Tron (TRX) is set to break solidly below September lows, according to crypto analyst Filip L. The analyst also says that ApeCoin (APE) is at risk of falling into a bull trap. According to analyst Aaryamann Shrivastava, the falling market cap of Ethereum Classic (ETC) will likely result in steeper dips with increased volatility. We have compiled the analyzes of analysts for three altcoins for our readers.
“TRX price will drop 10%”
The altcoin is moving within the confines of the bearish triangle that was defined at the beginning of August and saw tests on September 11 and 12. Since then, the price action has been trending downwards to the September low of $0.0599. The bulls bought the dip on Monday. Also, after falling lower, the price action has increased above this level again. However, support is broken and bulls need to turn red to exit TRX tanks before 10%.
TRX will confirm the fear if it closes below $0.0599 tonight. Once that happens, a move lower is possible as the altcoin price drops to $0.0540 with monthly S1 crossing from $0.0587 fairly quickly. The old descending trendline in grey, with the March 2021 low supporting the price action, is doubtful and possible reversal as it could trigger a bounce.
A counter move to the upside is still on the cards, although very unlikely. cryptocoin.comAs you follow, there are interest rate decisions of four major central banks this week. Therefore, several shocks are possible in the market. TRX is set to pierce the descending side of the bearish triangle and extend to $0.066 where the monthly pivot and 55-day Simple Moving Average are located. So, every meeting is likely to be a catalyst pushing price action upwards.
“ApeCoin loosened the screws”
ApeCoin sees the bulls still popping champagne behind Monday’s rally. It also gained more than 15% on the closing bell. However, this morning’s party and hangover, price action is down over 2%. It is likely to start biting as it is currently drilling above key limits that were broken in reverse on Monday. If these limits are broken and it does not provide the expected support, it is possible that the price action will be completely melted down to $5.01.
Therefore, the altcoin is flipping a coin either as a bull trap or as the 55-Day Simple Moving Average (SMA) and monthly pivot turn into bullish elements that could provide the needed support to push the price action up. A bull trap is possible instead. Price action is back at $5.01 from Monday and the next downside test is at $4.27. This represents a 25% drop from where ApeCoin is now.
A bullish scenario will see the double cap turn into double support. It is also vital to see that price action remains above these two elements. Or at least there should be a one-day close above. The next step is to break Monday’s high. Next, it will be to see a rally towards $7.0 by the end of this week.
Is this altcoin going back to the roots?
Traded at $29.67 at the time of writing, ETC lost approximately 24.74% between September 15 and September 19. This caused the altcoin to lose the critical support of the 50-day (red) Simple Moving Average (SMA). However, it currently holds the critical 100-day (blue) and 200-day (green) SMAs as support.
Both of these levels have historically been early trendsetters. Also, if the July-August recovery is not fake, ETC expects a rise above $30. But the selling pressure needs to go down.
ETC is currently not seeing any buying pressure, as can be seen from the drop on the Relative Strength Index (RSI). However, the same is necessary for the fall in prices to be invalidated. A trend reversal resulting from this buying pressure would also recapture the declining market value of ETC.
“Concerns rise for altcoin”
ETC’s market cap has been in trouble since April. However, after reaching its lowest point in July, the trend reversed. Subsequently, it rose significantly. After changing over the next two months, its market value has dropped this week.
This brought the market value to realized value (MVRV) ratio below 1.0. This shows that the current value of ETC is below the fair value level. He also points out that the losses in the market further underlined.
If ETC’s volatility continues to increase over the next few days, it is possible that these conditions will continue. The greater the probability of price fluctuations, the more the dominant trend (in ETC’s case) will hurt investors’ portfolios.
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