Drop Coming For These 3 Altcoins On Binance!

Crypto analyst Filip L says that Dogecoin (DOGE) is at risk of continuing to decline despite the breakouts. According to the analyst, only one hail can prevent the ongoing massive XRP bull trap in Ripple price action. Analyst Tony M explains why Polkadot (DOT) will drop to $3. We have prepared analysts’ analysis of three altcoin projects for our readers.

“Altcoin will suffer more”

Dogecoin is playing a dangerous game with traders as several breakouts over the past few weeks give the false illusion that further upswing is at hand. The real situation is the opposite. Because weekly openings and closings show the less big difference between them, even if there is a profit or a loss for the week. This points to consolidation and a recent strong breakout where the weekly close will tell a lot.

DOGE rather risks a return to $0.050 by pushing the bottom of the bearish triangle that has been forming for several weeks. A healthy weekly close this week against the 55-day Simple Moving Average and the descending trendline of the triangle, a weekly close below will be a good indication of this possible breakout next week if there is no weekend. Sunday’s close will be key depending on whether the close will be inside the triangle or below the bottom.

DOGE weekly chart

As mentioned above, one script is left on the table. It is the weekly close above the red descending trendline of the triangle and the 55-day SMA. This close on Sunday evening will see a rollover in the Asian session on Monday. Also, a rally towards $0.0900 is possible next week. Depending on the exchanges, if these can move away from the bear market zone, this is likely to create headwinds for crypto in the coming weeks.

“XRP risks losing last week’s gains”

cryptocoin.comAs you follow, Ripple achieved the best performance of the year with over 30% earnings. The bulls were partying just like in 1999, when the 200-day Simple Moving Average broke up and tried to start a bull run next week. Unfortunately, the bulls dropped the ball in the final trading hours after the initial results of the Italian elections. Thus, it broke below the 200-day SMA. It also left a weak spot in price action for the bears to use.

Altcoin price is currently in a bull trap setup. The downside is likely to continue as long as the price action fails to at least break above the 200-day SMA. Thus, it is likely to return the gains from last week. Given the sabotage of the last gas pipeline to Europe and the various tail risks escalating again this week as US stocks enter bear market territory, there isn’t much silver lining in the pipeline that could trigger a strong reversal. Therefore, it’s possible that last week’s move was a false breakout. Price action is likely to drop to at least $0.3616 by next week.

Altcoins
XRP daily chart

If price action reverses and rises above $0.48 by Sunday evening, last week’s rally is likely to see some follow-through next week. However, for the continuation of the rally, it needs to challenge $0.4974 and break up. On the upside, $0.5563 is the right spot to rest last week’s high.

“Polkadot price headed south”

It is possible for the altcoin price to witness a sharp decline in October. Since the beginning of September, DOT has lost 20% of its market value. A steep decline in this direction is likely to be the beginning of a 50% decline.

Polkadot is currently at auction for $6.26. The bears have approached the oversold territory on the Relative Strength Index. The bulls have lost support from the simple 21-day and 8-day exponential moving averages. Finally, there is an increase in the bearish compared to the previous bearish and congestion zone.

Altcoins
DOT 1-day chart

Combining these factors, it is possible that DOT completed its triangle pattern. Breaking the previous decline here at $6.00 is the final confirmation needed. If the technical information is correct, the triangle is likely to target a 50% downside rally at $3.00. A break above the previous $7.80 high is needed for the bearish thesis to be invalidated.

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