3 Analysts Announce Next Moves Of 3 Rival Altcoins – Kriptokoin.com

Crypto analyst Akash Girimath says Ethereum price is at a critical point. According to analyst Aaryamann Shrivastava, Solana is about to change direction. Analyst Tony M. says Cardano is giving mixed signals, challenging both the bulls and the bears. We have compiled the analyzes of three analysts on three competing altcoin projects for our readers.

“The price of the leading altcoin Ethereum (ETH) is at a critical point”

Ethereum price set equal highs at $1,679 after failing to surpass it. As a result of the buy-stop liquidity hovering above this hurdle, there is a possibility that ETH market makers will push the altcoin higher before triggering a massive selling spree. The bearish outlook will be further enhanced if altcoin price breaks the bull market structure by producing a lower low below $1,515. This move will shift the odds in favor of the bears and initiate a sell-off that will likely drop ETH to two key levels ($1,429 and $1,331).

cryptocoin.comAs you follow, Ethereum price increased by 41% in the first three weeks of 2023. The midpoint of this uptrend is $1,429, which indicates that an average reversal game could open for short sellers. If the selling pressure continues to build, ETH could cross $1,429 and reach the next support level at $1,331. The Relative Strength Index for altcoin price, which gives more confidence in the bearish outlook, developing a bearish bias. This technical formation hints that ETH will likely collapse due to falling momentum but rising prices.

ETH 1-day chart

Despite this pessimistic outlook, bears should be wary of a liquidity run that could trigger equally highs of $1,679. If this move is followed by an increase in selling pressure that has triggered Ethereum price to turn the aforementioned level into a support base, this will not only produce a higher top but also help step aside buyers to step in. Such a move from Ethereum price would invalidate the bearish view and potentially trigger a quick move towards $1,820 and the 2.013 hurdle.

“Solan (SOL) price is changing direction”

On the daily chart, Solana price has been moving sideways for the past few trading sessions after the uptrend has stalled since Jan 20. This sideways move also invalidated the one-month uptrend, causing the price to get stuck around $23.93.

If broader market hints turn bearish and Solana price starts to decline, it will face close support at $22.77 first. This will cause the altcoin’s value to drop further by 26% to the critical support of $17.89. After that, with more red candles, SOL will return to its post-November 2022 slump. The Parabolic Stop and Reverse (SAR) indicator also highlights the possibility of a high slide in price. The presence of the blue dots of the indicator above the candlesticks indicates the same direction.

LEFT 1-day chart

However, if the waiting period ends and the altcoin price starts to rise again on the charts, a recovery of the bull trend may be possible. This will push the price towards the critical resistance of $28.28. A daily candlestick above this level will invalidate the bearish thesis, putting the SOL on its way to $32.06 and above.

“Cardano (ADA) price presents a challenge”

ADA price continues to exhibit bullish techniques with a new monthly high of $0.389 on January 26. The 4% daily increase brings Cardano’s total uptrend since the start of the new year to 60%. Cardano price is currently up for auction at $0.380. The recent increase has provided a hurdle above the 8-day exponential moving average. Still, bulls looking to join the trend should be cautious as ADA price is facing resistance at $0.39, the broken support zone in November.

With such a small difference between key levels, traders may also want to adopt a basis on a trade basis to avoid a larger rebound to lower support zones. The psychological $0.40 level will likely have an impact on ADA price as well. The bullish scenario creates a potential 6% rise from Cardano’s current market cap. The Relative Strength Index, an indicator used to measure the influence of market participants by comparing previous rallies, is giving mixed signals.

ADA 1-day chart

For example, the bullish narrative on the RSI shows that Cardano is in a healthy uptrend as it broke past the overbought zone above 80 and produced higher highs above the previous resistance zone. However, the bearish trend diverges between each rising pivot point at $0.340, $0.375 and the new high at $0.389. A bearish divergence usually means that a bullish trend is due to correction. If that’s the case, the altcoin price could slide as low as $0.28 towards the ascending trend channel that helped the early stages of the 60% rally. Downside risk is 22% below ADA’s current market value.

With these factors in mind, risk management should be implemented with a sharp focus on details. A second attempt at the 8-day exponential moving average at $0.367 could be the first stages of the expected decline.

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