The analyst, nicknamed CryptoKaleo, claims that the price of the leading altcoin will reach $ 2,000. Analyst Ali Martinez points out an important development in Litecoin. Crypto analyst Gamza Khanzadaev expects explosive bullishness for an altcoin. Meanwhile, Dogecoin saw ATH in a key metric. Analyst Valdrin Tahiri predicts XLM has completed its correction. Finally, analyst Gregor Horvat expects a rise from NEO.
Leading altcoin price will soon reach $2,000!
According to crypto analyst CryptoKaleo, Ethereum price is poised to retrace the $2,000 level after breaking above a key resistance. Kaleo shared some screenshots and projection of his technical analysis. He also explained why he thinks ETH’s rally towards $2,000 will be quick.
Later, the analyst posted another screenshot showing how ETH reacted to his previous forecast. At the time of the posting, Ethereum retested an important resistance that had held it down for almost two weeks. The $1,847 resistance formed the upper border of a narrow range where Ethereum has been trading for a while. Shortly after the analyst’s second post, the price of ETH rose and broke above the resistance. The third screenshot he shared revealed that Ethereum was trading at $ 1,862. Thus, it confirmed the prediction that the price of ETH will rise rapidly.
Litecoin network grows with 400% increase in transactions and Hash Rate increase
Analyst Ali Martinez points to an important development in Litecoin (LTC). Only a few months left until the highly anticipated LTC halving event. Martinez expressed his excitement at a milestone reached by the LTC network. The analyst noted that the largest increase in the number of active LTC wallets has been recorded in the past two years. Martinez explained that more than 832,000 LTC addresses actively interact within the network as either sender or receiver. This increase in LTC active wallets marks a notable increase in user engagement and activity in the Litecoin community.
Specifically, individual users own about 50% of the LTC supply. This shows that individual investors are significantly involved in the Litecoin ecosystem. Also, 60% of LTC holders are currently in a profitable position, indicating favorable market conditions for Litecoin investors. In addition, the fact that more than 3.9 million wallets have held LTC for over a year underscores the long-term trust and commitment of many Litecoin enthusiasts.
Meanwhile, the altcoin’s hash rate also showed a significant increase of 25%. This increase in hash power points to increased computational power dedicated to securing the Litecoin network and processing its transactions efficiently. An important factor contributing to Litecoin’s recent success can be attributed to its adoption of the LTC20 standard.
XRP chart shows explosive rise ahead
Surprisingly, the XRP price chart showed interesting patterns that could herald important future events for investors. With the recent break above the $0.44 level and the 50-day exponential moving average, an inverse head and shoulders (H&S) pattern has emerged in XRP price, signaling a possible upward move.
These indicators are significant in their own right. However, their convergence marks an imminent increase in the value of XRP. However, given the current market uncertainty and the ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC), the formation of such bull structures raises questions and curiosity among market participants. Could insiders and market makers be pricing in important news that could justify a potential rally?
An event of similar magnitude last occurred in March. Investors have been betting that a decision will be made soon in the SEC lawsuit against Ripple. Also, Korean investors had a special interest at that time. XRP trading volumes on major South Korean exchanges accounted for more than 30% of total turnover. However, this time the context is different. Trading volumes and volatility have dropped compared to the beginning of spring. Also, the market itself is in an almost depressed state. Time will tell if the pattern on the XRP price chart justifies itself.
Dogecoin hits ATH on this metric
Big DOGE-themed Twitter account Tdogewhisperer has released data showing that DOGE has reached a historic high in daily transactions in the last 24 hours. According to the charts, Dogecoin has seen 1.4 million transfers.
As DOGE’s biggest fan, Elon Musk, recently stated, he believes Dogecoin is much more suitable for payments and transactions than Bitcoin. Transfer fees are very small compared to the leading cryptocurrency. A good example of this is the 178,500,000 DOGE transfers that anonymous whales make during the day. According to DogeWhaleAlert, the transaction fee for this altcoin, worth $13,079,409, was only $0.08.
Currently, DOGE price is making bullish attempts. However, it rose only 0.1% and showed 1.34% weekly growth. cryptocoin.comAs you follow, about a week ago, Elon Musk commented on a DOGE-themed tweet, which made the meme coin grow more than 3%.
This altcoin may have completed its correction
Technical analysis on the daily timeframe shows that XLM price has fallen since hitting a yearly high of $0.11 on April 1. During the decline, XLM declined below the $0.095 area, which is expected to provide support. The region will likely provide resistance in the future.
The drop since the highest level resembles a five-wave downward move (black). If so, XLM is currently in the fifth and final wave of decline. The wave count shows that the trend is bearish as the previous spike is an ABC corrective structure (white). To determine the direction of a trend, technical analysts use Elliott Wave theory, which involves studying recurring long-term price patterns and investor psychology.
Meanwhile, the Relative Strength Index (RSI) value is in a bearish trend. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought and to decide whether to accumulate or sell an asset. If the RSI is above 50 and the trend is up, the bulls still have an advantage. However, if the value is below 50, the opposite is true. Even though the RSI is rising, it is still below 50 which is a sign of a downtrend.
Technical analysis on the short-term six-hour timeframe suggests a bounce is imminent. The main reason for this is RSI data. The RSI has formed a significant bullish divergence (green line) since May 9. A bullish divergence occurs when a drop in momentum is not accompanied by a price drop. This often leads to a reversal of sharp uptrends. If there is an upside move, the altcoin price is likely to continue higher towards the $0.105 resistance area formed by the 0.5-0.618 Fib retracement resistance.
It is possible that NEO will continue to rise soon
NEO is still fine since the last update. On the daily chart, we can see it still rising with a minimum of three waves (A)/(1)-(B)/(2)-(C)/(3) after detecting strong support. We can see that it has finished an ABC flat correction in wave (B)/(2), which is now clearly visible on the 4-hour chart.
A flat correction could be completed with the current recovery on the 4-hour chart. But to confirm a continuation higher to wave (C) or (3) towards the 20 zone or higher, we need to see the broken channel resistance line and zone 14.
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