According to cryptocurrency analyst Rakesh Upadhyay, 4 altcoins are ready to go bullish. The analyst states that BTC’s narrow trading range marks an eventual breakout and that these altcoins may follow.
Cardano (ADA): Low demand for altcoin
The bulls are not allowing Cardano to drop below the 20-day EMA ($0.37), which indicates demand at lower levels.
The upward sloping 20-day EMA and the RSI in the positive zone indicate that the path of least resistance is on the upside. ADA may first rise to the neckline of an inverted head and shoulders (H&S) pattern. A break and close above this resistance will signal a potential trend reversal. The altcoin could then rally towards the $0.60 formation target. If the bears want to prevent an up move, they will need to quickly push the price below the 20-day EMA. ADA can then drop to the 200-day simple moving average ($0.35) and then to $0.30.
The 4-hour chart shows that the bulls have pushed the price above the 20-EMA and will attempt to break through the barrier on the next downtrend line. If they do, it will show that the pullback may be over. ADA could then climb to the neckline where the bears are expected to put up a strong defense. On the contrary, if the price is rejected at the downtrend line, it will indicate that the bears are active at higher levels. Selling could accelerate below $0.37 and the pair could drop to the 200-SMA.
Stellar (XML): Bulls can buy lows
Stellar has turned down from the overhead resistance at $0.12 and the price is approaching the 20-day EMA ($0.10). The bulls are likely to buy the dips up to the 20-day EMA.
If the price rebounds from the 20-day EMA, the bulls will again attempt to break through the general hurdle. If they succeed, XLM will complete the rolling bottom pattern. This may mark the beginning of a new upward movement. The altcoin could rise to $0.15 first and then move towards the $0.17 pattern target. Contrary to this assumption, if the price drops and breaks below the 20-day EMA, it will indicate that the bulls have lost control. XLM could then drop to the 200-day SMA ($0.09). This is a do-or-break level for the bulls because if it does break out, XLM could drop to $0.07.
The 4-hour chart shows the pair correcting inside a falling wedge pattern. The price has bounced off the support line and the bulls will try to push XLM above the wedge in the next step. If they do, XLM could rally to $0.11 and then to $0.12. On the other hand, if the price drops and dips below the support line, it will indicate intensification of selling. There is a minor support at $0.10 but if this support is broken, the decline could extend as far as the 200-SMA.
Aave (AAVE): Your bears fiercely maintain this level
AAVE’s turn down from the overhead resistance of $82 shows that the bears are fiercely holding this level. They pulled the price below the immediate support at the 20-day EMA ($75).
The AAVE may next slide back to the 200-day SMA ($73), which is close to the uptrend line. Buyers are likely to fiercely defend this level. If the price recovers from the uptrend line and rises above the 20-day EMA, the altcoin could reach $82. If the bulls break this barrier, AAVE will complete the ascending triangle pattern. This setup has a target target of $100. This bullish view will be invalidated if the price continues to drop and breaks below the uptrend line. AAVE could then drop to $68 and then to $64.
The bears pushed the price to the 200-SMA on the 4-hour chart. The 20-EMA has started to turn down and the RSI is in the negative territory, indicating that the bears have the upper hand. If the 200-SMA gives way, the altcoin could drop further to the uptrend line. This is an important level for the bulls to defend. Because a break below will make the bears stronger. On the upside, a break above the 20-EMA will be the first sign that the bulls are making a comeback. AAVE could then rise to the overhead resistance of $82.
Conflux (CFX): There is a positive point for the altcoin
cryptocoin.comAs you follow, CFX has been in a corrective phase for the past few days. However, it is a minor positive point that the bulls are trying to defend the 20-day EMA ($0.36).
If the price rebounds from the current level, CFX could reach the downtrend line. This is an important level that bears must protect. Conversely, if the price drops and stays below the 20-day EMA, it will indicate that the bulls can rush to the exit. This, in turn, could push the price towards the next support at $0.30, attracting more sell-offs. The bulls are expected to buy the dips to this level.
The 4-hour chart shows that the bears are trying to keep the price below the 20-EMA. This could pull CFX to the 200-SMA, which is likely to act as a major support. If the price recovers from this level, the bulls will again try to push the price towards the downtrend line. This is the key level to consider. Because a break above it will signal the bulls are back in the game. On the downside, a break and close below the $0.30 support could attract more sales and push the price down to $0.25.
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