According to crypto analyst Akash Girimath, Solana price consolidation heralds a 70% rise. The analyst expects an 11% movement in the MATIC price. And the analyst says that the price of an altcoin from the old ones could increase by 35%. Analytical platform Santiment is talking about a surge in DOGE price. Finally, according to popular analyst Michael Van De Poppe, XRP is signaling for a bullish breakout.
This altcoin price is ready to explode
Solana (SOL) price reveals an inverted head and shoulders pattern that has been in formation for nearly a year. This technical pattern includes a bottom turn pattern and three different lows. The pit in the center is called the head and is lower than the other two pits, called the shoulders. Hence it is called inverted head and shoulders. A trendline connecting the highs of these choppy lows shows a strong descending resistance level, often referred to as the neckline.
A decisive close above the neckline confirms that the inverse head and shoulders pattern has been broken on the upside. This technical pattern predicts $37.21 will be reached, an increase of 71.09% obtained by adding the distance between the top of the right shoulder and the lowest point of the head.
As of April 8, the SOL price consolidation just below the neckline has tightened further over the past three weeks. Movement due to this range indicates a period of low volatility, and breakouts are often associated with high volatility. Therefore, a three-day candlestick close that crosses the one-year trendline could catalyze a rally for Solana price. Additionally, sustaining the bullish momentum after hitting the theoretical target of $37.21, the SOL could attempt to sweep the $38.92 level to collect buy stops, bringing the overall gain roughly 80%.
The invalidity of this view is obvious; A breakdown of the $18.66 support level will skew the odds in favor of the bears. Such a development could cause the altcoin price to drop to the $14.95 barrier.
MATIC price shows a bullish trend
Altcoin price retraced 6% after forming a local top at $1.15 on April 4, tagging the upper boundary of the four-hour order block at $1.09. This move absorbed the selling pressure and caused an increase in buying pressure resulting in a move of around 2.0% which could be the start of a reversal.
The Relative Strength Index (RSI) for altcoin price is trying to break above the midpoint and the Awesome Oscillator (AO) is approaching the zero line, indicating a slow increase in bullish momentum. Depending on how the week started, MATIC price may notice a continuation of this move. The first target is the buy stops above the $1.16 level. A successful liquidity hunt here with no noticeable decrease in bullish momentum could see Polygon bulls attempting to sweep the $1.24 level for buy stops. In total, this MATIC price action will generate 11.0% gain for trades.
Regardless of the surge in bullish momentum following a bounce off the order block, things could get risky for altcoin price if the larger crypto market has a bearish tone. Closing of the daily candlestick below the $1.07 level would invalidate the bullish argument for Polygon and potentially trigger a 4.3% drop to $1.02.
Altcoin price prepares for new week’s volatility
Litecoin (LTC) price is trading inside a bullish pennant formation. This technical setup includes a massive uptrend followed by tight consolidation. In this case, the 35% rise of LTC from March 11-24 formed a flagpole. This is followed by continued consolidation in the form of a pennant. When combined, this pattern is called a bullish pennant.
This continuation pattern predicts a 35% rise obtained by adding the height of the flagpole to the breaking point. For Litecoin price, the breakout point could occur around $92, which would reveal a target of $125. Apart from exiting the bullish pennant formation, Litecoin price needs to turn the $95 hurdle into a support base. This move will be a secondary confirmation of the uptrend.
While the 35% prediction for altcoin price is based on a bullish pennant formation, failure to overcome the formed formation and the $95 barrier will indicate weakness in the buyer camp. In such a case, if Litecoin price closes a daily candlestick below the critical support level of $87, the pennant formation and bullish thesis will be invalidated.
Big surge in DOGE price seems imminent
Santiment’s situation analysis reveals that there are a few signs that a top is forming when the big players start to take profits. Three metrics, including active addresses and circulation, transaction volume, and whale transactions ($100k+), soared together during Dogecoin’s rise, indicating that a local top had formed. This observation is not unique to Dogecoin, as it applies to any asset, however memed it may be.
Also, the 30-day MVRV, which measures average trading returns, is in the relatively safe zone of +11%. Altcoins typically become dangerous when they reach +20% or more. Santiment, therefore, cryptocoin.comHe says that even after Elon Musk, who you follow from , changed the DOGE logo on Twitter, there may still be some cushion for prices to go higher. The analysis indicates that the whale buildup likely knew of some people close to Musk before the planned DOGE pump took place. When the price increase occurs, the red line representing the whales falls, indicating that profit was taken.
Altcoin signals for bullish breakout
Although the price of XRP has experienced a modest increase, it remains far from significant levels. For further growth, the bulls need to push the price back to the $0.52 region and hold it above this threshold. Until that happens, sideways trading in the $0.49-$0.50 range is a more likely scenario.
At the time of this writing, XRP price has gained over 0.5% in the last 24 hours to trade at $0.51. Renowned crypto analyst Michael Van De Poppe recently shared his views on XRP’s upcoming trajectory. He believes that XRP price is currently stuck in the $0.49-0.50 range and it could be profitable to enter the $0.45-0.48 region.
The current price trend of XRP points to a potential bull run and the analyst predicts that if the price rises above $0.53, it could reach $0.58, potentially starting the next upward momentum.
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