As of mid-June, the crypto market has experienced a notable increase in buying pressure as large asset management companies have increased interest in spot Bitcoin ETFs. This increased interest from investors has boosted the price of Bitcoin and suggested that altcoins will follow this rise in the near future. As a result, this presents an attractive investment opportunity for those looking to capitalize on the potential growth of alternative cryptocurrencies. Here are some altcoins that might bounce, according to analysts Brian Bollinger and Miles Deutscher.
The first altcoin on the list: Cardano (ADA)
After the bloodbath in early June, Cardano price found support at $0.24 in December 2021. These two reversals from the same horizontal support reflect the formation of a bullish reversal pattern called a double bottom. Additionally, the momentum indicator relative strength index (RSI) is predicting a significant increase in buying pressure at $0.24, indicating that buyers are actively accumulating at this level. According to analyst Bollinger, a break above the above mentioned resistance will intensify the buying pressure in the market.
Critical level has been determined for Polkadot
On its weekly timeframe chart, Polkadot coin showed a bullish candle formation called the “morning star” at the support level of $4.22. This reversal in price action associated with the bullish divergence in the RSI indicator reflects increased buying pressure. Therefore, DOT price will likely witness a bullish reversal from the aforementioned support, according to Bollinger. Currently, the coin price is trading at $5.13 and it could witness 20 percent to reach the downslope resistance trendline, which carries the current downtrend for sellers. A bullish breakout of this barrier will signal an early reversal and present an immediate target of $6.89 followed by a target of $7.8.
“Bear trap” warning for Chainlink
During the sell-off in early June, Chainlink price showed a downside break from the $5.5 annual support zone, according to Bollinger. The breakdown of this high accumulation was supposed to intensify the selling pressure and prolong the previous downtrend in this coin. However, with the recent recovery in the market, LINK buyers have recaptured the lost buyers who showed the previous failure as a bear trap. The fake crash scenario will likely increase the underlying buying pressure pushing the altcoin price back to the $9.48 mark.
Is Altcoin Pepe promising?
On the other hand, an altcoin that received a lot of attention this year was Pepe, a frog-themed meme coin. Although its initial high volatility has subsided, experts believe the Pepe market can rebound. In the past week alone, Pepe’s price has risen nearly 65% to reach around $0.00000153. Analyst Miles Deutscher suggests that Pepe’s price may be forming a bull flag pattern, which often signals an upside break.
What to expect for Litecoin (LTC)?
Another altcoin to consider in the DeFi summer of 2023 is Litecoin (LTC). With its strong fundamentals and mid-range status, Litecoin has emerged as one of the top coins on Crypto Banter’s watchlist and shows significant bullish potential. Analyst Deutscher observed that Litecoin’s weekly price action formed an ascending channel, revealing the possibility of further gains. Adding to the optimism surrounding Litecoin, the cryptocurrency community expects its third halving in August. Historically, halving events have acted as bullish triggers for cryptocurrencies, potentially increasing demand and prices.
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