As Bitcoin hits $20,000 again, analysts are looking for potential in the altcoin market. FXStreet analyst Akash Girimath expects serious bullishness for the 2 altcoins listed on Binance. Let’s take a look at the analyst’s expectations, keeping in mind that the estimates are not lacking.
ApeCoin price prepares for an explosive rally
ApeCoin price spent most of the five months below the $5.13 to $10.25 range. The recent increase in bullish momentum has caused the APE to rise 6.5% in the last 30 hours. Moreover, there are signs that the price will continue to do so. These are one, the importance of the recovery above $5.13. After this level, Apecoin will head towards the next resistance at $ 7.69. Coincidentally, the volume data shows a gap in trading volume in this region. This makes an average reversal more likely.
Beyond that, the volume data shows large gaps or inefficiencies up to $11.28, making it easy for the price to rally to that level. A reversal of the $7.69 barrier will allow ApeCoin price to retest the $11.28 high range. It will then bring its total earnings to 97% from its current price. How high ApeCoin will go up depends on whether the momentum is strong enough. If the bulls are willing, the next target for ApeCoin price will be $11.28, according to analyst Akash Girimath.
Regardless of the above rally, the price is at risk of retesting the $5.13 region. Breaking this level will be the first sign of weakness from the bulls. If this trend continues and ApeCoin price produces a daily candlestick near $4.55, it will form a lower low. This will invalidate the ascension thesis. According to the analyst, there are chances of APE price dropping to the next notch support level at $3.42.
Cardano price ready to take action
cryptocoin.com As we covered in our analysis, Cardano price has been producing liquidity fractals since mid-June. There have been eight liquidity studies so far. The last one took place on October 2. Interestingly, Cardano price also climbed above the $0.425 level, indicating a return of buyers. Looking forward, traders should wait for ADA to rally above the $0.435 hurdle, which will pave the way for a bull rally to start.
This development will see Cardano price retest the $0.472 resistance first. This will push the price towards another significant blockade of $0.055. The purpose of this uptrend would be to rebalance ADA at $0.530.
On the other hand, if Cardano price fails to stay above $0.425, it indicates weakness. A daily candlestick near the October 7 low below $0.415 will produce a lower low, invalidating the bullish thesis for Cardano price. This development could see ADA collapse 8% to revisit the weekly support level at $0.380.
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