The rising excitement in the cryptocurrency market has left its place to uncertainty and anxiety. In this environment, analysts expect downward price action for 4 altcoins.
Whale withdraws 2T PEPE
On-chain analytics platform Lookonchain has revealed that a whale has withdrawn 2 trillion Pepe (PEPE), which is estimated to be worth $3 million, from Binance in the past 48 hours. This isn’t the first PEPE shot by a whale. Because, the platform shared that it has withdrawn 3.94 trillion PEPE from Binance on June 27 and July 5, 2023.
At press time, the altcoin price has dropped 1.38% in the last 24 hours, according to CoinMarketCap. As a result, PEPE was changing hands at $0.000001477. Not only has the altcoin weakened against the US Dollar, it has outperformed the two market leaders Bitcoin (BTC) and Ethereum (ETH) in the past 24 hours. PEPE tumbled 0.97% against BTC and 1.28% against altcoin leader ETH. This means that 1 PEPE is worth around 0.000000000049 BTC and 0.000000000787 ETH at press time.
Analyst Steven Walgenbach takes a technical look at PEPE. PEPE was holding a key support at $0.0000014482. According to the analyst, if PEPE closes its daily candle today below this main price point, it is at risk of falling to the next important support of $0.0000013586 in the next 24-48 hours.
This altcoin may be set for a ‘halving’ sale!
cryptocoin.comAs you follow, one of the most anticipated events in the crypto ecosystem is the Litecoin halving. The event will most likely take place in early August. Based on the hype that has accompanied the halving event over the past few months, analyst Ali Martinez hints that the network event may have a different outcome than expected.
According to the theory presented by the analyst, the halving event could be a “Sell the News” event. It says that an increasing number of new addresses are being created on the network. It also states that more than 690,000 of these addresses have been created recently. According to his observations, a significant price correction is known to follow every time the number of new Litecoin addresses exceeds 350,000 over the past five years.
Based on this reasoning, he believes Litecoin investors may be waiting for the right path to sell their bags following the predicted price increase in LTC post-halving. In the past few weeks, many have predicted that Litecoin will record a massive price increase. Because the deflation that the halving will bring, combined with the increasing demand for cryptocurrencies, would create an excellent basis for price increase in the medium and long term.
This altcoin will weaken against BTC, ETH and USD
In his latest analysis for Cardano, analyst Benjamin Cowen predicts that the altcoin will continue to decline in the coming weeks. The bearish outlook for ADA is mainly due to the continued decline in overall liquidity for the crypto market. Cowen predicts that if ADA’s current downtrend continues, ADA/BTC will drop as low as 400 satoshis (0.000004 BTC). On the other hand, if there isn’t a huge amount of selling pressure during this time, ADA predicts that the BTC pair will continue to consolidate between 800 and 1,200 satoshis in the coming weeks.
Meanwhile, Cowen notes that ADA has continued to weaken against its biggest rival Ethereum (ETH) over the past few weeks. The analyst says that ADA/ETH is in a bearish trend. He also shares that he has printed lower lows and lower highs during this time. At the same time, he does not believe that this downtrend will be broken anytime soon.
The analyst states that confirmation of ADA’s exit from its negative medium-term trend will be when it closes a weekly candle above the 20-week EMA line and then maintains a position above this technical indicator for several weeks. In terms of altcoin price, he says it is around $0.33-0.34.
MATIC price faces 30% drop
Analyst Valdrin Tahiri sees decline in technical drawing for MATIC. Analysis of MATIC’s weekly time frame gives a negative outlook. The main reason for this is rejection from the horizontal $0.80 resistance area. The area had provided support since July 2022 and has turned into resistance in the past two weeks. Price formed a long upper wick (red icon) during the rejection. This is a sign of selling pressure as it means buyers are unable to push the price up. Instead, sellers took over and pulled MATIC below the resistance area.
Also, the weekly Relative Strength Index (RSI) is bearish. An RSI value below 50 is a sign of a bearish trend. Similar to the weekly chart, the daily chart also provides a bearish view. The main reason for this is the presence of an ascending parallel channel, which is considered a bearish pattern. Therefore, a breakout of the channel is the most likely future price scenario.
Also, MATIC is trading at the bottom of the channel. This further increases the likelihood of a breakout. However, the daily RSI is yet to confirm the bearish bias. While the indicator is falling, it is still at the 50 line, allowing for the possibility of a bounce. If a breakdown occurs, the next closest support will be at $0.60.
Despite this bearish forecast, a strong bounce at the support line of the channel will change the color of the business. In this case, it will show that the MATIC trend is in an uptrend. Thus, it is possible for the price to move to the resistance line of the channel at $1.
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