Crypto analyst Rakesh Upadhyay says the four altcoin projects are showing bullish signs as Bitcoin battles to hold $28,000. The analyst discusses these four altcoins and explains their goals.
4 altcoins to watch this week…
Ripple (XR): Bulls hold their ground
XRP broke above the overhead resistance of $0.43 on March 21. The bears tried to trap the aggressive bulls by pushing the price below the moving averages, but the bulls held their ground.
Buyers are trying to push the price towards the overhead resistance of $0.51. If the bulls break this hurdle, XRP could attempt a rise to $0.56. This level is likely to witness aggressive selling by the bears. But if buyers bulldoze, the next stop could be $0.80.
Another possibility is for the price to drop from $0.51. During the pullback, if the bulls turn the $0.43 level to support, this will indicate that the sentiment has turned positive. This will increase the probability of a break above $0.51. The critical support to watch on the downside is $0.40. If this level gives way, the next support is $0.36.
The 4-hour chart shows the bears trying to defend the 61.8% Fibonacci retracement level at $0.46 and the bulls buying dips to the 20-EMA. This shows the balance between bulls and bears. If the price stays above $0.46, it will show that the bulls are taking control. XRP could then attempt to rise to $0.49, where the bears could once again form a strong defense. On the other hand, if the price breaks below the 20-EMA, the altcoin could drop to $0.43 and then to $0.40.
Litecoin (LTC): Showing signs of strength
cryptocoin.comAs you follow, most major altcoins are struggling to start their recovery. In this environment, Litecoin is showing signs of strength. The 20-day EMA ($86) has started to rise and the RSI is in the positive zone, giving buyers an advantage.
LTC could rise to $98 first and then retest the strong overhead resistance at $106. This is an important level to watch because if it breaks down, the pair could rally to $115 and then $130.
Alternatively, if the price drops sharply from $106, it will indicate that the bears are active at higher levels. The altcoin could then drop to the 20-day EMA. If the price bounces back from this level, it will show that the sentiment remains positive. The bulls will then make another attempt to continue the upward move. The first sign of weakness will be a break and close below the 20-day EMA. This could open the doors for a drop to $75.
The rebound from the 20-EMA on the 4-hour chart shows that the bulls see the dips as a buying opportunity. The bulls will attempt to push the price above $96 and extend the upward move towards the overhead resistance at $106. Conversely, if the price breaks below the 20-EMA, it will indicate that the bullish momentum is weakening. The altcoin may then descend to the uptrend line. This is an important level for the bulls to defend because if it breaks, LTC could drop to $75.
Monero (XMR): Trying to climb higher
After trading close to the moving averages for a few days, Monero broke free and is attempting to climb higher.
The 20-day EMA ($153) has started to rise and the RSI is in the positive territory, indicating that the buyers are at an advantage. There is a minor resistance at $170, but if the bulls clear this hurdle, XMR could pick up momentum to $187 and then $210.
The moving averages are expected to provide support during pullbacks. A break and close below the 200-day SMA ($150) could tip the tide in favor of the bears. The altcoin could then drop to $132.
On the 4-hour chart, the 20-EMA is rising and the RSI is in the positive territory, indicating that the bulls have the upper hand. XMR could reach $169, where the bulls may again face stiff resistance from the bears. However, on the downtrend, if the bulls do not allow the price to drop below the 20-EMA, it will increase the probability of a rise above $169. If this happens, the altcoin could climb to $180 and later to $188. The first sign of weakness will be a break and close below the 20-EMA. This could open the doors for a possible drop to the 200-SMA.
Avalanche (AVAX): Lower levels attract buyers
The bulls have successfully held AVAX above the moving averages, suggesting that lower levels are attracting buyers.
The price has been consolidating between $18.25 and the 200-day SMA ($16.05) for the past few days, but this range-bound movement is unlikely to continue for long. If buyers push the price above $18.25, AVAX will attempt to push higher to $22, which could face strong selling from the bears.
This positive view will be invalidated in the near term if the price drops and stays below the 200-day SMA. The altcoin could then drop to $15.24 and then to $14.
The bulls successfully defended the downside $16.25 level but failed to push AVAX above the resistance line. This shows that the bears are not giving up and continue to sell in the rallies. The flat 20-EMA and the RSI near the midpoint offer neither buyers nor sellers a clear advantage. This uncertainty could turn in favor of the bulls if they clear the resistance line. The altcoin could then start the next leg of the recovery at $20 and then $22. A break and close below $16.25 will turn the advantage in favor of the bears.
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