Crypto analyst David talks about the potential for a large-scale decline in OP price. The analyst also predicts a decline for leading altcoin rival ADA. Analyst Aaryamann Shrivastav says that the decline may continue for LTC.
OP price prediction: What’s next for the altcoin?
Optimism (OP) price has been trading in a widening wedge since May 2022. The price tested both the support and resistance of the wedge several times, confirming the validity of the pattern. The OP price was once again rejected by the formation’s resistance line (red arrow) during the week of March 11-17, 2024. Thus, it formed a bear engulfing formation. This is a bearish pattern that shows bears selling aggressively at higher levels.
Additionally, the weekly RSI indicator formed a significant bearish divergence and fell below 70. This supports the possibility of further decline. Therefore, it is possible that the OP price has formed a local top for the current rally. Therefore, a break below this zone could lead to a rapid decline towards the long-term formation support line at $1.5. This means a decrease of 59.08% from the current price level.
The most likely outlook shows that the OP price will continue to fall in the near future. The nearest target is $3, the next target is $1.5. However, the bearish view will be invalidated if the altcoin price rises above the $4 zone on the daily time frame.
ADA price prediction: 26% drop possible for Cardano!
Cardano (ADA) price broke through the long-term horizontal resistance zone at $0.66 with a major bullish candle during the week of February 26 – March 3, 2024. This move indicates that the previous uptrend is continuing. However, instead of a strong increase, the price only consolidated just above the $0.66 region. Moreover, it fell below this level again after 3 weeks. Last week, the price once again confirmed this area as resistance (red arrow). This is a bearish signal. It also indicates that the previous breakout was merely a divergence and is often followed by sharp declines.
The weekly RSI (Relative Strength Index) has formed a significant bearish divergence (red line) and moved below 70. This showed that the bears were back. Therefore, it is possible that the altcoin price could drop to the important support zone at $0.46 in the near future. This figure corresponds to a decrease of 26.47% from the current ADA price level.
The most likely expectation is that the ADA price will continue to fall in the near future. The nearest target is $0.57 and lower is $0.46. The bearish view will be invalidated once ADA price rises above the $0.66 zone on the weekly time frame.
LTC price prediction: Farewell to over $100!
Litecoin price failed to make an increase today due to broader bearish signals. After rising during intraday trading hours, it fell below $100. Price indicators, Average Directional Index (ADX) and Moving Average Convergence Divergence (MACD) indicators are both in a downtrend. The latter, a trend-following momentum indicator used to identify uptrends and downtrends, is also losing bullish momentum.
On the other hand, ADX managed to break the 25.0 threshold but could not sustain it. This means that the active uptrend will eventually disappear and turn into a downtrend. This will cause Litecoin price to lose the $100 support and drop to $93.
However, if the $100 support holds, LTC will find some support to avoid a crash and possibly bounce back. If it exceeds $110, the bearish thesis will be invalid. In this case, it is possible for the altcoin price to reach $115.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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