Crypto analyst David predicts that ATOM price will see an increase of approximately 67 percent. Analyst Valdrin Tahiri expects DYDX to make a 25 percent move. Additionally, the analyst says that the leading altcoin has a potential of 40 percent. We have compiled analysts’ price predictions for these 3 altcoin projects for our readers.
ATOM price prediction: Altcoin is trading in a bull formation!
The price of Cosmos (ATOM) has been trading within a descending parallel channel since September 2022. This is a bullish pattern that leads to a breakout in most cases. This means that the bulls have an advantage when the price is trading within this formation. Indeed, after being rejected by the resistance of the channel in the last week of 2023 (red arrow), the altcoin price bounced from the middle line of the channel last week (green arrow). This indicates that sentiment has shifted from selling on rallies to buying on dips. It is also a sign that a breakout is about to occur.
Meanwhile, the weekly RSI indicator jumped up from the 50 level at the same time as the price bounced up from the middle line of the channel. Thus, it supported the possibility of a breakout for the altcoin. If a break occurs, ATOM price is possible to rally to the next important resistance level at $17. This target corresponds to an increase of 67.29% from the current price.
The most likely scenario shows that the ATOM price will continue to rise in the near future. The potential target for the altcoin in this move is $17. However, the altcoin price is likely to decline to the middle line of the channel at $8.7 before continuing higher.
DYDX price prediction: Will the upward movement continue?
The weekly time frame does not confirm the direction of the trend. However, the daily chart shows a bullish outlook. This is due to price action and RSI. Price action shows that DYDX broke out of a descending parallel channel today. Previously, the channel remained in place since the rejection of the long-term pattern in November 2023. The daily RSI (green) also broke out of the resistance trend line and crossed above 50. Both are considered signs of a bullish trend. If the upward movement continues, it is possible for the altcoin price to increase by 25%. Thus, DYDX will reach the next resistance at $3.90. This will take the price to the resistance trend line of the long-term channel.
Despite this bullish DYDX price prediction, a close below the resistance trend line of the channel will invalidate the breakout. Then, the DYDX price is likely to drop 25% to the nearest support at $2.40.
ETH price prediction: 40% upside on the cards for the leading altcoin!
Ethereum broke out of the $2,350 sideways area, which has sometimes served as both support and resistance since May 2021. Moreover, the price made a weekly close above this level. Such a breakout above a key resistance area is an extremely bullish event. Meanwhile, the RSI is rising. Additionally, it has just entered overbought territory. These also confirm the upward movement. If the increase continues, it is possible for ETH to reach the next resistance at $3,500. This means an increase of approximately 40% from the current ETH price.
Despite this bullish ETH price prediction, a close below $2,350 would invalidate the ongoing breakout. Then, the price is likely to decline by 25% to the nearest support at $1,900.
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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