While movements are seen in the crypto money market, analysts share altcoin projects that they see as rising potential.
Three well-known altcoins that investors should watch out for
According to crypto analyst Danielle du Toit, there could be good news for altcoins as long as Bitcoin (BTC) price stays above its current level. Some people believe that the best performing altcoins under these conditions will be Ethereum (ETH), Cardano (ADA) and XRP. The analyst takes a look at these altcoins.
The price of ETH is trading inside a falling wedge pattern. However, this can be considered as largely bullish in the near future. Although the altcoin is expected to likely face rejection and reach support lower, this could trigger a giant price action. A downtrend and rejection of the resistance could push the price back into the wedge, but the bulls that this pulls in could push ETH price to $1,800.
ADA is currently stuck in a descending parallel channel. However, it maintains the average levels of the channel. The altcoin’s price is also testing the upper resistance of the channel, which means the rejection is a reality and the ADA price could drop drastically. If that’s the case, ADA will likely retest lower support. However, this may be followed by an increase in price. If the bulls are strong enough, they can push the price high enough to break the upper resistance of the channel.
Even after showing strength throughout January, XRP price is currently facing resistance at $0.4096. A prolonged bearish move could bring the price of XRP down to $0.4 in the coming days, and then a rebound could see the altcoin price towards $0.5.
Bitcoin exit imminent?
The analyst, nicknamed Rekt Capital, says that Bitcoin (BTC) may continue its uptrend as he closely monitors the projects of Litecoin (LTC) and three Ethereum-based (ETH) altcoins. The analyst expects BTC to continue to rise as long as the dominance level successfully tests a significant level. In this context, he makes the following statement:
A close monthly BTC Dominance above the high resistance range could prepare BTCDOM for a retest. A successful retest there and BTC Domination will revisit the black wedge peak to make a decision on the macro trend.
However, the analyst states that if it does not close above the current resistance level, it is possible for the leading crypto to go in the other direction and uses the following statements:
To provide a chance for a higher breakout, BTC should ideally close above the blue ~$23,400 monthly resistance. Otherwise, BTC could drop into this ~$20,000-$23,400 range to consolidate here for a few weeks.
Predictions for Litecoin and 3 Ethereum-based altcoins
Moving on to altcoins, Rekt Capital brings Litecoin to the fore. The analyst says that the BTC alternative is now poised to ignite an upside rally:
LTC is off its monthly flag. It’s in a good position to confirm this breakout, right after the monthly close.
The analyst also notes differences in trader responses to Litecoin’s current prices. Rekt Capital says:
It is clear that there is a very different reaction to LTC at these prices. In the past, LTC has either failed a post-flight retest from the green zone (before 2018) or failed a fake escape (2020). This time, however, LTC has exited the Bull Flag continuation pattern.
The analyst then brought up Chainlink (LINK), saying that he expects it to rise to the $20 level again over time. He explains his views on this matter as follows:
LINK follows the blue path beautifully. LINK has so far recovered +13% from $6.27 in black. It may revisit the above black range over time.
Rekt Capital later moves to Ocean Protocol (OCEAN). The analyst says that if OCEAN fails to break through a key resistance zone, it could halt the rally it started in mid-2022:
OCEAN/BTC continues its rally and approaches the merger resistance where the black diagonal and blue range are high throughout the year. Especially if upside wicks form beyond this area, its price is likely to be rejected from there.
What’s on the analyst’s radar is Coti Network (COTI), the decentralized payments platform behind Cardano’s new stablecoin Djed, the left-hand altcoin. Rekt Capital says the network has just finished retesting a crucial area and is about to see if it can beat the next one. He records the following:
COTI is successfully retesting this as support at 1HR by going beyond the red diagonal resistance. COTI has since climbed into the high resistance (orange) range. Weekly close beyond the red diagonal could set COTI to retest as support in the future.
Analyst says two altcoins are ‘going through the roof’
Popular analyst Michaël van de Poppe says the next ‘huge cycle’ for Ethereum (ETH) has just begun. The analyst claims that in a few short years we will all be laughing at current BTC and ETH prices. In this context, the analyst makes the following statement:
The fun is that a few years from now we’ll be laughing at current values. Bitcoin is $200,000 or more, Ethereum is being adopted everywhere. We are at the beginning of such a great cycle.
In the shorter term, Van de Poppe is watching the $1,450-1,600 range for Ethereum. In this regard, he says:
Ethereum is still on very important support. If we bounce, I’d be interested in about $1,600 for the shorts. Longs are probably $1,450.
Switching to altcoins, Van de Poppe says ETH rival Phantom (FTM) and ETH layer-2 solution Polygon (MATIC) are currently booming. The analyst comments:
FTM and MATIC are skyrocketing. People are very eager to take positions in APT, FTM and MATIC right now. However, a month ago the same people were so eager to sell all their crypto that we were going to hit $10,000.
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