peaked at 3,350 satoshis and closed above the resistance line. If the rally continues, the token could potentially rise by an additional 15% and reach the next resistance at 3,700 satoshi.
Source: TradingView
However, a close below the trend line may result in a 20% decline to immediate support at 2,600 satoshi.
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