Altcoins
Altcoins on the verge of a huge explosion – WLD, AR and INJ prices could surge by 20% in the coming days
Crypto markets seem to have been taken over by the bulls as major coins have broken out of their crucial resistance zone. Bitcoin has surged above $65,000, while Ethereum has been above $3,500, and XRP, which has been passive for a while, has surged over 40% in the last two days to hit $0.6. The upward trend has been captured in most altcoins, with Worldcoin (WLD), Arweave (AR), and Injective (INJ) leading the rally. Here’s what to expect for these coins in the coming days.
Worldcoin (WLD) Price Analysis
THE Worldcoin Price The stock has been trading in a descending wedge since hitting a new all-time high near $12 in the final days of Q1 2024. Recent price action has helped the stock break above the upper resistance of the wedge, surpassing the crucial resistance zone between $2.21 and $2.39. Market sentiments have shifted, but technicals suggest that bulls may remain passive for a while, which could provide some room for a bearish pullback.
The price has broken out of the wedge with a significant increase in volume, but the current volume suggests that the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper threshold, which could attract bearish forces. Furthermore, the DMI has undergone a bullish crossover, but the decline in the ADX suggests that the rally could remain consolidated above the gains. Therefore, WLD price is likely to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh rise to $4.4 on the next bullish move.
Arweave (AR) Price Analysis
Arweave had formed a strong base around $25, which helped the rally trigger a rebound during the bearish attack. The Mt. Gox and German terror forced the price to drop below $20. However, the recent price action has brought the altcoin back into the bullish range and increased the hope of maintaining a decent uptrend for a few more days.
AR price has hit one of the major resistances around $30-31.5, which could act as a strong base, once breached. Buying volume is slowly increasing, which could keep the bullish hopes of a rally alive. Moreover, the supertrend has just flashed a buy signal indicating a clear trend reversal. Hence, AR price seems all set to maintain a healthy uptrend and move above $40. However, if the bulls maintain a similar trend, marking new highs above $50 might not be a daunting task for the bulls.
Injection Price Analysis (INJ)
INJ price has shown strong strength since the start of the year and the recent reversal should therefore restart a nice uptrend going forward. The bears have largely swallowed up the rally but recent price action suggests that the bulls have regained their dominance. Therefore, INJ price should maintain a strong uptrend with bearish interference to the downside.
INJ price has broken above the lower support zone and recorded consecutive bullish candles. Although the volume is below the required levels, the OBV maintains a strong uptrend. Furthermore, the main part B of the Ichimoku cloud is heading towards the main part A and a healthy crossover indicates the start of a new uptrend. However, INJ price could be out of the reach of the bears, once it secures the resistance zone between $30.77 and $32.12, which seems to be on the horizon.