According to crypto analyst Kelvin Munene, the ‘golden cross’ for SHIB is a harbinger of recovery. Analyst Deavid, on the other hand, says that the price of an altcoin is ready to rise. Another analyst, Tobith Tom, sees potential in the popular metaverse coin SAND. A popular analyst also explains the next moves of LTC, MATIC and ARB.
‘Golden Cross’ for SHIB heralds recovery
Bears have dominated the Shiba Inu market in the last 24 hours. Thus, SHIB lowered its price as low as $0.000008702. The bullish efforts were stopped by stiff opposition at the intraday high of $0.00000889. The SHIB bears remain in control until press time. Thus, SHIB fell 0.22% from the previous close to $0.000008727. SHIB’s market cap fell 0.20% to $5,179,472,629, while 24-hour trading volume was up 2.78% to $86,293,855. This increased trading volume during the decline shows that investors continue to actively buy and sell SHIB, taking advantage of the price drop.
The stochastic RSI rating of 82.99 and the move below the signal line indicate that the current negative trend in the SHIB market is gaining momentum. This move signals a possible price drop as traders are likely to sell their holdings in anticipation of additional losses. However, a positive return is still possible as the stochastic RSI indicator is above 50.
The market may see some buying pressure with the histogram producing the MACD line and green bars in a positive area with a value of 0.00000006. This move shows that traders have bought the dip and are hoping to push the price up. As a result, a bearish trend prevails in the SHIB market. However, increased trading volume and positive indicators point to a potential trend reversal.
This altcoin is ready to go higher!
cryptocoin.comAs you follow, VeChain has been trading inside a descending parallel channel since May 2022. This is a bullish pattern that leads to breakouts in most cases. Apart from the divergence (red ellipse) above the pattern in February 2023, the price tested both the resistance and support lines of the channel multiple times. It is currently bouncing off the middle line of the channel ($0.185). It also formed a morning star formation (blue arrow). This is also a bullish pattern that usually signals an uptrend reversal. Therefore, it is possible for the altcoin price to rally towards the resistance line of the channel at $0.246 in the coming days. A breakout will take the price to the next horizontal resistance level at $0.330.
Technical indicators suggest that the VET price will rise even higher in the coming days. The first target is $0.225, followed by $0.246 and $0.330. This perspective will be invalidated if the price drops below the middle line of the long-term channel at $0.185.
What’s on the horizon for SAND price?
Bollinger Bands is a technical analysis tool used to analyze price action and volatility. Bollinger Bands (BB) use the time period and stand divergence of the price.
Looking at the candlesticks, the SAND is currently located at the upper band of the indicator, which is considered an uptrend. Previously, the Bollinger Bands experienced a highly volatile mood. It also caused a trend reversal. One of the common patterns observed during a high volatility market is the upward climb of the Bollinger Bandwidth. Currently, Bollinger Bandwidth is pointing upwards. This indicates that the bands will likely continue to widen over time.
The Moving Average Convergence Divergence (MACD) indicator is used to identify potential price trends, momentums and reversals in the markets. The MACD will make a moving average cross easy to read. MACD plays an important role as it can confirm trends and identify potential reversals.
Looking at the charts, the fact that the MACD line is above the signal line indicates that the SAND is experiencing an uptrend in a short-term period. Moreover, the green bars continue to grow. This confirms that SAND will continue to rise in the short term. Finally, the gap between the MACD line and the signal line continues to widen. This is considered a bullish confirmation by most traders. The bullish crossover also confirms that the bull run will continue to move upwards.
Analyst predicts next moves in three altcoin prices
Popular analyst Michael van de Poppe says Litecoin (LTC) could climb above the $93 resistance. He also states that he will likely start a pre-halving rally in the new week. The analyst notes that LTC has found support at $82. Therefore, he states that he only needs one leap to enter the new stage.
Van de Poppe explains his analysis of LTC with a daily chart. He says that many fluctuations in the price chart can affect short-term LTC price behavior. However, according to the famous crypto analyst, the trend looks deeper on the higher time frame. Also, support at $82 is more prominent on the weekly chart.
The analyst states that price activity on MATIC is another important event that crypto traders should watch. According to him, Polygon’s recent NFT announcement during the GP Monaco F1 caused a spike in MATIC price. The analyst indicates that MATIC is already testing the $0.95 resistance. He believes that with a break above this level, MATIC will accelerate towards the $1.30 to $1.50 region. On the contrary, the analyst says that failing to cross the $0.95 resistance will cause MATIC to drop further. He also states that it will create an entry opportunity for long trades lower than $0.75.
Van de Poppe also analyzes the price behavior of Arbitrum (ARB). He states that the altcoin price is hovering around a resistance. He states that the current price of ARB provides an opportunity to enter a long at $1.10. However, if ARB does not break through the $1.18 resistance, the analyst predicts that the price of ARB will decline. A confirmed break above $1.18 could allow ARB to rally towards $1.30.
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