Here are 4 Altcoins to Watch This Week and Expectations!

Could the Evergrande event, which plunged the Bitcoin price below $44,000 and shook traditional markets, be a new opportunity for some altcoin projects? In line with this question, we take a look at potential altcoin projects that can be purchased at cheap prices. Polkadot (DOT), which surpasses Dogecoin, will be in the first place…

What happened in the altcoin market?

Let’s start with how inflation can affect the price of Bitcoin before altcoins. Some believe that rising inflation in the United States could be bullish for Bitcoin. Meanwhile, Anthony “Pomp” Pompliano said in a note to clients that the only way to protect himself in the current environment is to invest in “stocks, real estate, crypto, etc.” Also, experts think that as a result of the two-day Federal Open Market Committee (FOMC) meeting next week, the next direction in Bitcoin will be more predictable. Let’s take a look at the possible outcomes, with technical analysis from analyst Rakesh Upadhyay…

Altcoin DOT technical analysis

Polkadot (DOT) rallied 32.39 on Sept. 18, but bulls failed to continue the uptrend. This indicates that the bears are active at higher levels. On the technical side, bullish MAs give the bulls an advantage, while the negative divergence in the RSI indicates that the bullish momentum may weaken. Now, a break and close below the 20-day EMA could intensify the sell-off and push the price towards the breakout level of $28.60. This is an important level for the bulls to defend as critical support is located just below $27.07. If the price moves out of this zone, buyers will try to resume the uptrend again.

Conversely, a break and close below the 50-day SMA could signal a possible change in trend. To the analyst, the DOT price could drop to $22.66 later. The four-hour chart shows that the MAs have completed the downtrend and the RSI is just below the midpoint. This shows that the bears have the upper hand and a break and close below $32 could result in $28.60. On the other hand, if the price breaks above the current level and rises above the downtrend line, it indicates that the correction may be over. The price could then rise to $37 and then to $38.77. A break and close above this resistance will signal a resumption of the uptrend.

Terra (LUNA) technical analysis

LUNA price was looking for the appropriate zone in the uptrend before the September 20 dream. The bulls defended the $34.08 support for the past few days but failed to make a strong recovery from it. This indicates that demand is drying up at higher levels. Now, if the bears pull the price below the 20-day EMA, the LUNA 50 could drop to $27.21. If the price bounces back from the 50-day SMA, the bulls will try to resume the uptrend again but may hit a wall near the 20-day EMA. A break and close above the 20-day EMA will show buyers returning to the game. According to the analyst, LUNA could later rise to $42 and then retest the ATH level of $45.01.

Conversely, if the price breaks below the 50-day SMA, the correction could reach the critical support of $22.40. Altcoin LUNA price is also forming a descending triangle on the 4-hour chart. This setup will complete with a hiatus and close below the support at $33.62. The formation target of this setup is $22.23. The gradually decreasing 20-EMA and the RSI below 44 suggest that the bears have the upper hand. If the price bounces back from the $33.62 support, it will signal that the bulls are accumulating lower. A break and close above the triangle will invalidate the bearish pattern. The bulls will then try to push the price towards $40. This level could act as a stiff resistance again, but the upside could continue if the buyers break the hurdle.

Cosmos (ATOM) technical analysis

Cosmos (ATOM) broke above $32.32 on Sept. 12. The bears have tried to push the price below the breakout level for the past few days, but the bulls did not give up. This indicates strong demand at $32.32. On the technical side, both MAs are rising and the RSI is in the overbought zone, which indicates that the bulls are at the wheel. One of the strongest areas for the bulls is at $38.09. ATOM price may now target the $50 psychological resistance. On the other hand, if it drops below $38.09, it will suggest profit booking at higher levels. It could drop to $32.32 later on.

The four-hour chart shows that ATOM has bounced off the 20-EMA and the sentiment is positive and traders are buying on the sell. Every MA is also rising and the RSI is in the positive territory, giving the bulls another advantage. The bears are currently trying to stop the rally at $44.15 but if the bulls can survive the rebound, the uptrend is likely to resume. This positive view will weaken below the 20-EMA.

FTX Token (FTT) technical analysis

The FTX Token (FTT) was correcting in an uptrend and the last drop ended below $60. Although the price recovered from this region on Sept. 18, the bears did not allow FTT to persist above $64.64. From the indicators, the 20-day EMA has started to drop and the RSI has dropped into negative territory, indicating that the bears are trying to make a comeback. If the months now drop the price below $54.73 it could indicate the beginning of a correction. Conversely, if the price rises from the current levels or the 50-day SMA, it indicates that traders are piling up on the dips. The bulls will then try to continue the uptrend and a break of $68.20 will be the first sign of strength. This will clear the way for a possible rally to $75.

Show bears prevail. Both downtrend MA and negative RSI could drop FTT price to $54, with $50 broken. The bulls are expected to form strong resistance at these levels. A break and close above the downtrend line from the zone will be the first indication that the sellers are losing control.

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