This year, despite a series of high-profile bankruptcies, it was good news that individual investors were growing their Bitcoin balances. The altcoin market, on the other hand, cannot gather volume except instant independent rallies due to intense competition. Technical analysts are worried that this shortcoming will have an impact on the market giants.
Jason Pizzino says sales are imminent for these three altcoin giants
The prominent crypto analyst mentioned in his latest Youtube video that Polygon (MATIC) could drop more than 30% from current levels. cryptocoin.com As we have mentioned, MATIC became one of the permanent names of the top 10 thanks to Meta, StarBucks and Disney partners during the year. Despite these improvements, Pizzino presents a technically pessimistic outlook for MATIC:
The MATIC holds relatively well between $0.70 and $1.00. However, with lower tops forming on the weekly chart we are now starting to get that slight breakout… I will probably put some stops below the $0.70 level. Because that could pull us back to these $0.57 highs and potentially test some lows between $0.30 and $0.40. But gradually. These lows break here and it will likely bounce back to the mid $0.50 to $0.60 level on the MATIC.
Left (LEFT)
After glancing at Solana, the analyst said that the altcoin project did not fully recover from FTX’s bankruptcy. On the technical side, he mentioned that the SOL price could drop to the $8 to $9 range. Solana is trading at $11.79 at the time of writing. After FTX’s bankruptcy in November, it moved away from the top 10 by market capitalization. Here are Pizzino’s technically up-to-date comments:
For Solana, we were looking at a slow grinding area for the market to hold $12, $13 or $14 here. However, it seems to be trying to test this low again at $11. Otherwise, this could be a healthy recovery above the $25 level if FTX could bounce pretty quickly after the scandal. However, still, this will likely bounce back… Coming back to the lows, somewhere between $8 and $9, you start taking a loss of about 97%.
Cardano (ADA)
Lastly, Pizzino handled Cardano’s chart. He said ADA will visit new lows below $0.20 before finding permanent support. According to the analyst:
I would take a closer look at the $0.20 region… We will wait to see if a bottom is formed at the end of this and then there is an upside break… Basically we are sitting in neutral territory for ADA right now. So there will be a little more pain here in the weeks and months to come.
Dogecoin price drops
On the other hand, Dogecoin, one of the permanent names in the top 10, has proven to be still fragile, down 15% from last week. Dogecoin also confirms the alarming technical data reported earlier in the month. While smaller timeframe trends point to the downside, the hawkish tone from the last Fed meeting suggests volatile markets are particularly vulnerable. Technical analyst Tony Montpeirous says that in a situation where bears take the stage, Dogecoin price may revisit the 0.060 region.
On the weekly timeframe, DOGE hovers just above the key liquidity zones created on November 9 and 23. On both days, the bulls have succeeded in their mission to project DOGE into higher price levels. The November 9 low of 0.070 led to a 45% rise to the $0.094 area. On November 23, the bulls recorded a higher low (HL) at $0.071. Days later it brought a 56% rally to the $0.110 region.
At the time of writing, DOGE price is trading between the 100 and 200-day SMA. The curling of smaller timeframes suggests DOGE will soon make another explosive move. A breach below $0.071 could trigger a free fall with bearish targets at $0.060 and $0.051. If the bears are successful, analyst Montpeirous predicts a 30% drop for the Dogecoin price.
On the other hand, Dogecoin has not yet broken the critical $0.070 support level. Therefore, the charts may follow closely for an alternative bullish scenario. A break above the 100-day SMA at $0.076 could provide a countertrend increase with the 50-day variant targeting $0.0972. If the bulls are successful, the DOGE price will increase by 20%.
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