Bitcoin’s price rally above $44,000 has supported increases in altcoin prices as various assets have a relatively high correlation with BTC. Throughout December, large wallet holders of different altcoins accumulated and moved their tokens from exchanges. It also reduced selling pressure on these assets, paving the way for higher earnings as the year ends. Crypto analyst Ekta Mourya highlights three altcoin projects that are likely to take off.
Phantom price prediction: Altcoin in critical demand zone
According to IntoTheBlock data, Fantom price currently stands in a key demand zone between $0.4456 and $0.4874, where 3,666 addresses have accumulated 674.42 million FTM tokens. Once the token breaks out of this zone, FTM price is likely to rally higher without any major resistance in its path. If Bitcoin price remains above $44,000 and the asset’s outlook remains bullish, the altcoin price could rise to $0.7990, which is the upper limit of the resistance zone where 7,710 wallet addresses acquired 61.6 million FTM tokens.
Polygon price prediction: MATIC now targets $0.91
The altcoin has recovered from its recent decline from the local peak of $0.9831 reached on November 14. Therefore, MATIC price is likely to rise towards the $0.91 target. Following this rise in MATIC price, the altcoin experienced a correction. However, the token price recovered thereafter. This pattern repeated itself. Thus, MATIC price is now poised to fight the $0.8669 resistance.
The 38.2% Fibonacci retracement level of the altcoin price decline from the February 18 high of $1.5675 to the June 10 low of $0.5121 corresponds to $0.91. Once MATIC price turns this resistance level into support, there is no major obstacle to the rise.
However, the 50-day Exponential Moving Average (EMA) value of $0.7890 is important here. Because if the daily candlestick closes below this level, the color of the situation changes. In this case, the bullish thesis for the MATIC price is invalidated.
Dent price prediction: DENT on the stock exchanges is at the bottom levels
According to Santiment data, DENT supply on exchanges has reached its lowest point in the last 12 months. While the total supply of the token has decreased to 51.21%, the price continues to rise. According to on-chain measurements, the altcoin price has increased by 53% in the past month. Therefore, the cryptocurrency’s gains are likely to continue.
Meanwhile, Network Growth, a key on-chain metric that helps determine whether an asset’s gains are sustainable, is increasing along with the altcoin price. This supports the rally for DENT.
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