Altcoins
They are preparing for an upward movement!
Cryptocurrency analyst Aaryamann Shrivastava predicts 27 percent rally for LTC. The analyst also expects a near-term rally in TON. Analyst Michael Ebiekutan says leading altcoin Ethereum is strengthening for bullish momentum.
LTC Price Forecast: What is the target for the next rally?
Litecoin (LTC) can be seen breaking out of a descending triangle reversal pattern. A descending triangle reversal pattern is a bullish chart pattern characterized by a horizontal support line and a descending trendline. When price breaks above the trend line, it indicates a potential reversal from bearish to bullish trend. This is also the case for LTC. The altcoin is trading at $81 at the time of writing. Under these circumstances, it is possible that LTC could reach the $102 target set by the model. This implies a potential 27% rally for the token. However, it must first turn the $86 resistance into support.
Litecoin price analysis. Source: TradingView
If this breach fails, LTC might fail to test the support at $79 and lose it, thus invalidating the trend and the bullish thesis. As a result, the altcoin price is expected to fall to $76 and below.
TON Price Forecast: Another Short Rally Before the Low Is Possible for the Altcoin!
Toncoin (TON) is likely to see some upside if it closes above the $6.04 support level. He has tested this level in the past and generally seen an increase in price. However, the bears will likely stop this increase at the $6.50 resistance level. Indeed, by then, TON will confirm its dominant position on the market. Additionally, the MVRV ratio will enter the danger zone. Conclusion Toncoin price will likely drop to $6.0 or $5.4.
However, if TONNE If holders choose HODL, the altcoin price is likely to exceed $6.5. This would invalidate the bearish thesis. This will therefore allow the price of Toncoin to gain more.
ETH Price Prediction: Leading Altcoin Gains Momentum for a Rise!
The market was a little quiet because Ethereum continued to trade around $3,000. Despite the market calm, ETH derivatives volume increased by almost 60% in May compared to Bitcoin, according to QCP. According to QCP, this increase could be due to the consideration of market volatility in anticipation of the Securities and Exchange Commission’s (SEC) May 23 decision regarding Van Ecks’ spot ETH ETF application. Many expect the SEC to reject ETH ETF spot applications. This would also explain why the market is moving slightly downward.
Current price developments suggest that ETH will probably remain stable in the coming weeks. However, historical data suggests that the price of the leading altcoin could gain momentum and follow an uptrend. Given that ETH has remained in the $2,852-$3,300 range for almost a month, a sustainable breakout above the high of the range is possible if there is a slight bullish trigger.
Onchain data also shows that most whales are hoarding ETH in this range in anticipation of a rise in prices. A bearish event could briefly move below the bottom of the range, providing a buying opportunity.
The opinions and forecasts contained in the article are those of analysts and do not constitute investment advice. As Kriptokoin.com, We strongly recommend that you do your own research before investing.
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