The cryptocurrency market is facing renewed bearish sentiments due to the collapse of Silvergate Bank and the closure of Silicon Valley Bank, both of which have exposed the crypto industry. These events turn into uncertainty in the market, leaving many investors unsure of the future. According to crypto analyst Rakesh Upadhyay, ETH, MATIC, TON and OKB could experience a strong recovery if Bitcoin manages to stay above $20,000. Crypto analyst Paul L, on the other hand, finds the performances of 4 altcoin projects worth watching.
4 altcoins with strong recovery potential
Ethereum (ETH): Solid buying at lower levels
ETH broke below the 200-day SMA ($1,421) on March 10, but the long tail on the day’s candlestick shows solid buying at lower levels.
The recovery is facing resistance near $1,461. If the price drops from the current level and reaches the 200-day SMA, it will signal that the bears are selling in a shallow bounce. This will increase the probability of a drop below $1,352. The altcoin could then drop to $1,100. If the bulls want to avoid a decline, they will have to push the price above the 20-day EMA ($1,548). If they do, the altcoin could rally to $1,743 where the bears could once again form a strong barrier. A break above this level will open the doors for a possible rise to $2,000.
Polygon (MATIC): Bulls strongly defend this level
MATIC corrected sharply from $1.56 on February 18 and reached the 200-day SMA ($0.94) on March 10. The long tail on the daily candle indicates that the bulls are fiercely defending the level.
The bulls will try to push the price towards the 20-day EMA ($1.15), where the bears will likely form a strong defense. If the price turns down from this level, it will show that the sentiment remains negative and traders are selling in the rallies. This may increase the chances of a drop below the 200-day SMA. If this happens, MATIC could drop to $0.69. Conversely, if buyers push the price above the 20-day EMA, it will indicate that the bulls are back in the driver’s seat. The altcoin could then rally to the overhead resistance at $1.30.
Toncoin (TON): Traders are in no rush to exit
While most major cryptocurrencies have dropped to or below the 200-day SMA, Toncoin (TON) is still well above the level. This shows that traders are not in a rush to exit.
TON formed a symmetrical triangle formation near the local high. Price action inside the triangle is random and volatile. Typically, the triangle acts as a continuation pattern. This means that the trend that was in effect before the formation of the installation continues. In this case, if buyers push the price above the resistance line of the triangle, the altcoin could start a move towards $2.90. Conversely, if the price continues to decline and slides below the triangle and the 200-day SMA ($1.90), it will show bears dominating. This could push the price towards $1.30. Such a move will indicate that the triangle is behaving like an inverted setup.
OCD (OCD): There is little positivity in favor of the bulls
The altcoin is in a correction phase, but a minor positive in favor of the bulls is well above the 200-day SMA ($26).
The next support on the downside is $36.13, the 50% Fibonacci retracement level, and then $30.76, the 61.8% retracement level. The bulls are likely to protect this area with all their might. If the price rises from this zone, the OKB could rise to the 20-day EMA ($45.48). This is an important level to watch because a break and close above it will signal that the correction phase may be over. On the other hand, if the price drops below $30.76, it will indicate that traders are rushing to the exit. The altcoin could then drop to the 200-day SMA.
4 cryptocurrencies worth watching
Kava Network (KAVA)
Kava has experienced a bullish momentum mainly as the token leads weekly gains, mainly inspired by network activity. cryptocoin.comAs you’ve been following on, Kava recently announced validator incentives that act as bullish triggers for the token price.
After launch, more validators ran their nodes on the Kava Blockchain. Kava also encouraged its validators to migrate their cloud infrastructure from Amazon Web Services (AWS) and Google Cloud to Akash, a decentralized cloud computing platform. As part of this move, Akash has committed $1 million to the Kava Strategic Vault on Akash Network’s native token, AKT, to support decentralized infrastructure in Kava.
This initiative has likely motivated users on Kava, leading to increased network activity. The development adds to Kava’s previous initiatives that saw it listed on cryptocurrency exchange Coinbase. As we enter the new week, KAVA is worth watching primarily if the network is able to sustain the gains from network activity. With the overall market facing a bearish trend, KAVA also remains at risk of experiencing selling pressure due to the possibility of investors taking profits.
Maker (MKR)
Maker (MKR), a governance token used to pay borrowing fees when users borrow by collateral against Maker’s stablecoin DAI, has noted signs of price cracking among new network initiatives. One of the driving factors in the price of MKR is the lowering of borrowing fees imposed by Maker DAO.
Under the new plan, Maker DAO lowered the annual borrowing fee for Rocket Pool ETH to 0.5% and increased the maximum debt ceiling from 20 million DAI to 30 million DAI, allowing users to borrow more. This reduction in borrowing fees also applied to other loan offerings, causing transaction volume to increase as more users joined the network and the price of MKR rose.
In another significant development for the Maker community, members are voting to approve the release of additional funds to purchase $750 million worth of US government bonds. The decision comes from the growing appeal of bonds as an asset class in the face of rising interest rates. MKR is an altcoin to watch, especially if on-chain activity helps the token sustain its gains despite bearish conditions.
Ripple (XRP)
XRP has become a focal coin as it continues its legal battle with the token’s parent company, Ripple, and the Securities Exchange Commission (SEC). The token is also in the limelight after the high-profile collapse of Silicon Valley Bank (SBV).
Ripple’s CTO, David Schwartz, said he will release a statement on how the company was affected by SBV’s collapse. Therefore, if Ripple has significant exposure to the lender, one possible outcome will be an impact on the value of XRP. This came as the USDC stablecoin pulled out of the dollar after issuer Circle was revealed to have some reserves in SBV. Meanwhile, XRP investors continue to watch the case as the summary judgment draws near. While Ripple is showing confidence, a decision in favor of the company will likely be bullish for XRP and vice versa.
ImmutableX (IMX)
ImmutableX emerged as a popular Layer-2 scaling solution for Ethereum that provides fast and secure transactions for Non-Fungible Tokens (NFT) and other Ethereum-based assets. This popularity is partly due to the platform’s numerous partnerships and collaborations in the NFT space, including GameStop (GME), which plans to use ImmutableX (IMX) for the tokenized collectibles market.
In a recent development, IMX has seen a bullish momentum in price after the launch of a new game called ‘Undead Blocks’ on the network. During the beta mode, the game reportedly attracted over 100,000 players in the last quarter, indicating strong potential for future growth. At a time when the market is looking for catalysts for upward price action, IMX is worth watching to see if the network partnership will lead to a value explosion.
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