Crypto markets are expected to remain volatile for the foreseeable future, but BTC’s battle to reclaim $40,000 could be followed by rallies from popular altcoin projects LUNA, AVAX, ATOM, and FTM. In this article, as Kriptokoin.com, we will include analyst Rakesh Upadhyay’s analysis of 4 altcoins.
Forecasts about 4 altcoins
The geopolitical news feed is likely to result in volatile movements in Bitcoin (BTC) and altcoin projects in the next few days. The news that Russian President Vladimir Putin has ordered nuclear deterrents to be on high alert may be seen as negative, but reports of talks between warring countries can be positive as it raises hopes for an end to the conflict.
The crypto community came to the fore as the Ukrainian government appealed for help and sought crypto donations. Some on social media said that Ukrainian credit cards had stopped working and they were unable to withdraw money from their banks. They emphasized that the only money they have left is crypto. While some analysts speculated that Bitcoin may have bottomed, Cointelegraph columnist Marcel Pechman warned that derivatives data remains scant. In the short term, the developments in the Russia-Ukraine war will determine the price action. Now let’s examine the tables of the 4 altcoin projects.
LUNA/USDT. Terra’s LUNA token gained bullish momentum after breaking above the downtrend line. Strong buying pushed the price above minor resistance at $70 on Feb. 25. The moving averages are on the verge of a bullish crossover but the RSI is close to the overbought zone. This indicates that the bulls have the upper hand, but the LUNA/USDT pair could witness a minor correction or consolidation in the near term. On the downside, the bulls are likely to defend the break of the 20-day EMA ($60) at $70 and below. If the price bounces back from both supports, the pair could extend its rally to $90, where the bears may again offer stiff resistance.
The 4-hour chart shows that the pair has been trading between $47 and $60 for days. A break and close above $60 marked the start of a possible new upward move. The 20-EMA is rising and the RSI is in the positive territory, giving buyers an advantage. If the bulls defend the 20-EMA, the probability of a continuation of the uptrend increases. According to the analyst, the pair could later climb above $80 and then rally to the overhead resistance zone between $84 and $87. Conversely, if the price declines and dips below $70, the pair could drop to $64.
Levels for AVAX and ATOM
Avalanche (AVAX) has been trading inside the descending channel for the past few days. The price fell below the moving averages on February 20, but the bulls retraced the level on February 25, indicating strong buying at the lower levels. The bulls will now try to push the price to the downtrend line of the descending channel. This is an important level to watch out for because a break and close above it will signal a possible change in trend. The AVAX/USDT pair could rise to $100 first and then start to rally to $120.
Alternatively, the pair could drop to the moving averages if the price turns down from the downtrend line. If the price moves outside this level, the probability of a break above the channel increases. This bullish view will be invalidated if the price breaks from the current level or overhead resistance and drops below $70. The price is trading between the overhead resistance at $83 and the moving averages. The 20-EMA is flattening and the RSI is near the midpoint, indicating an equilibrium between supply and demand. If they pull the price below $76, this balance will shift in favor of the bears. The pair could then decline to the next support at $73.
ATOM/USDT. Cosmos (ATOM) rebounded from strong support at $20 on Feb. 24. This shows that traders are trying to keep the $20-$45 range intact. The price broke above the 20-day EMA ($27) on Feb. 26 and the bulls are trying to keep the ATOM/USDT pair above this level. The 20-day EMA is flattening and the RSI is just above the midpoint, suggesting that the bulls are attempting a reversal. Contrary to this assumption, if the price drops and breaks below the 20-day EMA, it will indicate that the bears are holding the overhead resistance at the 50-day SMA. The pair could drop to $24 later. The bulls pushed the price above the moving averages and the downtrend line on the 4-hour chart. The 20-EMA has started to rise and the RSI is in the positive zone, which indicates that the bulls have the upper hand.
FTM estimates
FTM/USDT. Phantom (FTM) has been trading in a wide range between $1.24 and $3.38 for the past few months. The price rebounded sharply from the support of the range on February 24, which indicates that the bulls continue to buy from this level. The rebound reached the 20-day EMA ($1.82), which acts as a strong resistance. If the bulls hold and sustain the price above this level, the FTM/USDT pair could reach the 50-day SMA ($2.18). A break above this level could open the way for a possible upward move to $2.60. Contrary to this assumption, if the price drops from this level, the pair could consolidate for a few more days between the 20-day EMA and $1.24.
The critical level to watch on the downside is $1.24 because if this level is broken, the pair could start a new downtrend. The moving averages have completed a bullish crossover on the 4-hour chart, indicating that the short-term downtrend may be coming to an end. If the price bounces back from the moving averages, it indicates that traders are buying on the dips. Buyers will then try to push the price above the downtrend line and sustain it. If they do, the pair could rally to $2.14 and then $2.40. This positive view will be invalidated in the short term if the pair stays below the moving averages. Such a move will indicate that the bears are active at higher levels.
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