Analyst Announces 4 Altcoin Projects That Conceive Big Moves!

Crypto analyst Rakesh Upadhyay said that if Bitcoin (BTC) holds the $49,000 level, altcoin projects Ethereum (ETH), Polygon (MATIC), Algorand (ALGO) and Elrond (EGLD) are expected to be in Bitcoin’s expected “consolidation phase”. He says it could go even higher. The analyst examines the charts of the top 5 cryptocurrencies that could push the markets higher to see if Bitcoin will bottom out in the next few days. we too cryptocoin.com We have compiled Rakesh Upadhyay’s analysis for our readers.

The leading altcoin outperformed Bitcoin in the last drop

The analyst states that Bitcoin (BTC) and most altcoins were sold on December 4, with the massive loss of leverage seen in crypto derivatives markets, and data shows more than $2.5 billion in crypto liquidations in a 24-hour period.

According to the analyst, during the last drop, the leading altcoin Ethereum (ETH) continued to outperform Bitcoin. While Bitcoin’s market dominance fell below 41%, Ethereum continued to gain ground and market dominance climbed above 21%.

Some analysts believe that Bitcoin’s recent drop could lead to a long consolidation phase. Decentrader co-founder FilbFilb expects Bitcoin to consolidate well in the first quarter of next year. Lex Moskovski, CIO of Moskovski Capital, also expects a “slow recovery”.

Below we give Rakesh Upadhyay’s analysis of Bitcoin and 4 altcoin projects pregnant with big movements.

Bitcoin (BTC)

Bitcoin had strong support at the 100-day simple moving average ($54,496) at the end of September, making it an important support for the bulls to defend.

However, the bears had other plans. They pulled the price below the 100-day SMA on Dec. 3, which may have triggered several stop losses. This resulted in panic selling and BTC dropped to $42,000 on Dec. The bulls bought this drop with vigor as seen by the long tail on the day’s candlestick.

The falling 20-day exponential moving average ($56,219) and the relative strength index (RSI) near the oversold zone suggest that the bears have the upper hand. If BTC continues to decline from current levels, the next stop could be strong support at $40,000.

Conversely, if the price rebounds from the current level, the pair could rise to the 100-day SMA, which could pose a strong hurdle. A break and close above this level will be the first sign that a stronger recovery is possible.

Leading altcoin Ethereum (ETH)

Etherum (ETH) has been range-bound between $4,868 and $3,900 for the past few days. Although the bears pushed the price below the range on Dec. 4, they were unable to sustain lower levels. The bulls bought this dip aggressively, as seen by the long tail on the day’s candlestick.

If the bulls hold the price above $3,900, ETH could rise to the 20-day EMA ($4,326). A break and close above this level could open the way for a possible rally to the all-time high of $4,868. The bulls will have to break through this hurdle to signal the resumption of the uptrend.

Contrary to this assumption, if the price breaks down from the current level, the bears will make another attempt to hold and sustain the pair below $3,900. If successful, the altcoin could drop to strong support at $3,400.

Polygon (MATIC)

Polygon (MATIC) has been trading inside an ascending channel pattern for the past few days. The bulls pushed the price above the resistance line of the channel on Dec. 3 but failed to sustain higher. This may have resulted in snow reservation on Dec.

MATIC dropped to the 100-day SMA ($1.54), but buyers stepped in and bought the drop. However, the long wick on today’s candlestick indicates that the bears are selling near the resistance line.

The 20-day EMA ($1.85) is rising and the RSI is in the positive zone, giving buyers an edge. If the current recovery continues, the bulls will try to push the price back above the resistance line. Alternatively, a break and close below the 50-day SMA ($1.76) could push the price towards the 100-day SMA.

Algorand (ALGO)

Algorand (ALGO) fell below the critical support at $1.50 on Dec. 4, but the bulls took the decline aggressively as seen from the long tail on the candlestick. The bulls will now try to push the price above the moving averages.

If they do, the altcoin could rally to the resistance line. This is an important level for the bears to defend because a break above it could invalidate the descending triangle pattern. ALGO could rally to $2.36 later and $2.55 later.

Contrary to this assumption, a drop in the price from the moving averages will indicate that the bears are selling in the rallies. The altcoin could retest support at $1.50 later. A break and close below this level will complete the bearish setup. ALGO could drop to $0.80 later.

Elrond (EGLD)

The sharp rise in Elrond (EGLD) from $287 on November 17 to an all-time high of $544.25 on November 31 pushed the RSI into the overbought territory. Vertical rallies are often followed by waterfalls, and that’s what happened recently.

EGLD bounced back from its all-time high and fell to $224.62 on Dec. 4, completing a 100% correction of the last leg of the rally. A minor positive is that the bulls are buying lows on December 4, as seen by the long tail on the day’s candlestick.

Buyers are currently trying to defend the bullish line and push the price above the 50-day SMA ($324). If they manage to do so, EGLD could rise to the 20-day EMA ($364), where the bears could form stiff resistance again. If the bulls break this hurdle, the altcoin could rise to $425. Conversely, if the price breaks below the 100-day SMA ($271) and closes, EGLD could extend its decline to $200.

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