The fact that Bitcoin has remained above $19,000 since the weekend has given the altcoin market a sigh of relief. Analysts are now mapping the next price levels for large-volume altcoins from the Binance listing.
Pay attention to these 3 altcoin projects during the week
The host of the Youtube channel InvestAnswers says that the rapid adoption of Solana is the fuel he needs to reclaim his ATH level of $259.65. In another change, he states that Solana’s high speed remains on the market thanks to its low costs. Evaluating SOL against Ethereum, the analyst also said:
I believe Solana is trading at less than 1/16th of Ethereum’s market cap. But it was quickly adopted and made many trades. I think this is groundbreaking value. I think that in the very near future ETH will reach 20% of its market value.
At the time of writing Solana, the ATH price is trading at a 90% discount at $259.65. On how to get this peak back again, the analyst says:
As the market recovers, I believe Bitcoin (BTC) will recover first, then Ethereum, and then money will flow to those who haven’t rally yet… Is there any chance of ATH price returning to $260? If they continue to execute, if they exit the mainnet beta, if there are no further disruptions, if they fix all their problems, adoption can continue. But there is competition. We have new names like Aptos (APT). I think part of the reason for the weakness in layer-1s last week is the so-called ‘LEFT killer’.
Tony Montpeirous: Luna Classic price faces resistance
Just like Solana, the Terra Luna Classic (LUNC) price had a bad start to the week. However, it had completed a rally of around 10% over the past weekend. LUNC is currently trading at $0.000232. The downside move found support at the 8-day exponential moving average. However, it reached a relatively low volume compared to the weekend rally. Analyst Tony Montpeirous thinks these moves could be a sign that the bears in the market are gathering strength.
LUNC usually runs independent rallies across the market. When this momentum is combined with a possible market run, it can reveal more and more. Therefore, it can be important to monitor market movements when looking at any cryptocurrency.
Ethereum’s attempt to break
On October 23, Ethereum experienced a strong uptrend where the 50-day moving average reached the local resistance level. Unfortunately, the bears have become more active today. But the failed attempts by the sellers show that the bulls can still take control.
Ethereum entered the consolidation channel, which is an important reversal sign before the sell-off. This is a positive factor that aims to reverse it. According to analyst Arman Shirinyan, the next target for Ethereum will be the break of the 50-day moving average, which acts as a resistance level. This zone has acted as resistance for failed bulls for a month. A fading volume profile, on the other hand, isn’t just Ethereum’s prerogative. According to the same indicator, SHIB bears are also losing strength in the market despite the ongoing downtrend.
First sign of return for Shiba Inu as altcoin market stagnates
cryptocoin.comAs you follow, the Shiba Inu has lost more than 14.5% of its value in the last 20 days. However, the declining volume in the market gives traders some hope for an impending reversal. Slowing trading volume is interpreted by investors as a general sign of an impending reversal. However, the data shows that there is no new entry in the market and SHIB will enter a prolonged consolidation instead of bouncing upwards.
In general, markets are moving in uncertainty. FOMC meetings and CPI reports are the two main sources of volatility for the markets today. Most experts believe that the market should not expect a reversal until early 2023, given the troubled nature of most world economies. Since bitcoin and the cryptocurrency market in general are heavily dependent on stock market performance, the recovery of the US economy and easing of monetary policy will likely affect cryptocurrencies in addition to stocks.
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