The 2 altcoins carrying the largest volumes of Binance are on different paths. Ethereum’s transition to PoS has brought mining blockchains to a critical crossroads. Let’s take a brief look at what technical analysts are saying.
One of the altcoin projects expected to rally is Dogecoin
Dogecoin price has had a pleasant summer so far. It is slowly recovering from the crypto winter caused by the Ukraine crisis and subsequent Fed rate hikes. DOGE price is currently about to close the fourth consecutive weekly green candle.
DOGE price sees price action being supported by the 55 SMA used as an indicator for the second time in two weeks. With August pivots close to each other, this element is technically a sign of tightness. There is also the emergence of a rupture. Seeing the supported price action at $0.068, price action will quickly turn towards $0.10. It has a steep 50% gain potential backed by the RSI, which has plenty of room before overbought. Analyst Filip L. details this expectation with the technical chart below.
The downside risk will be at the 55-day SMA, where the bears are trying to reduce the price action to $0.04. That means price action is down 38% from where it was trading this week. If this level is broken, it will be the start of the next negative trend with $0.007 bottoming out. On the other hand, Litecoin is already showing bearish macro signals that traders should be aware of.
10$ 2023 predictions for Litecoin
Litecoin price is shaping an important technical pattern that traders should be aware of. The price is currently trading around $64.13. From a macro perspective, Litecoin price registered a 5-wave impulse move from 2017 lows of $3.00 to the high of May 2021 at $413.91. Since the $400 peak, LTC price has fallen sharply with the increase in bearish volume. The currently ongoing 50% rally continues with relatively less volume than previous sales.
On the other hand, the RSI shows LTC price being oversold at the weekly level. This attracts investors who follow the opposite trend to buy. An Elliot Wave trend channel marked as surrounding wave 1 and wave 2 confuses the idea of the emerging wave 3 pattern. The low of $40 throughout June definitely closed below the trending channel. Combined, Litecoin price is giving alarming signals for long-term investors and countertrend traders.
The Sentiments 5-Year Circulation Indicator marks a bearish start for Litecoin price. According to the indicator, more than 80 percent of the Total Circulating Supply remains in active circulation in the last five years. Theoretically, the indicator translates multiple whales in the market. It also affects the price, Litecoin has no interest in locking for long.
However, Litecoin price is very vulnerable to institutional investor manipulation to explode 10x in the near future. If the technical information is correct, analyst Tony Montpeirous predicts that the Litecoin price will drop to $10 as early as 2023. Finally, it is important for investors to keep a point of invalidation in mind, as markets can evolve and change all the time. This bearish macro thesis will be invalidated if Litecoin price can break the $140 barrier. There will be a potential rally towards $5,000 on cards resulting in an 8,000% increase from the current Litecoin price.
cryptocoin.comAs you follow, due to the upcoming merge, Ethereum miners will be moving to ETC, DOGE, LTC etc. chooses between networks.
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