Crypto analyst David predicts that MKR will continue on its upward trajectory. Analyst Valdrin Tahiri says BNB has enough fuel in its tank for an uptrend. Additionally, the analyst points to $1 for a strongly rising altcoin today.
MKR price prediction: Is $2,400 the next target?
cryptokoin.comAs you follow from , Maker (MKR) has been attracting attention with its performance lately. The altcoin price broke above the previous local high of $1,380 last week. This move helped the altcoin price reach a new yearly high at $1,600 and retest the previous support zone at $1,650. Despite being rejected, the bulls did not give up much. They are also in the process of forming a bullish pinbar candle on the weekly timeframe. This shows that the bulls are in no rush to exit as they expect the uptrend to continue.
The weekly RSI indicator is above 70. This supports the possibility of greater earnings. Moreover, the bullish divergence remains intact. If the altcoin rises above the $1,650 level, the next important resistance lies at $2,400. The most likely expectation is that the MKR price will continue to rise in the near future. The nearest target is $1,600, while the higher target is $2,400.
This view will be invalidated if the price breaks below the previous local high of $1,380. In this case, it is possible for the altcoin price to fall below the support line of the ascending triangle at $1,150.
BNB price prediction: A bullish formation has formed for the altcoin
The daily time frame technical analysis gives a more bullish outlook for BNB compared to the weekly one. The main reason for this is the formation of a double bottom formation (green symbols) between August 22 and September 11. Double bottom is a bullish formation. So it usually leads to breakages. Additionally, the altcoin price formation has combined with a bullish divergence in the RSI. A bullish divergence occurs when a price decline is accompanied by an increase in momentum. It usually indicates that the uptrend is starting to reverse.
Despite these bullish signs, the altcoin has yet to break out of a descending resistance trend line. It has to do this to confirm that the uptrend is reversing. If a break occurs, it is likely to reach the $255 horizontal resistance area. This represents a 25% increase for BNB from its current price.
TWT price prediction: Will the altcoin price reach $1?
Technical analysts use Elliott Wave theory as a tool to identify recurring long-term price patterns and investor psychology that help them determine the direction of a trend. A closer look at the Trust Wallet Token wave count supports the validity of the continued increase. This can be seen in the distinct, three-wave structure of the B wave. This indicates that the price is either in wave C or has started a new upward impulse.
Giving A:C waves a 1:1 ratio would lead to a $1 high just above the main horizontal resistance area at $0.97. This is 10% above the current altcoin price. RSI also gives a bullish sentiment. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell an asset. Data above 50 and an upward trend indicates that the bulls still have the advantage. However, data below 50 indicates the opposite. The indicator is now above 50 (green circle) and rising. Hence, both are signs of a bullish trend.
Despite this bullish TWT price prediction, a break below the September 12 high or $0.83 (red line) would mean the local top is within. In this case, a 20% drop to the $0.72 region is likely based on the future price outlook.
The predictions in the article belong to the analysts and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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