When/if Bitcoin ($BTC) makes its next upside move, some of the more fundamentally sound altcoins have the potential to outperform. Binance Coin ($BNB), Fantom ($FTM) and THORChain ($RUNE) are among them. Is now a good time to buy?
Bullish price action for $BNB
Source: TradingView
The $BNB price action is looking quite bullish thus far. A series of higher highs and higher lows has taken the price from $472 to the current $572. The price has just bounced from the 0.382 Fibonacci, and with the triangle it is within running out of room, a breakout could be imminent.
$BNB breakout imminent
Source: TradingView
Viewing the $BNB (BNB/USD) price on the daily time frame, the extent of the descending trend line can be seen. Notwithstanding the recent fake-out of the $BNB price, which failed to hold above the trend line, the next attempt could be key. If successful, the price will need to make a new higher high beyond $618 in order to reverse the trend.
$FTM up 157%
Source: TradingView
$FTM (FTM/USD) has made some great gains since a bottom in early August this year. The price is currently up 157% since that bottom. Now holding above the 0.382 Fibonacci, the price could be heading for its next target of $0.85, at the 0.618 Fibonacci. Further targets overhead are at $1.02, and the last local high at $1.22. A good buy area could be if/as the price comes back to $0.65, down to $0.63.
$RUNE at crucial support/resistance
Source: TradingView
$RUNE (RUNE/USD) is up 92% from its bottom. The price looks to be trying to consolidate above $4.95, and turn this important horizontal level into support. A bounce from here, and a higher high, could see the $RUNE price head to the next major resistance at $7.30.
Buys around the current price, or on the way back down to $4.23 at the 0.618 fibonacci, should the price fall, could potentially work out well.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
