The devastation caused by the SEC lawsuits is driving professional investors towards well-established altcoins like XRP and MATIC. Crypto analyst Altcoin Sherpa made a call for these projects in current analysis. Nicholas Merten talks about an altcoin that goes after smart money.
Altcoin Sherpa says XRP is now stronger
The crypto analyst popular on Twitter suggested that XRP is showing signs of strength amid the current market downturn. According to Sherpa, if XRP breaks the critical resistance at $0.60, it will rise to a level last seen in April 2022. According to their analysis:
XRP is still one of the strongest altcoins right now. I am not a buyer at this level but if we can break this supply zone strongly I would target areas as high as $0.80 or above.
Nicholas Merten made a surprising prediction about Dogecoin
cryptocoin.com As we reported, Merten had pointed out the impending danger for meme projects like Dogecoin in the past weeks. In his current analysis, he offers a different view, saying that Dogecoin could rally this year or early 2024. The crypto analyst says that smart money tends to accumulate altcoins like DOGE once at a heavily discounted price. According to Merten, smart money could come into play when Dogecoin is down about 95% from ATH. In his new YouTube video, he says:
Smart money, hoarders are looking at these previous discount ranges, trying to build positions around those ranges. Generally speaking, I think we’re probably going to be around 95% somewhere in this ballpark range… The key is, I’m looking for the accumulation of crypto assets in some of these ranges around the basket between these two percentage drops from top to bottom.
Meanwhile, with DOGE down 91% from ATH, Merten warns of other big dips before triggering an upside rally:
If you take the same range that was around $0.5 in June and get it towards 95%, if we go all the way to 96.5, you’re talking about a price level that goes down to $0.35. You’re talking about $0.25, so you may face a significant decrease in your positions again… It can go until 2024, it can be at the end of this year… The main point here is the percentage drop target, and we are at 91% at the point where we are now, we still have a ways to go.
Which altcoins are giving green signals for the long term
As altcoin Sherpa pointed out, the XRP price has managed to stay relatively strong in the last drop. Therefore, if market conditions improve, their bulls will be in ideal ground for a strong start. XRP is currently trading below the $0.5 zone. It could gain upside momentum once it breaks $0.55 on the daily candle. Technical analyst Brian Bollinger predicts that it will head towards the $0.6 region after this level.
On the other hand, Polygon (MATIC) dropped below 0.51 support on June 10. It later reclaimed $0.621, up over 25% from this level. The price is currently trading at $0.5971, down from the June 14 Fed rate decision.
Technically speaking, the resistance trendline has been holding a downtrend in MATIC price for the past four months. However, as Dow’s financial market theory dictates, no trend remains a trendline. Therefore, a potential breakout from this trendline will be the key signal for a trend reversal.
Polkadot (DOT)
DOT price is trading between a downward trending resistance trend line and horizontal support at $4.22 on the weekly chart. For traders, $4.22 provides a crucial foundation protecting it from extreme bearish. But on the other side, the overall trendline is resistance undermining buyers’ attempt to move higher.
The DOT is currently trading at $4.35, down over 7% on the intraday. Technical analysis shows that the ideal level for an entry opportunity is at $4.22. A strong breakout will lead the bulls to $9.7. This move will be directly linked to Bitcoin’s price structure.
How about Bitcoin?
cryptocoin.com As we reported, BTC lost $25,000 support yesterday evening. Altcoin Sherpa says that if this level is broken, we can see a drop to $ 20,000.
The crypto analyst also states that he is cautious about Bitcoin for now, as BTC has price gaps of $24,000 and $20,000. The leading crypto succumbed to market selling amid the Fed’s hawkish stance.
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