As Bitcoin tries to rise above $23,000, bullish expectations are increasing for many altcoins. In this article, we will share the bullish comments made by various analysts for the five altcoins. Here are the details…
The first altcoin on the list: VeChain (VET)
According to analyst Valdrin Tahiri, VeChain (VET) has emerged from a long descending wedge after gaining 22% last week. This is a strong sign for a long-term bottom. The price of VET has been falling ever since it hit an all-time high of $0.2793 in April 2021. A falling wedge, seen as a bullish pattern, had the downside move in check. In June 2022, the price dropped as low as $0.0200 before coming back and started to rise again. After forming a slightly lower low in December, the price started another bullish move.
According to the analyst, VET emerged from the descending wedge in the second week of this month. The price now appears to have broken out, although it is difficult to determine the exact slope of the line due to the multiple extended upper wicks. Given that the wedge has been in place for 370 days, if that were the case, there would probably be a fairly large upward move, according to Tahiri.
There’s ‘migration’ excitement for Helium (HNT)
Helium is expected to migrate to the Solana network in the near future. The team stated that this transition will occur in the first quarter of 2023. This triggers the excitement for HNT. The Helium-Solana merger event isn’t the only thing flagged for investors and traders to watch. Nova Labs and T-Mobile, formerly known as Helium, announced a partnership on September 20 last year. According to the press release, the partnership will enable Helium Network users to use the T-Mobile 5G network alongside Helium’s own native 5G network. This gives users the right to choose the MOBILE reward system.
This system rewards users for sharing data about Helium’s dead spots location in the United States, which will help them save on their cellular data plans. The public beta launch of the rewards system will begin in Q1 of this year. The merger event of Helium and Solana will also take place in the same time frame. The upgrade will allow the ecosystem to give more back to hotspot holders as 2 million HNT per year will be allocated for rewards.
At the time of writing, the token was rejected at $3.4 as the bears tried to reach the $2.8 support line. But the first few months of this year could push HNT higher, as the reward system and the merger of Solana and Helium happen almost simultaneously, according to analyst Tony Spilotro. HNT, with a token price of $2.9, is expected to face difficulties in the short and medium term as the market volatility enters. If the token’s current support is broken, investors and traders may have a hard time getting back to the current price point.
ATOM breaks critical levels
Meanwhile, the bullish dominance continued in the Cosmos (ATOM) market in the last 24 hours, with prices reaching $12.22 before meeting resistance. When ATOM price dropped to a 24-hour low of $11.65, the market regained support and bullish control kicked in. Currently, the uptrend has pushed ATOM price up by 2.14 percent to $12.08.
A more positive confirmation of ATOM’s climb is anticipated as the MACD blue line breaks above the signal line at -0.008. This idea shows that investors have confidence in ATOM’s growth prospects, but are not yet willing to engage in high-risk, high-yield trades. However, being in negative territory indicates that investors are hesitant to enter the market and prefer to observe for a longer period of time.
Most positive signal for popular altcoin TRX
On the other hand, according to analyst Valdrin Tahiri, TRON (TRX) price broke out of a long-term descending resistance line and then climbed above the $0.055 resistance area. Both of these are bullish signs that support the continuation of the upward move. TRON founder Justin Sun is reportedly looking to spend up to $1 billion to buy assets if Digital Currency Group goes bankrupt. On January 17, two positive TRON news came: the TRON network announced that it will burn more than 1,397,590 tokens, and the Japanese exchange Zaif announced that TRX will be available from January 25.
Polkadot price breaks out of resistance levels
Finally, according to Tahiri, Polkadot (DOT) price broke out of long and short term resistance levels. However, it has yet to confirm that the uptrend has reversed. Polkadot price dropped below a descending resistance line since its all-time high of $55.10 in November 2021. The decline led the price to reach a minimum of $4.22 in December 2022. The descending resistance line remained intact throughout this entire bearish move.
However, Polkadot price started the year 2023 with an upward move that caused a breakout from the resistance line. At the time of the escape, the line had been in place for 427 days. A breakout from such long-term structures often leads to significant upward moves and implies the end of the previous downtrend. However, DOT price must regain the $6.80 resistance area to confirm a bullish reversal. The region is crucial as it has been both resistance and support since 2020. If polkadot price successfully bursts, it could rise to the next resistance at $9.30. If rejected, it could drop to the $4 support area instead.
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