According to crypto analyst Raghav R, SXP may break next week to set a new ATH. Analyst Filip L says that ATOM has entered the accumulation phase, but the altcoin price may rise 30%. The analyst also thinks that CHZ has set the stage for the 40% rally. Finally, according to analyst Lockridge Okoth, it is possible for DOGE to rise above 20%!
This altcoin can be broken to set a new ATH
Solar (SXP) price is down 4.92% in the last 24 hours, according to CoinMarketCap. As a result, the altcoin’s price stands at $0.574 at the time of writing. SXP has also weakened against crypto market leaders Bitcoin (BTC) and Ethereum (ETH) in the past 24 hours. Currently, SXP is down 2.61% against BTC and 1% against ETH.
There is currently a descending triangle chart formation on SXP’s daily chart as the altcoin hits its lowest levels in the last 2 weeks. At press time, the crypto price is trading at the top of the chart pattern, suggesting that it may break soon. Additionally, the crypto price is also trading close to its 24-hour low of $0.5703.
Technical indicators on the daily chart of SXP suggest that this breakout will be on the downside as the daily RSI indicator is bearish and the 9-day EMA line is bearish from below the 20-day EMA line at pressure. If the chart pattern is confirmed, the price of SXP will drop to the next key support level at $0.4716 in the next 24 hours.
On the other hand, if the price of SXP can climb above the chart pattern in the next 24 hours, it could rally to $0.7296 in the coming days. A break above this level will likely give SXP price a clear path towards its all-time high near $0.941. A rise in altcoin price above $0.941 will likely result in a rally for crypto SPX price.
‘ATOM, which works with the logic of ‘what goes down must go up’
Cosmos (ATOM) price action has seen the bulls burn their toes with a bull trap of $13 as they attempt to break the red descending price border on the upside. The altcoin price quickly retreated after the hiatus as the bears overhauled the bullish attempt. This was followed by a quick sell-off where the trio of monthly pivot, 200-day and 55-day Simple Moving Averages (SMA) stopped in a joint collaboration.
ATOM bulls will also have noticed that the RSI is about to be oversold and this opens up a lot of room for the bulls without much resistance on the upside. With the amount of new bulls entering the price action, it is possible for Cosmos to rise significantly strong enough to break the $13 bearish line. From there, it will be a single line up to $15.
The bulls can withstand another 6% loss once the altcoin price drops a bit more to test if the green ascending trendline is still there for support. However, if the rally proves to be no longer viable, a break below the same green ascending trendline will set in motion a wave of sell orders. ATOM will spiral down and could explode 30% towards $8.50.
This altcoin bulls are resistant output
Chiliz (CHZ) price could be labeled highly resistant as the bulls were able to sustain a 10% drop on Wednesday after hitting the bottom of the bullish triangle at $0.1430. Acknowledged as there is still room to move around and build pressure, a bit too preemptive for a breakout anyway. While the green ascending trendline is doing its job nicely, pressure will soon build up again as CHZ continues to rise.
CHZ will thus bounce further from the green ascending trendline, putting pressure against the $0.1430 baseline for a breakout. Pay attention to the gap warning, $0.15, where the 200-day Simple Moving Average might struggle a bit. Once this is surpassed, it will be smooth sailing towards $0.1770 with a 40% gain.
An ascending triangle can become a bit of a problem on the upside as a double top is already forming. Just above that is the monthly R1 resistance level. Breaking $0.1430 will be very difficult and may even trigger an even deeper sell-off as seen on Wednesday. If the green ascending trendline is broken, CHZ could pull back towards $0.12 to find support near the monthly pivot.
DOGE price is ready to explode!
Dogecoin price could explode after the Starship launch scheduled for April 20 after a three-day delay due to a frozen pressure valve in the booster stage. While the launch may still be delayed, the DOGE community remains hopeful and will likely remain the same after the event. This means that the meme coin can still be showcased, as was the case at the Texas Gigafactory launch event. At that time, more than 15,000 guests saw a Doge mascot of drones appearing in the sky.
The expected rise for the Dogecoin price is interpreted as analysts predicting an increase in buyer momentum for DOGE, which could initiate the price increase. cryptocoin.comAs you follow, at the height of the fall, the altcoin rose almost 10% after the assurances given by SpaceX that all was well.
For now, the altcoin seems to be poised for a breakout while giving investors a chance to buy DOGE at low prices. The buying pressure could increase Dogecoin price to face the $0.10 resistance level ahead of a possible neck to $0.11. Such a move would mean an increase of about 25%. In a fairly bullish case, DOGE could reach further to tag the $0.12 resistance level and create a 40% rally from the current price.
On-chain metric supporting the bullish thesis for altcoin price
IntoTheBlock’s Global In/Out of the Money (GIOM) on-chain metrics support the bullish narrative for Dogecoin price. This fundamental index defines the average purchase price of investors against the current price of a cryptocurrency. The statistical model analyzes crypto addresses (wallets) that buy at an average price above or below the current market price.
Solid support is to the downside in the $0.05 to $0.07 range, according to the GIOM index. Here, approximately 519.530 addresses purchased 44.73 billion DOGE at an average price of $0.06. Also, Santiment data shows that interest in Dogecoin has increased in the last three months and there has been a significant growth in the network. Network growth helps measure the number of new users joining a cryptocurrency ecosystem.
In general, increased network growth leads to higher prices for any project over time. Still, the altcoin price may face selling pressure that will challenge the bullish thesis. Losing the $0.08 support level could send the meme coin to revisit March lows around $0.07.
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