While the markets have continued to rise for the past few days, some crypto assets have been seen making corrections and recorded a decline. This has created a significant issue as to which altcoins traders should buy or sell.
Cheeky Crypto, a famous cryptocurrency focused Youtube Channel, highlighted the top 3 altcoins to buy soon by showing technical analysis.
Cardano (ADA)
top of the list Cardano (ADA) is located. Cardano is also known as a proof-of-stake blockchain platform, which says its goal is to allow “changers, innovators and visionaries” to bring positive global change.
A technical analysis of ADA’s price chart shows that it has formed a double bottom, while the price continues to rise upwards, if this continues, it is quite possible that we will see the stochastic RSI oversold again. Once we start to see this correction, this will basically eliminate the stochastic RSI before the momentum turns up.
Showing a pretty good candle on the technical chart, ADA posted a nice high of $1,178 and then moved down a bit towards $1,174 and $1,177. The fifth wave is at $1,618, while a drop to $1,228 can be seen considering the position of the RSI.
It could potentially go a little higher on the short timeframe, perhaps towards $2,618 before we see a correction. This could create an opportunity that could lead us to a major buyout for Cardano before we take the next step up.
Chainlink (LINK)
Altcoin, which is in the second place of the list, is Chainlink (LINK) it happened. The Chainlink network is driven by a large selection of open source data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring decentralized participation is guaranteed for all node operators and users who want to contribute to the network.
ChainLink will be hypersensitive to Ethereum price or other smart contract platform prices. Volatility is a good thing because it means we can be pretty predictable about what ChainLink will do as DeFi is likely to explode when we start seeing a surge in crypto again.
We have a beautiful wave and we are looking for that high “C wave”. This shows us the target of around $20.64, which is the most likely area for an upside push.
Polygon (MATIC)
The third altcoin that investors think they should not miss Polygon (MATIC) it happened. Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is the Polygon SDK, a modular, flexible framework that supports building multiple application types.
Polygon seems to have many opportunities and many interesting things ahead of it. A nice correction in price would offer traders a potential entry point.
Stochastic RSI is slightly bearish, this impulsive move seems to be over. The most likely area was between $1.6 and $1.8, there was an expansion there. $1.6 is crossed to $2.6 level and we are moving towards $3,618. This could present an opportunity to invest in MATIC before we start to see another foot in the upside.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.