Three cryptocurrency analysts evaluated altcoin prices. Accordingly, they discovered that 3 cryptocurrencies signaled bullish and one coin gave a bearish signal. According to analysts, investors should pay particular attention to certain price levels of these digital assets. These levels include demand zones where the uptrend will end or be invalidated.
“These 3 altcoins are giving bullish signals”
Ethereum (ETH), Ripple (XRP) and Terra Classic (LUNC) are giving bullish signals according to altcoin Sherpa and 2 other analysts. According to them, these cryptocurrencies seem to witness great price increases in the coming period. However, Sherpa also shares its bearish expectation for a coin. Accordingly, the analyst warns his followers that a drop in the price of Binance Coin (BNB) may begin. Now let’s move on to the predictions.
“Ethereum (ETH) will see $1,500”
Altcoin Sherpa shared his predictions for Ethereum’s next move. According to him, Ethereum (ETH) will rise as high as $1,500 before November. The analyst’s near-term rally forecast means a 13.2% rise from the current price level. Saying that these levels will be reached by November, the analyst states that he has no idea what will happen next. At the time of writing, ETH is down more than 2%, changing hands at $1,325, Sherpa said:
“I would argue that the ethereum price is still at a relative bottom. In my opinion, the next big move will be at $1500. But after that, I have no idea.”
“Terra Classic (LUNC) could double its price in October”
LUNC price traded intermittently throughout October, causing investors to question where LUNC is headed next. After an impressive 3-fold rally in September, LUNC is down 70%. If market conditions continue, a sharp move will most likely begin. The altcoin is currently trading at $2.49. The downtrend revealed a consistent tapering pattern on the Volume Profile Indicator. The pattern shows that the strength of the downtrend is decreasing. The bulls have gained support on the RSI indicator on both the hourly and daily charts.
Putting these factors together, a rally towards the $5.00 congestion zone is possible. A break above the $2.80 high is crucial. Such a breakout will be the catalyst to trigger the bullish rally. This will result in a price increase of close to 100%. On the other hand, it is possible that the price will decrease. If the bears take Terra Classic below the $1.96 lows, the price will drop as low as $1.75. Ultimately this will lead to a 35% collapse.
“Ripple (XRP) is preparing for a big leap”
Until mid-September, XRP had been sideways below $0.38 for almost four months. However, from mid-September, the price of XRP has soared. The altcoin has revealed consistent gains, which also helped it break its 18-month downtrend. However, despite multiple attempts, Ripple failed to convert the downtrend line to support. However, the recent 59% rally raises the possibility for higher levels.
The rally also led XRP to retrace the 50-day (red), 100-day (blue), and 200-day (green) Simple Moving Average (SMA) as support. The 200-day SMA is back for the first time since December 2021, when it last acted as support. Therefore, it is extremely important for the price. The continued bullishness is fueled by the lawsuit that was once the cause of XRP’s decline. The SEC lawsuit is on investors’ radar due to the summary judgment scheduled for December this year. Therefore, it is possible for the altcoin price to rise further as the decision approaches.
“Binance Coin (BNB) is at risk of collapse”
cryptocoin.com As we have reported, Binance recently witnessed a hacking attack. The attackers disappeared, stealing hundreds of millions of dollars from Binance. Therefore, analysts say that Binance Coin (BNB), the native token of the ecosystem, may not be a good investment right now. Altcoin Sherpa addressed this issue in a tweet he shared. The analyst said that BNB is not the best investment for now. However, he also noted that the token’s techniques remain good:
“Clearly, the talk about BNB is going on right now. In fact, terrible things are being talked about. Probably not buying this would be the best decision for now. But from a pure technical analysis standpoint, exponential moving averages and support/resistance exchange are fine to enter this token. Anyway, I still have a wallet that I keep in BNB.”
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