Crypto analyst David predicts a rebound for ARB. Analyst Valdrin Tahiri explains SUI’s next move. Additionally, the analyst expects a serious upward move for AVAX Coin. Finally, the analyst evaluates whether the LINK rally has ended or not.
ARB price forecast: Are signs of recovery emerging?
The price of Arbitrum (ARB) broke above the $2.05 resistance zone in a major bullish candle on January 10, 2024. Thus, it showed that the upward trend continues. However, on January 11, it reached an all-time high of $2.43. In the following days, it fell below the $2.05 region. This indicates that the previous breakout was a divergence (red ellipse) and will be followed by a strong decline. Indeed, the price quickly fell to the important horizontal support zone at $1.65.
Despite this decline, ARB price formed a dragonfly doji candle yesterday (blue arrow). This indicated strong buying pressure in the support zone. The daily RSI indicator also created a hidden bullish divergence (blue line). This is a sign that often occurs before recoveries. Therefore, ARB price is likely to recover to the $2.05 resistance zone in the near future.
The most likely outlook shows that the ARB price will recover in the near future. The potential target for this recovery is $2.05. However, the price must rise above the $1.73 zone to confirm the recovery. If the price is rejected by this zone, it is likely to drop below the $1.65 support zone on the daily time frame.
SUI price forecast: What’s next?
Technical analysis of the six-hour time frame does not confirm the direction of the trend. The chart shows that SUI has broken out of a descending resistance trend line since the high. However, SUI is trading inside a resistance confluence at $1.23 formed by the 0.5 Fib retracement resistance level and a horizontal resistance area. The six-hour RSI is supporting a breakout as it has moved above 50 (green icon). However, the direction of the SUI trend cannot be determined until the price reacts to the confluence of resistances.
A successful break of SUI above the $1.23 resistance could trigger a 15% rally towards the next resistance at $1.42. Conversely, a rejection is possible resulting in a 12% drop to the resistance trend line at $1.10.
AVAX Coin price prediction: 35% upside on the cards!
Technical analysis of the daily time frame does not confirm the direction of the trend. However, it indicates that the AVAX Coin price will soon reach a bottom. Since the December 2023 high, AVAX has fallen into a descending parallel channel. Such channels often contain corrective actions. Yesterday, AVAX bounced at the middle line of the channel (green icon) and the 0.5 Fib retracement support level.
The wave number also supports the formation of a bottom. Technical analysts use Elliott Wave theory as a tool to identify recurring long-term price patterns and investor psychology. This helps them determine the direction of a trend. The most likely wave count shows AVAX is in wave C of the ABC corrective structure. So far, A:C waves have a ratio of 1:0.618. However, the daily RSI does not confirm the bottom as the indicator is below 50. If AVAX Coin price breaks out of the channel, it is possible for it to rise 35% to the nearest resistance at $42.
Despite the bullish AVAX Coin price prediction, a break below yesterday’s low of $27.22 would mean the price is still correcting. Then, the AVAX Coin price is likely to decline by 26% to the channel’s support trend line at $22.65.
LINK price prediction: Is the rally over?
Technical analysis shows that LINK price will fall from the range from the 3-day time frame. This is because of the wave number. The most likely wave count shows LINK in the fourth wave (white) of a five-wave uptrend. The lower wave number is colored black. If the count is correct, LINK will decline 20% to $11.45, which is the 0.5 Fib retracement support level. This will also confirm the resistance trend line of the long-term ascending parallel channel.
Despite this bearish LINK price prediction, a close above the range high of $17 would mean the local bottom is in. Then, it is possible for LINK to rise 34% to the next resistance at $19.3.
The predictions in the article belong to the analysts and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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