The cryptocurrency market has started the new year well, but has entered the consolidation process from February. Major altcoins including Bitcoin and Ripple continue to struggle without losing any serious ground. Analysts share their forecasts for 7 altcoins.
SHIB, ETH, LDO, Ripple, SAND, ADA and MATIC forecasts
Shiba Inu (SHIB) makes the strongest distinction in its history
Despite increasing bearish trends in the crypto community, the market’s performance is far from showing any weakness, as most assets are gradually gaining value and in some cases even showing double-digit returns. Meme coin Shiba Inu showed a bearish divergence on the Relative Strength Index (RSI) signal.
Since January 20, the Shiba Inu has been moving in the opposite direction of the RSI, which can be seen as a bearish signal. This, combined with the various bearish signals currently seen in the market, could indicate that the asset is at risk of a downside reversal.
ETH’s upcoming volatility spike
Ethereum Open Interest, a measure of the amount of outstanding contracts in the Ethereum options and futures market, recently hit a two-year high. This increase in open interest can be attributed to the cryptocurrency market recovery that started in January, led by Ethereum. The increase reflects increased leverage in the market, which has a significant impact on the asset’s volatility.
An increase in open interest with Ethereum could indicate increased interest in the asset as well as increased demand for leveraged exposure to the cryptocurrency market. Increased demand for leveraged exposure could increase the asset’s volatility, potentially leading to larger price swings in either direction.
LDO sees volume increase
cryptocoin.comAs you follow, Lido Finance (LDO) has been making the headlines lately as the altcoin’s trading volume has reached a nine-month high. One of the most likely reasons for the increase in volume is the increased staking volume on the Ethereum network. The increase in Staked ETH liquidity increases the demand for LDO as the leading liquidity provider in the market. This is evident in LDO’s double-digit gains in the last two days and the asset’s gains of more than 14% in the last 48 hours alone.
Another factor that could contribute to the increase in trade volume is Lido Finance’s long-term potential view as a leading liquidity provider for staked ETH. With Ethereum being one of the most popular and widely used cryptocurrencies in the world, the fact that Lido Finance is a trusted provider of staked ETH liquidity is a significant advantage for the asset.
“Ripple (XRP) will reach $23.8 in June!”
A famous crypto analyst with the username Crypto Bull on Twitter claims that Ripple Blockchain token XRP will hit $23 by June this year based on historical patterns. Currently, XRP is trading below half a dollar. Meanwhile, five years ago the all-time high was $3.80. Ripple (XRP) needs to increase by about 6,200% to reach the so-called $23 in the next five months. Therefore, the crypto community finds Crypto Bull’s prediction far from reality.
SAND market bulls aim for exit
After Sandbox (SAND) finds support at $0.7103, the bullish pressure on its market is gradually increasing. Thanks to the persistence of the bulls, the SAND price surged to a new 90-day high of $0.9365 in the last 24 hours. At the time of writing, bullish momentum pushed the price of SAND up 24.19% to $0.8885. Market cap was up 24.13% to $1,332,244,643 and 24-hour trading volume was up 426.21% to $804,402,999. Presumably due to increased interest in the market and expectations of a sustained bull run, these increases took place.
As shown on the 4-hour price chart, the MACD line breaks above the signal line at 0.02493918, indicating a strong upside momentum in the market. This gives confidence to the optimistic view. The high positive MACD data is a bullish indicator as it indicates that the buying pressure will intensify soon. Also, the MACD histogram is green and rising, a sign that buyers are reinforcing their market dominance.
Increased whale movement boosts ADA by 59% in 2023
Cardano (ADA) price has increased by 59% since the beginning of the year. Also, the number of wallets holding large amounts of ADA tokens has increased significantly. Santiment’s on-chain data shows that between one million and one hundred million addresses with ADA have increased by 36%.
The most recent influx of major token holders was the Cardano network’s highest whale activity spanning nine months since mid-May 2022. This development triggered a 59% increase in ADA price since the beginning of January 2023. Responding to Santiment’s report, a Cardano Advisor explained that the increasing number of whales joining the Cardano network and the large transactions mentioned are positive signs of ADA price development. He noted that the influx of whales into the market will increase demand for ADA. He argued that the result of this increased demand would be a price rally.
“MATIC rally is just getting started”
Over the past few days, MATIC price formed a strong bottom above the $1.00 zone. MATIC remained stable and started a fresh rise above the $1.10 resistance zone. There was a strong move above the $1.15 level and the 100 simple moving average (4-hours). The upward move was such that the price even broke the $1.25 level and rallied to a new yearly high at $1,295. It surpassed Bitcoin and Ethereum, gaining over 5% in one day and over 15% in a few days.
MATIC price is trading above $1.10 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $1.25 on the 4-hours chart of MATIC. The price is trading comfortably above the 23.6% Fib retracement level of the upward move from the $1,167 high to $1,295 high. On the upside, an immediate resistance is near the $1.30 level. The first major resistance is forming near the $1.35 zone. If there is an upside break above the $1.35 resistance, the price could start another strong rise. In the stated case, the price could rise steadily towards the $1.42 or even $1.50 level.
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