Cryptocurrency analyst David predicts that the ARB price will make a 30 percent move in the short term. Analyst Akash Girimath says DYDX has 25 percent upside potential. Crypto analyst Lockridge Okoth expects more gains from ADA. We have compiled for our readers their analysis for 3 altcoins where analysts see bullish signs.
ARB price prediction: Altcoin may rise around 30% in the near future
Arbitrum (ARB) price climbed above the key $1.7 resistance zone. Thus, it reached an all-time high of $2.43 in the first week of 2024. After the initial decline, the price successfully confirmed the previous week’s $1.7 zone as support (blue arrow). Additionally, it formed a bullish pin bar candlestick. This move indicates that the bulls view the decline to the previous breakout level as a buying opportunity. Also, this is often a sign that the uptrend is continuation.
Meanwhile, the weekly RSI indicator is in a bullish trend and is above 50. This indicates an advantage for the bulls. If so, ARB price could rise again to its all-time high of $2.43. This target corresponds to an increase of 28.90% from the current price.
The most likely outlook shows that the ARB price will continue to rise in the near future. The closest target for the altcoin stands at $2.05. Additionally, ARB has the potential to rise as high as $2.45.
DYDX price prediction: Token approaching breakout!
DYDX price lost 35% of its value between November 15-21. The altcoin formed a range from $2.84 to $4.36 during this period. The low $2.84 range played an important role in supporting the price movement until January 3. But then a sudden increase in selling pressure pushed the altcoin to break through the support base and turn into a resistance level. Since then, DYDX price has been trending below this level for about a month. Also, a breakout attempt failed.
The Relative Strength Index (RSI) has broken through the 50 average level and is now waiting for the Awesome Oscillator (AO) to do the same. A successful breakout of the AO above its average level will confirm the start of a bull rally. Now, with the $2.84 level turning into a support base, it will add wings to the run. This move could potentially trigger an extension of the rise to $3.60, the midpoint of the above-mentioned range. However, this rise must overcome the descending resistance level connecting the November 25th and December 27th highs. This move would create a 25% total gain for DYDX at $2.84.
On the other hand, if DYDX price fails to clear the $2.84 barrier and is rejected instead, investors should wait for a retest of the $2.58 support base. A daily candlestick close below this level will create a lower low. It would also invalidate the bull thesis. Such a development could trigger an 18% correction in DYDX price to the next important base at $2.13, especially if the selling pressure does not end.
ADA price prediction: What’s on the cards for the altcoin?
Cardano (ADA) price found support at the 100-day Simple Moving Average (SMA) at $0.4648. After that it increased by approximately 13%. Shark and whale wallets drove this increase, according to Santiment analysts. According to the report, another 639 million addresses holding between 100,000 and 100 million ADA tokens have resurfaced in the past eight months. With these wallets coming back to life, the altcoin price is likely to extend northward to break resistance due to the descending trend line at $0.5410. It is possible that this could see ADA touch the 50-day SMA at $0.5597. A breakout and close above this level would pave the way for an extended northward move towards the $0.6000 psychological level, 15% above current levels.
In a fairly strong bull case, the altcoin price is likely to break into a blockade of $0.6412 or higher. In the meantime, ADA needs to clear the psychological level at $0.6800 before reclaiming the $0.6831 range.
On the other hand, if the selling pressure increases, it is possible for the ADA price to decrease. There will likely be a pullback enough to lose the 100-day SMA at $0.4648. In the worst case, it drops to $0.3790, which was last tested on December 1, 2023. Such a move would mean a fall of around 30% below current levels.
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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