Bitcoin price continues to consolidate as the altcoin market tries to recoup losses. In this article, let’s take a look at what analysts expect from 6 altcoins that are making hard moves like XRP and ADA.
In the current bear market, which altcoin projects will make the move for the top 10?
Helium (HNT)
HNT found strong support at $3.2 after falling heavily in August. The price has since started to inflate. It has reached levels close to $6 so far. However, the bulls did not find the opportunity to break above this level. Since the start of the week, the price regained bullish momentum and climbed above $5.4.
However, the price is facing significant rejection. It has lost more than 17% since yesterday. Therefore, it is expected that prices will recover at any time from now on. With a turnaround, HNT price will head above $5.4 before the days close. An upside close for the day will ignite a significant rally in the coming days, according to analyst Qadir AK.
Convex Finance (CVX)
Convex Finance has been trading in a wide range since the market crash in May 2022 due to LUNC-USTC. Currently, prices are hovering at critical resistance levels for several days, which acts as a strong support level just before the latest market. Despite the price climbing above $5.6, the bears quickly fell below $5 before long.
Altcoin price continues to trade within a symmetrical triangle despite price changes. It sees rejection from resistance in the early trading hours. The peak of consolidation is quite evident. Therefore, the analyst expects the price to continue consolidating within the triangle throughout the week. At the end of the week, the price has the potential to regain positions above $5. However, there is a possibility of exiting from symmetrical consolidation.
vomiting (KSM)
Kusama’s price over the past few months is visiting the support low at $42.81 every time it rises. However, the recent price drop dragged the price below these key support levels. Prices are trying to rise above these levels. However, the bulls are currently facing a major hurdle by the bears.
Altcoin price is currently trading inside an ascending triangle in the short term, with prices rising above resistance levels. The bears are trying hard to push the price down. However, the bulls are expected to hold the price above $41.5. At the end of the day, if KSM manages to stay above these levels, the price could rise as high as $45 in the coming days.
XRP
cryptocoin.comAs you follow, the latest developments from the case have brought XRP to the 30% rally. Currently, it’s up over 15% per week. This follows a discussion between the SEC and Ripple’s general counsel, who wondered why the SEC chairman was acting like a cryptocurrency cop.
The growing feeling is that the litigation between Ripple and the SEC is nearing its end and Ripple has a chance to win. If the positive news from this case continues, XRP has the potential to stay green for the rest of the week. On top of that, if the case ends in Ripple’s favor later in the year, XRP will be one of the top performing cryptocurrencies by the end of 2022.
EOS (EOS)
EOS (EOS) has lagged behind the broader cryptocurrency market for some time now. Even in its last bull run, EOS has massively underperformed. However, there is reason to be bullish on EOS this week. This is because of the Antelope Protocol update. With this update, the EOS network will provide users with a better experience. It will also make the network more attractive to developers. Features developers will enjoy include EVM encryption functions and faster transaction lifecycles. This crypto could benefit from FOMO in the short term, as this increases the likelihood of long-term adoption to EOS.
Cardano (ADA)
Big news is gathering around Cardano (ADA). This is thanks to the strength of the Cardano community, one of the most passionate communities on the market. The big news is that Cardano now has more stakes like Avalanche and BNB. TVL is currently valued at $11.49 billion in Cardano. This makes it the third most staked network after Ethereum and Solana.
Given that this is one of the most scaled networks on the market with some of the lowest transaction costs, it is likely to draw much more attention to Cardano. In essence, the increasing amount of staked value in ADA points to long-term adoption potential. All of this puts Cardano in a perfect position to rally in the short term, and the crypto is therefore well worth watching towards October, not just this week.
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