According to crypto analyst Filip L, dark clouds are hovering over Polkadot (DOT). The analyst also says that Tezos (XTZ) price is nearing the end of the game in the bearish triangle. According to another analyst, Akash Girimath, it is possible for Litecoin (LTC) to crash 65% if its bearish fate occurs. We have compiled analysts’ analysis of these three altcoin projects for our readers.
“Kata clouds are circulating on altcoin”
Polkadot sees dark clouds forming over price action as geopolitical forces and central banks squeeze the market once again. While Putin saw the West as a threat to Russia, he called for mobilization to send about 300,000 troops to Ukraine. It also put the use of nuclear weapons on the battlefield back on the table. Cryptocurrencies are generally in the background this morning. This, cryptocoin.comInclude the Fed rate hike meeting, which you will follow from . There is no silver lining in sight for now.
The lower highs in the DOT price are a perfect reflection of that sentiment, with the bulls sinking into the mud as the bears overpowered them. A break below $6.23 is possible in the near future. In case of a tight close below, more downside risks are likely. If current elements continue to develop in a negative direction, $1.42 is likely by the end of the year.
A few tail risks keep price action quiet. However, the Relative Strength Index showed a minor jolt today. So there seems to be a small buy at $6.23. If the Fed falters less than usual this evening, we expect to see a possible rally. Such a result would likely mean that DOT will go to $7.00.
“XTZ sailed for $1.19”
Tezos tried to test the descending trendline of the bearish triangle for the fourth time today. However, he was unable to rise above it once again. Price action is not going anywhere right now. While this morning’s rhetoric has been quite harsh, it is proving that the bulls are somewhat reluctant to give up their positions. We expect a rapid bearish move towards $1.40 in Tezos after the Fed’s announcement this evening.
A catalyst for the altcoin will likely be tonight’s Fed decision. Otherwise, it will continue to move in a bearish triangle until the price pulls its action to the floor. $1.40 looks ready to break. Then there isn’t much room between the 2022 low of $1.40 to $1.19. Therefore it is at risk. A new low push for 2022 is possible if the bulls are fully sold out. With its relative Strength Index (RSI) still quite high. So there is still enough room until you reach the oversold area.
There are also too many bullish signals to filter out from current events in the markets or from a technical point of view. Despite this, one element stands out that should be taken as a bullish sign. Price action since Monday has been trading much smaller. With the highest highs and lows since Monday, a breakout is possible with a penetration towards $1.60 on the rise.
“Litecoin price shows its hand”
Litecoin fell roughly 64% between April 1 and June 12. Which brought it from $128 to $51. This steep correction was followed by a recovery phase that boosted LTC by 62% in the next three months. Thus, Litecoin price action between April and September led to the formation of a bearish flag on the charts, a bearish continuation pattern, signaling further losses ahead. As the name suggests, the pattern looks like a flag on a pole, only in the case of the ‘upside down’ fall version.
In this case, the 64% retracement was the flagpole, while the 62% recovery rally in the form of higher highs and higher lows formed the flag. The setup shows that the bearish trend for Litecoin price will continue. For this technical model, we achieve the goal by measuring the height of the flagpole and estimating it from the bottom of the flag. It reveals that starting from a breakout point at $55, it is likely that LTC will drop to $19.74. However, a conservative target would be $24.
Market conditions suggest that investors should beware of liquidity at $41.68 and below. If Litecoin price drops below this level and quickly recovers, investors should consider putting an early end to the downside.
On the other hand, if Litecoin price produces a daily candlestick above $64.43, the midpoint of the $54.40 to $74.47 range, it would indicate a weak sell-side camp. Moreover, this move will allow the bulls to take control. It will therefore invalidate the bearish thesis for LTC. In such a case, market participants can expect the altcoin price to attempt to retest the high range at $74.47.
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