Crypto analyst Akash Grimath is warning investors about the possibility of a sharp PEOPLE price correction. The analyst also says that altcoin LTC will visit lower levels ahead of a possible rally. Crypto analyst David, on the other hand, predicts a serious decline for TON.
PEOPLE price prediction: Altcoin price correction likely!
PEOPLE’s price swelled by a whopping 81% in less than 48 hours. Thus, it formed a local top of $0.0466. During this explosive rally, ConstitutionDAO formed three higher highs. However, the Relative Strength Index (RSI) and Awesome Oscillator (AO) produced lower highs. This divergence is called a bearish divergence and predicts a trend reversal for the underlying asset.
With this in mind, if PEOPLE price breaks the $0.0421 support level, it would serve as a confirmation of the bearish view. In such a case, the altcoin could trigger a 15% correction to $0.0354, which is the low-volume node of the recent rally. In some cases, it is possible that PEOPLE could decline as low as $0.0328, which is the checkpoint of the last 81% rally.
The bearish outlook makes sense considering bearish momentum indicators. However, investors should not forget that PEOPLE price may bounce the support level at $0.0370. This barrier is a key area as it almost coincides with the sloping trend line. A subsequent rally that produces a higher top above the previous local high of $0.0466 would invalidate the bearish thesis. With this development, the altcoin price is likely to hit the psychological level of $0.050 with a 7% rally attempt.
LTC price prediction: Will probably lose more weight!
Litecoin price dropped 51% between July 3, 2023 and August 17, 2023, creating a range between $56 and $115. Since then, LTC has barely recovered. It also traded largely below the midpoint at $85. Following the breakout from the wedge formation, the altcoin price dropped 13% and is currently trading at $64. The lack of LTC bulls will likely push the altcoin lower to target liquidity below equal lows formed on September 11, 2023 and January 3 at $57 and the $56 low range.
A sweep of the above-mentioned level will likely be where the smart money comes in. If Litecoin price recovers above the $56 low range and forms a higher high above the recent significant rise, it will confirm the emergence of the bulls. In this case, LTC is likely to initiate a 23% rally towards the daily resistance level at $68. If it breaks above this level, Litecoin price may attempt to retest the weekly resistance level at $77 and then the midpoint of the range at $85.
On the other hand, if the altcoin price is rejected in the $56 low range, the bullish thesis will be invalidated. In such a situation, the LTC price is likely to continue falling. It is possible for LTC to hit the $50 psychological level after a $10 correction.
TON price prediction: What’s next for the altcoin?
Toncoin (TON) price has been trading in the range of $1.2 to $2.7 since October 2022. It tested both the resistance and support of the range twice. Thus, he confirmed the validity of the range. The TON price was rejected from the resistance of the range (red arrows) during the week of November 6-12, 2023 and subsequently declined. It formed a lower high last week and fell sharply this week. This shows that the bears are back.
Meanwhile, the weekly RSI created a bearish divergence (red lines) before the price fell. Thus, it supported the possibility of further declines for the altcoin. If the decline continues, TON price is likely to retest the range support at $1.2. This figure corresponds to a decrease of 40.45% from the current price.
The most likely scenario shows that the price of TON will fall in the near future. The nearest target is $1.65. Additionally, the altcoin price has the potential to drop as low as $1.2. This bearish view will be invalidated if the price breaks above the recent high of $2.46 on the daily time frame.
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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