There has been stagnation in the world of Bitcoin and altcoins lately. On the other hand, there are expectations for some cryptocurrencies in the future. We will feature four altcoins that scream buy.
Altcoin Chainlink
Altcoin Chainlink broke above the downtrend line on Sep 22. Accordingly, it indicates a potential trend change in the near term.
The moving averages have completed a bullish crossover for the altcoin. Additionally, the RSI is in the positive zone. On the other hand, this shows that buyers have the upper hand. In any correction, the bulls are likely to buy dips up to the 20-day EMA ($6.55). A strong rebound from this level would signal a shift in sentiment from selling on rallies to buying on dips.
The bulls will then try to extend the up move to $8 and eventually $8.50. If the bears want to prevent an upward move, the altcoin will have to drop and sustain the LINK/USDT pair below the 20-day EMA.
Both moving averages are upward sloping on the 4-hour chart. Also, RSI is in positive territory. Bulls are buying dips up to the 20-EMA. This indicates a positive emotion. If the altcoin LINK price recovers from the 20-EMA, $7.60 will be the upside target to watch. Contrary to this assumption, if Chainlink’s price continues to decline and slides below the 20-EMA, it will signal profit taking by the bulls. LINK will then retest the breakout level from the downtrend line. The bears will need to sink the price below $6.60 to regain control.
Altcoin Maker
Altcoin MKR turned down from overhead resistance at $1,370 on September 21. The 20-day EMA ($1,226) is the support to watch on the downside. If the price recovers from this level, it will indicate that lower levels continue to attract buyers. The bulls will then make another attempt to push the MKR price above the overhead resistance. If they can achieve this, the MKR/USDT pair will accelerate towards $1,759. Conversely, if the bears sink the price below the 20-day EMA, it will indicate that the bullish momentum is weakening. This will keep the pair between $980 and $1,370 for a few days.
The moving averages on the four-hour chart have flattened. Additionally, the RSI is just below the midpoint. Accordingly, this shows that there is a balance between supply and demand. If buyers push the price above $1,306, altcoin MKR price will rocket towards $1,370. Instead, if the price declines and breaks below $1.264, it would indicate increasing selling pressure. This will pave the way for a decline towards $1,225. Falling below this support will turn the short-term advantage in favor of the bears.
Arbitrum is in a downtrend
Altcoin Arbitrum (ARB) is in a downtrend. The bears are selling on rises to the 20-day EMA ($0.85). However, it is a positive sign that the bulls have not given up much ground. This shows that the bulls are trying to protect their positions because they are expecting a move higher.
The RSI has risen above 40, indicating that momentum is gradually turning positive. If buyers push the price above the 20-day EMA, it will indicate the beginning of a sustained recovery. The altcoin ARB/USDT pair will first rise to the 50-day SMA ($0.95) and then to $1.04. On the downside, support lies at $0.80 and then $0.78. Sellers will need to push the ARB price below this zone to make room for a retest of support around $0.74. A break below this level will indicate a resumption of the downtrend.
The 4-hour chart shows the bears selling rallies towards the bearish phase line. The bears pulled the price below the moving averages. However, ARB failed to sink the price below the immediate support at $0.81. This indicates that the bulls are trying to form a higher low. Buyers will again try to push the price above the downtrend line. If they are successful, the altcoin Arbitrum price is likely to initiate a strong recovery towards the $1 psychological level. Conversely, a break below $0.81 will pull the ARB price to $0.78 and then to $0.74.
Theta Network
Altcoin THETA broke above the 20-day EMA ($0.61) on September 23, indicating that the bulls are absorbing supply and attempting a comeback.
The bears pulled the price below the 50-day SMA ($0.64). However, the bulls are expected to defend the 20-day EMA. If altcoin THETA price rises from the current level and rises above the 50-day SMA, it will increase the chances of a retest of $0.70. This is an important level to consider. Because if scaled, the altcoin THETA/USDT exchange rate will reach $0.76. This positive view will be invalidated in the near term if the price declines and breaks below the 20-day EMA. Accordingly, this will open the door for a potential retest of $0.57.
The 4-hour chart shows that the bears are maintaining the overhead resistance at $0.65. If buyers want to continue the bullish momentum, they will need to push the price of altcoin THETA above $0.65. If they do so, the pair is likely to start a fresh upward move towards $0.70. The 20-day EMA is an important support to watch on the downside. When we look at Kriptokoin.com, if the bears drop the price below this support, it will show that the bulls have closed their positions. The pair will then decline towards the $0.58 support.
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