Crypto analyst Danielle du Toit sees a potential of $2,700 for Ethereum. An analyst nicknamed Mags names some altcoins for the bull run. According to analyst Valdrin Tahiri, a 30% rise is possible for Litcoin.
Leading altcoin has the potential to rise to $2,700
Ethereum (ETH) price retested the key $1,600 support level over the past week. However, the bulls managed to defend the key price point. As a result, ETH’s price rallied to the nearest resistance level at $1,750 in the following days.
ETH’s recent recovery could trigger multiple bull technical flags, especially in the next 24-48 hours. So this is an opportunity to enter a short-term long position. The first bull flag traders and traders will want to consider is the daily RSI line, which tries to cross over the daily RSI SMA line at press time.
If these two lines cross in the next 48 hours, it is possible for ETH to rally to $1,925 next week. The 9-day EMA line is also approaching the 20-day EMA at press time. The intersection of these two technical indicators will signal that ETH has entered a medium-term bullish cycle. If confirmed, ETH is likely to rally as high as $2,700.
These altcoins are candidates for the upcoming bull run!
A crypto analyst known on Twitter as Mags predicts that the altcoin bear market is nearing its end. According to Mags, altcoins are still in the accumulation phase, which will likely take a few more weeks or months. However, the analyst states that the worst days are long gone.
Despite Mags’ bullish sentiment, he acknowledges that there may be some downside pressure in the altcoin market before a definitive reversal. He explains his position using a screenshot of the altcoin market cap chart. The chart shows that the altcoin market cap is approaching a key bullish trendline that it has respected since 2017. In particular, Mags states that the altcoin market cap is currently in a sideways trend and is heading towards the trendline. This chart formation confirms the accumulation that may precede a significant uptrend. Mags also recommends “Pump and Dump” meme coins to their followers. He asks them to look for coins that could be the next Solana (SOL), Polygon (MATIC) or Ethereum (ETH) for the upcoming bull run. The analyst sees the current market situation as the time to win new millionaires.
XRP has ‘one of the cleanest installs’ of altcoins
The legal battle between the US Securities and Exchange Commission and blockchain company Ripple continues. However, Mags sees the potential for a bull rally for XRP provided it breaks a critical resistance level. According to the analyst, among altcoins, XRP has one of the cleanest setups ever. Also, if it manages to break above $0.55, its “next stop will be $0.68 and above”.
It is possible for Litecoin to rise 30%
Analysis of LTC’s weekly time frame provides mixed data that is bearish. The price has fallen since April when it was rejected by the $100 horizontal resistance area (red icon). Subsequently, the price formed a lower top, confirming the zone as resistance. This led to another decline. This led LTC price to an ascending support line that has been in place since June 2022. If the price breaks this line or bounces on this line, it can determine the future trend.
The RSI is bearish and supports the possibility of a breakdown. The indicator has dropped below 50 and is declining as a sign of a downtrend. Meanwhile, the 3-day chart is bearish, while the six-hour chart still remains unclear. The main reason for this is that the decline since April 18 resembles a corrective ABC structure. If the bearish is an ABC corrective structure, the LTC price trend is actually bullish. In this case, the price will move above the $100 resistance area.
However, a break below the previous low of $65 (red line) will invalidate this bullish prediction. This means that the trend is bearish and new lows will follow. This could also catalyze a drop to $50 as it will also prompt a break from the long-term ascending support line.
Therefore, the LTC price prediction will determine whether the price will drop below $65 or bounce off the current ascending support line. The first will likely lead to a drop to $50, while the second will cause a bounce to $100.
Exciting breakthrough from Cardano
According to IOG’s latest development update, Cardano made significant strides in its core technology last week. cryptocoin.comThe Cardano team has implemented a new lightweight peering feature, which is the primary method for new unregistered nodes to join the network. However, this feature is currently disabled while waiting for Genesis and Eclipse Evasion applications to complete.
The Plutus and Marlowe teams are making significant progress on smart contracts. While the Plutus team worked on finalizing the Marconi GetUtxoFromAddress and GetTokenBurnEvent indexers, the Marlowe team worked on the Marlowe Runtime improvements.
On the scaling front, the Hydra team has completed their investigation into mainnet Hydra head issues. Also re-enabled permanent head instances. The Mithril team has completed the implementation of the new subcommand to restore the Mithril share deployment on the client. At Voltaire, discussions are ongoing over CIP-1694 to create the first Minimum Viable Governance (MVG) framework. This framework is crucial to the advancement of participatory governance in the Cardano ecosystem.
At this week’s town hall, the Catalyst team presented an overview of the Fund10 budget parameters. The team started another dry run of the voting app. Also got to work on merging snapshots from pre-production to main-net to enable the ‘Check my voting power’ tool. Finally, the Education team held a successful Cardano Days workshop at the University of Celaya, Mexico. The team has also released Lesson 14 of Haskell Bootcamp. Thus, Mastering continued to make progress in content for Cardano.
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