Crypto analyst David evaluates whether the uptrend is over for LINK Coin. Analyst Aaryamann Shrivastava expects a strong rally from LDO. Analyst Valdrin Tahiri gives high targets for the popular altcoin Solana.
LINK Coin price prediction: Is the uptrend over?
Chainlink (LINK Coin) price has risen rapidly since the EMA bounced off its 20-week line during the week of October 16-22, 2023 (green arrow). This move helped the price climb above the previous support zone of $12.5. Moreover, it has rallied to the long-term resistance zone at $18 last week. LINK Coin price was rejected (red arrow) and then fell. In an uptrend, the EMA 20-week line often acts as support during corrections. Therefore, staying above it indicates that the main trend is still upward.
Indeed, the price has rebounded strongly from the EMA 20-week line after the recent sell-off. This is a sign of buying pressure. However, the weekly RSI indicator has formed a bearish divergence (red line). It also dropped below 70, indicating weakening momentum. Therefore, LINK Coin price is likely to continue retesting the EMA 20-week line in the coming weeks. If this line holds, the main trend of LINK Coin price continues to rise.
Technical indicators show that LINK’s main trend is still bullish. However, it may break out of the current pattern in the next few weeks and the EMA may retest its 20-week line ($12.3). The EMA 20-week line coincides with a horizontal support zone. Therefore, bulls are likely to buy aggressively on dips to this line.
LDO price prediction: Altcoin aims for an 88% rally
Lido DAO price is testing a key barrier at $3.2281. This line has been keeping the altcoin down for the last 21 months. Because it was last breached in April 2022. Since then, despite the crashes, the altcoin has remained in an uptrend. This price action formed an ascending triangle formation and now the altcoin is approaching a breakout provided it can break through the 21-month barrier and turn it into a support base. If it achieves this, the formation will be successful and LDO will be on track to reach the target price of $6,070. The target price is 88% above the breakout zone. Thus, Lido DAO price will reach its all-time high.
The potential for this rise to occur is also based on the rise created by the spot Bitcoin ETF approval. However, if this hype fails to bring enough gains to the altcoin and a breach of the resistance line fails, LDO could face a correction, given that the Relative Strength Index (RSI) is also currently sitting in the overbought zone. If these corrections are prolonged, traders would be wise to place a stop loss at $2.06.
SOL price prediction: What’s next for the altcoin?
Technical analysis on the daily timeframe shows that Solana initiated a corrective wave. Elliott Wave theory involves analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend. The most likely wave count shows SOL price is in the fourth wave of a five-wave up move (white). The daily RSI supports this possibility. Because the $126 high combined with a bearish cross on the RSI (green).
Yesterday, the price reached and rebounded from the 0.382 Fib retracement support level at $86 (green icon). Analyst Altcoin Sherpa noted this bounce but was disappointed that its entry was not triggered. The most likely pattern for the fourth wave is usually a symmetrical triangle. So, it’s possible he’s reached the bottom. In this case, the price will consolidate in the triangle before breaking out. If so, a potential target for SOL would be $180, 85% above the current price.
Despite this bullish SOL price prediction, a breakout from the triangle could trigger a 26% decline to the 0.5 Fib retracement support level at $73, which would complete the fourth wave.
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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