We take a look at technical analysis of major altcoin projects and Bitcoin. Michaël van de Poppe, Inmortal and Altcoin Sherpa will be our analysts. Analysts think that ADA and ETH are trading at decisive levels, with BTC spending time above $60,000. Here are the technical levels…
Michaël van de Poppe sets $2.23 for ADA
Our first analyst, popular cryptocurrency trader Michaël van de Poppe, takes a look at the latest status of Bitcoin, Ethereum and Cardano. Van de Poppe says there may be a bullish divergence for the smart contract platform Cardano (ADA). According to the analyst, Cardano’s previous ATH in March indicates that ADA’s relative strength index (RSI) could turn into a support line as it “resets completely”. Therefore, Poppe says that ADA could make decisive moves from around $2.23 (0.000003657 BTC) region to start another sustainable rally. According to CoinMarketCap data, ADA was trading at $1.98 at the time of writing.
Van de Poppe updates analysis of ADA rival Ethereum
Following the recent growth of the leading smart contract platform, Van de Poppe warns that the platform “could face corrective action relatively soon.” When it comes to Ethereum trading, the analyst recommends:
At this point, I would definitely not open a trade. I would look for potential opportunities to scale in a lower timeframe and wait a bit, or I would look for opportunities in other altcoins.
At the time of writing, Ethereum was relatively stable for the past 24, trading at $4,537.39, up 4.40% over the past 7 days. Switching to Bitcoin after Ethereum, Poppe says the following about the largest cryptocurrency by market cap:
We are still stuck in the critical region of $59,000 to $56,000. We had a hard time at this level, but I still think it’s very important to keep the support in these ranges.
Analyst sets more “significant levels” for BTC:
The critical level here is the area around $61,500. If this holds, we can attack the high range again, otherwise I assume a retest of $58,000 for Bitcoin could occur.
Critical levels that Bitcoin must surpass
cryptocoin.com is listed on Inmortal, where we share the analysis. The technical analyst says that Bitcoin (BTC) has set the final level it must surpass before starting a major rally. According to him, the $64,000 level for Bitcoin is an “end of chapter monster”. However, Inmortal states that the leading crypto may fall before it surpasses its last foe:
64,000 final bosses, if we’re accepted above that, we’ll see us rise. But maybe we can see a jolt first.
Inmortal refers to Ethereum after Bitcoin. The analyst predicts a massive price increase for Ethereum (ETH) based on the similarities between the accumulation charts from late 2020 to today:
Current comparison of Fractal/Accumulation (below) below ATH in 2020.
According to the analyst, ATOM is ready to rally!
The popular strategist then looks at Cosmos (ATOM), which he says is ready for another rally after hitting ATH last week, from $31.87 to $42.95 in eight days. According to Inmortal, ATOM is “ready to take a new stand” and the technical chart below can be followed.
Finally, Inmortal is looking at SRM, the native cryptocurrency of Solana-based (SOL) decentralized exchange (DEX) Serum. With Solana on the rise, the analyst sees Serum following in the footsteps of the smart contract platform. According to the analyst, the next target of SRM could be the $11-14 range:
SRM is showing a lot of strength, next interests are $11 and $14.
Price predictions for BTC, MATIC and BNB
Our last analyst, Altcoin Sherpa, thinks Polygon (MATIC) and Binance Coin (BNB) will rally before Bitcoin (BTC) rises to $100,000. According to the analyst, Bitcoin leaves the last door open for buyers to accumulate before the next rally begins. Sherpa also emphasized that this is the last chance:
I think this is the last chance to get on the Bitcoin train before departure. When it accelerates, I expect it to pull all altcoin liquidity from the market and act like a runaway train. HH and HL levels are forming now, don’t be left behind.
On the other hand, the analyst says that based on the healthy market structure shown by the predicted moving averages, the next move for Bitcoin will be huge:
Since this is at the ATH level, I think EMAs are actually very, very healthy. The price has decreased and consolidated for a while, I think when it moves it will be huge.
Sherpa, who also took a look at Binance Coin, expects the altcoin to rise above $ 600, but does not think that BNB can outpace Bitcoin:
I expect BNB to continue rising up to $600. ATH levels are coming in against the dollar but I personally don’t think it will outperform BTC.
MATIC could push ATH levels, according to analyst
Finally, as for the Layer 2 Ethereum scaling solution Polygon, the analyst expects MATIC to reach ATH levels in the coming weeks. Sherpa envisions a volatile period as L2s and side-chain competition heats up. He even recommends MATIC among its examples:
It’s a good project expecting it to reach ATH levels in the next few weeks. The battle between these side-chains/L2s/EVM clones is going to be really interesting for the next few months. Ethereum’s gas issue makes it pretty unusable for normal use.
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