According to crypto analyst Akash Girimath, Dogecoin (DOGE) has just made a breakthrough, possibly 20% gains on the way. Analyst Tony M says the bullish rally for Chainlink (LINK) is due to these factors. The analyst is also looking at whether Ripple (XRP) can push the rally to $0.50. We have compiled analysts’ predictions for Binance altcoins DOGE, LINK and XRP for our readers.
“Dogecoin can continue to rise if”
Dogecoin surpassed the $0.0894 and $0.0861 resistance area after two weeks of unsuccessful attempts. This push came as the daily candlestick rose around 7% on November 25. If DOGE stays above this level, it will indicate a resurgence of buying pressure. Also, it will initiate the ascension. The most likely level for the bulls to target is $0.1125, which is a support level between October 30 and November 7. Therefore, investors who want to take profits on the Dogecoin rally can do so at this hurdle.
After two weeks of unsuccessful attempts, the 50 level, i.e. the Relative Strength Index (RSI), rising above the midpoint, supports the situation for DOGE. This move indicates that the bullish momentum is returning and is likely to continue. In such a case, the bullish outlook noted from Dogecoin price action is likely to occur. Also, the last week of the month is usually variable. Therefore, investors can expect a quick 20% move from the Binance coin DOGE.
While things are getting better for Dogecoin, a loss of the $0.0861 support level will invalidate the bullish view. This move creates a narrative change, forcing holders to empty their holdings. In such a case, it is possible for DOGE to revisit the $0.0813 support base.
Binance coin Chainlink (LINK) rally depends on these factors
cryptocoin.comChainlink is worth a close watch, as you follow. As of November 25, the altcoin has regained 27% of its market cap after the month-long decline. LINK is currently trading at $6.84, just below the 21-day simple moving average (SMA). The 8-day exponential moving average (EMA) has been drilled without retesting. Thus, it led to a rally at the SMA, where the price was consolidating. A break through the SMA is likely to result in an additional 40% increase towards the monthly high of $9.48. The Volume Indicator shows that bulls will likely have a hard time doing this as trades remain spare during the 27% uptrend move.
The Relative Strength Index shows a bearish cross between the current price and the previous uptrend. Keep in mind this and the fact that candles are getting smaller and smaller during the rally. Accordingly, it is quite possible that the 8-day exponential moving average will be realized at $ 6.20. If the indicator fails to hold as support, sweep bottoms targeting $5.52 becomes a strong possibility.
The bearish view is invalidated if the bulls conquer the top of the daily candle that pierced the 21-day SMA at $7.50 earlier in the month. A break above $7.50 will give more confidence that a 40% rally to $9.48, the month high, has begun.
Is it possible for XRP to rally to $0.50?
Ripple price has applauded retaliation for the market’s downside fall. On November 25, the altcoin increased its value by 17% week on week, consolidating above a broken trading range. Meanwhile, XRP is currently trading at $0.40. The bulls’ breakout of the 8-day exponential and 21-day simple moving averages indicates that the countertrend attempt is real. The Relative Strength Index re-conquered the supportive area after breaking through oversold levels earlier in the month. The Volume Indicator, however, shows a lack of confidence in the uptrend.
If the market is indeed bullish, the first of the key altitude levels to target is $0.44, the broken support zone. It will then be the November high of $0.50. As November enters the last trading weekend, it is possible that volatility will increase enough to support the sharp rise.
The invalidation of the bullish thesis is due to the breach of the 8-day exponential moving average in the recently broken $0.38 consolidation range. If the bears tag the barrier, the bulls will likely succumb to the pressure in the range. The potential to tag the lower half of the range near $0.32 would then have a fair chance of happening. If the invalidation scenario happens, the XRP price will lose 20% of its market value.
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