These 3 Altcoins Are Ready for a Bull Run!

Crypto analyst David predicts that the leading altcoin price will make another 20 percent move. Analyst Valdrin Tahiri says MATIC has the potential to make around 2X. Analyst Akash Girimath, on the other hand, expects a 15 percent run from INJ.

ETH Price prediction: The leading altcoin is ready to rise another 20%!

Ethereum (ETH) price broke the long-term resistance zone at $2,050 at the end of November 2023. After this process, it remained above this region for several weeks (green arrows). This shows that the bulls are actively buying on small dips, expecting the uptrend to continue. Indeed, the altcoin price has risen. Thus, last week it closed its weekly candle above the local high of $2,720, indicating the continuation of the uptrend.

Meanwhile, the weekly RSI (Relative Strength Index) has broken above the bearish divergence line (red line). Moreover, it rose to overbought territory. This shows that the bulls have complete control over the market. Therefore, ETH is likely to continue rising towards the long-term resistance zone at $3,500. This means an increase of 20.22% from the current price.

ETH/USDT weekly chart. Source: TradingView

MATIC price prediction: Is $2 on the cards?

Analysis for Polygon on the 3-day time frame also gives a bullish reading that supports the weekly one. This is due to price action, wave count and RSI data. Price action shows MATIC approaching the top of a long-term range (white) at $1. This range has been around since July 2022. The wave count indicates that a breakout will occur. Technical analysts use Elliott Wave theory to determine the direction of a trend by examining recurring long-term price patterns and investor psychology. The most likely count has MATIC in the third wave of a five-wave uptrend.

Finally, the 3-day RSI recently broke above 30. This also supports a breakout. If we give the first and third waves a 1:1 ratio, it would lead to a high of $1.55, 55% above the current MATIC price. If the third wave extends to 1.61 times the length of the first wave, it could reach $2.05, a 110% increase from the current price.

MATIC/USD 3-Day Chart. Source: TradingView

Despite this bullish MATIC price prediction, a rejection from the higher range changes things. In this case, it is possible that the Altcoin price will see a 30% drop to the middle of the range at $0.70.

INJ price prediction: 15% upside potential for altcoin

Injective (INJ) price created a range of $31.09 to $43.40 in the ongoing two-month consolidation. Within this narrow range, INJ has produced lower highs that can be connected using a trend line, revealing a descending resistance level that has yet to be overcome. However, the midpoint of the range, $37.25, has already become a support level. This is a positive development for the bulls.

Going forward, the altcoin price must remain above $37.25 and breach the descending trend line to initiate a move to retest the $43.40 high range. This move will yield a gain of close to 15% for investors. Meanwhile, the Relative Strength Index rose above its average level of 50. Thus, INJ added more confidence to the bullish outlook. The Awsome Oscillator also started producing green histograms above the zero level. This shows the dominance of bullish momentum.

INJ/USDT 12-hour chart

Investors should be wary of a potential reversal in Bitcoin price. In such a case, if INJ makes a close below $34.15 on the twelve-hour candlestick, this would create a lower low and invalidate the bullish thesis. Under these pessimistic conditions, it is possible for the altcoin price to decline by 9% to $31.09.

The opinions and 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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