There Are ‘Rise Prospects’ For These 5 Altcoins On Binance!

The cryptocurrency market has witnessed sudden price rallies of many altcoin projects as well as Bitcoin and Ethereum. This article includes technical analysis of 5 Binance-listed high-volume altcoins compiled from current analysis.

On-chain analyst Ali Martinez noted positive metrics in this altcoin

According to on-chain data, the number of unique users of MATIC is increasing, an indication of increasing network usage and adoption. While this expansion is due to several reasons, one of them is Polygon’s recent collaboration with Immutable to create the Immutable zkEVM network targeting the growing Web3 playground.

As popular on-chain analyst Ali Martinez noted on Twitter, Polygon’s network performance has been improving since March 10. This comes after the downward trend observed between January 21 and February 19 peaked.

#polygon | Between Jan 21 & Feb 19, network growth trended down while $MATIC price went up. This bearish divergence resulted in a 40% drop.

But since Mar 10, network growth is trending up while #MATIC price consolidates. This bullish divergence may result in a price upswing. pic.twitter.com/tHo0HgybYG

— Ali (@ali_charts) March 30, 2023

The analyst also explains that the price of MATIC is seen to increase while the Polygon network is showing a downward trend. Due to this negative divergence, the price dropped by about 40%.

However, while there has been an upward trend in network growth since March 10, the price of MATIC has consolidated and remained stable. According to his analysis, a possible price increase could occur as a result of this upside divergence.

MATIC price is trading at $1.09 at the time of writing. Also, it should be noted that MATIC’s technical analysis (TA) indicators are currently recommending a “sell” position, with their moving averages recommending “buy” at level 4 and “sell” at level 12.

1inch may attract the attention of altcoin investors with its price performance

1inch recorded the second largest increase in Social Volume of the year on March 30, according to social data from Santiment. It caused a price increase of nearly 5%.

Increasing Social Volume before a particular coin begins to rally can often be taken as a bullish signal. For example, the 1-inch price rose over 68% when a similarly sized Social Volume increase occurred on December 25, 2022.

Another critical metric that has risen alongside sentiment lately, which could cause further price increases for this crypto, is the 90-day Idle Circulation.

On March 27, the 90-day Idle Circulation revealed that 22.62 million tokens worth $12.98 million were moved on the 1inch network. This was the second largest increase so far this year, according to data from Santiment.

Idle Roaming shows the number of unique cryptocurrencies/tokens traded on a given day that have not been moved for a long time. Increases in this metric can be bullish or bearish depending on the price trend.

Also, large increases in this metric could signal the potential for large price moves. For example, the 1inch price has increased by over 30.32% in under 4 weeks after a similar size increase in Still Roaming on Feb 10 this year.

Is $3.25 the next target for altcoin?

Market Value to Realized Value (MVRV) best shows the potential price movements of 1inch in the coming days and weeks. According to Santiment, this metric compares the ratio of a coin’s market capitalization to its actual capitalization. Most traders who bought 1inch in the last 30 days are sitting with a small profit of 6.50%. In reality, 1inch is not overbought on a 30-day basis, so it’s unlikely that they’re making any profits at current levels yet.

From the MVRV chart, the 1inch price prediction predicts that a break above $0.597 could trigger a rally to $0.70. A gain of this magnitude will bring the 30-day MVRV rate closer to 23.50% and then become the next enthusiastic market peak where holders can start making profits.

Still, if the bears take control and the 1inch price drops below $0.50, wait for a massive drop towards $0.40 before choosing to cut losses.

Dogecoin (DOGE) miners keep hodl, could the price start to rise?

Dogecoin (DOGE) has continued its price increase since hitting a five-month low of $0.065 on March 10. On-chain data reveals that the increase in reserves held by Dogecoin miners could be the main driving factor behind the recent price rally.

According to IntoTheBlock, Dogecoin Miners increased their reserves by around 360 million coins in March 2023. The chart below shows that the miners’ reserves increased from 4.4 billion tokens on March 1 to 4.76 billion as of March 30.

At current prices, Dogecoin miners are sitting on $357 million of DOGE. This is about 3.5% of the DOGE market cap. Having such a significant stake in DOGE means that miners can significantly influence the upcoming price movements. Therefore, if the current trend of accumulation among miners continues, DOGE holders can expect more earnings in the coming weeks.

Most importantly, another on-chain metric confirming the bullish outlook is the recent surge in large transactions involving Dogecoin. On-chain data from analytics platform IntoTheBlock shows that the number of Dogecoin large transactions has recovered since the last downtrend on March 4. Dogecoin whales processed 587 transactions worth over $100,000 on March 4. As of March 30, the number of large transactions on the network rose 71% to 1,006.

Dogecoin price prediction: Altcoin bulls target $0.90

According to IntoTheBlock, the order books of the largest exchanges show that buy orders for DOGE currently exceed sell orders. This suggests that overbought orders from bullish traders will likely trigger a price increase in the coming weeks.

As shown below, DOGE will likely face minimum resistance until it reaches $0.077. Around this zone, a sell wall of 57.16 million DOGE could block the rally. But if DOGE scales this region, it could go as high as $0.095, with another 130 million DOGE going on sale.

Still, the bears could turn bears if DOGE loses the $0.066 support where buy orders are open for 56 million DOGE. If the support at $0.066 fails to hold, DOGE could drop to $0.056 where another buy wall of 118 million DOGE could provide support.

Moonbeam indicators show signs of improvement to last bear print

Bullish attempts to topple bearish reign in the moonbeam (GLMR) market were thwarted by solid resistance at the intraday high at $0.3795. After the bulls failed to invalidate the bearish hand on GLMR, the price dropped to a 24-hour low of $0.3686 before regaining support.

During the crisis, market cap and 24-hour trading volume fell 0.88% and 13.52%, respectively, to $224,101,074 and $7,426,918. This decline shows traders’ pessimistic sentiment towards the market as they sell their holdings, resulting in a drop in market capitalization and trading volume.

As the Vortex Indicator recently broke above the signal line with a reading of 1.0939, the bearish momentum in GLMR may be waning and a potential uptrend reversal may be on the horizon. This action increases traders’ confidence in Moonbeams’ upside potential and could push the price further, encouraging more buyers to enter the market.

The positive move of the Rate of Change of 1.86 indicates that Moonbeams’ momentum is strong and may continue to rise in the near future. The bullish expectation is based on the belief that if the ROC trend is positive, the price of the asset will rise, and as a result, long-term investors will see a positive rate of return if they buy low and hold until the price rises.

The breakdown of the RSI, Aroon and stochastic RSI indicators, despite the recent bearish pressure, with positive momentum indicators point to the potential for an upside reversal of Moonbeam, making it an attractive investment option.

Can Aptos (APT) climb to the ATH level in the company of bulls of stronger altcoins?

APT price has been falling ever since it hit the ATH level of $20.40 on January 26. The downside momentum reached $9.70 on March 10 (green icon) before the price bounced off. The bounce confirms the $10 horizontal area that previously provided resistance.

However, despite the bounce, the daily RSI failed to rise above 50 and fell below it again. Moreover, the price is once again very close to the $10 horizontal area. As a result, neither price action nor technical indicators give decisive clues for the direction of the trend.

Altcoin price suggests upward moves

For APT, the wave count provides a bullish outlook. After a major bullish move at the beginning of the year, APT price corrected below a descending resistance line. The correction ended on March 10 at the 0.618 Fib retracement support level at $9.72. The price has since risen and broke out of the descending resistance line two days later.

This is likely to be the start of a new upward move that will push APT price to an all-time high. In this case, the price could continue higher towards $26.87, which is the 1.61 external Fib retracement of the previous decline. However, APT price has not yet exited the $13.65 resistance area. This confirms that the uptrend has reversed. If APT price breaks below $9.72 (red line), a drop to $7.90 could occur, which is the next closest support.

As a result, the most likely APT price prediction is for the increase to accelerate towards the all-time high of $26.87. A drop below $9.72 invalidates this bullish prediction and could result in a drop to $7.90.

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