An analyst explains what’s next for Ethereum, Polygon and an altcoin. Another analyst talks about upcoming rallies for Chainlink (LINK) and an Ethereum rival. Finally, according to another analyst, it is possible for Cardano (ADA) to face a price drop.
Ethereum, Polygon and BAND predictions
Crypto analyst nicknamed Rekt Capital says that Ethereum is likely ready for long rallies as long as it stays above support at $1,448. In this context, the analyst makes the following statement:
The ETH retest has been successful so far after a perfect drop and rebound from the black trendline. As long as ETH continues to hold these highs, it is possible for it to confirm a breakout. It will likely challenge the $1,700 – $1,880 (orange) levels later on.
The analyst then looks at Polygon (MATIC). Rekt expects MATIC to witness a short correction period after bursting more than 50% last week. For this altcoin, he says:
MATIC is up +54% since the breakout, with black at $1.32. A weekly close above the blue could set MATIC for a short-term drop to the blue for a retest attempt. If the retest there is successful, MATIC will review the black peaks once again.
However, according to the analyst’s chart, Rekt predicts a drop towards the $1.07 level before continuing the next leg for MATIC to around $1.32.
Another altcoin on the analyst’s radar is Band Protocol (BAND). According to Rekt, if the altcoin fails to turn the $2.70 resistance to support, it is possible that BAND’s meteoric rally of around 232% last week will be rejected. In this context, the analyst makes the following assessment:
If the BAND stays below the combined resistance (red box and black bottom low) the chances of the uptrend continuing diminish. It needs to get this area back to the support to go higher. Otherwise, a drop to the next $1.80 is possible.
BTC, LINK and leading altcoin competitor AVAX predictions
The analyst, nicknamed Kaleo, says that Bitcoin is about to explode and is targeting the $22,700 area. In this context, the analyst makes the following statement:
Some buildup on top of support after detonation. It should see another leg up to $22,700 soon. There will likely be some cuts of around $22,000 along the way.
Kaleo monitors the decentralized oracle network Chainlink (LINK) for potential earnings. According to the analyst, anything under $10 per token is a great bargain. He expresses his views as follows:
The accumulation base for the LINK chart is very clean. Even though I would attribute the breakout of the high timeframe resistance to BTC moving more than anything else, I still wouldn’t lose it. Such moves are typically precursors to outpacing the BTC pair. Under $10 LINK feels guilty.
The popular analyst also says that Chainlink’s Bitcoin pair (LINK/BTC) is consolidating above a critical resistance. He notes that LINK is implying that it will outperform Bitcoin significantly. For this, he uses the following expressions:
LINK/BTC continues to grind slowly, accumulating higher above higher timeframe resistance. Probably nothing.
Kaleo is also looking at a standout Ethereum challenger. The analyst says that Avalanche (AVAX) is preparing for major rallies near the $60 level, about 223% off current prices.
Kaleo notes that AVAX has just broken the diagonal resistance line shown in the chart above. It also says that it is now moving towards its price target and first stopped around $30.
Latest altcoin Cardano (ADA)
cryptocoin.comAs you follow, the overall crypto market cap drop was largely driven by the daily price drops of the top 10 cryptos. One of these cryptos is Cardano (ADA). Although the altcoin is in the red throughout the day, ADA is still up about 2.6% over the past week. The analyst points out the following technical levels for ADA.
Adding to ADA’s woes on the day, it weakened by around 1.89% and 1.55%, respectively, against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH). This fact is important. ADA’s 24-hour trading volume is currently down more than 18% at $499,550,204. This percentage isn’t much better off.
The daily chart for ADA is still slightly bullish as the MACD line is positioned above the MACD signal line. Also, 9 EMA lines are positioned above 20 EMA lines. However, if the 9 and 20 EMA lines and the MACD histogram gradient are any indication, it’s possible that this bullish sentiment is coming to an end. The gradient of the MACD histogram turned negative 3 days ago after ADA identified a local peak. Since then, the gradients of the MACD histogram and the 9 EMA lines have decreased. This inevitably caused the price of ADA to drop as well. As a result, the price of ADA is now located on 9 EMA lines. If the selling pressure continues for ADA, the price is likely to drop to the nearest support at $0.3837.
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