As crypto prices continue to gain momentum, an analyst shared six altcoins traded on the Binance exchange and their price expectations. However, before presenting the analyzes, it should be underlined that these are only the views of the analyst. Every investor should make his investment in line with his own research. Here are the predictions for six popular cryptocurrencies…
Altcoins traded on Binance that are likely to bounce
Ocean Protocol (OCEAN)
Analyst Crispus Nyaga first talked about Ocean Protocol (OCEAN). Ocean Protocol, as we’ve reported as cryptocoin.com, provides ramp services for data services in the cryptocurrency industry. It is just an open source community marketplace for data. It has veOCEAN, a method of locking OCEAN to allow users to vote and earn rewards in the OceanDAO ecosystem. With the Ocean Protocol, companies can publish their data. You can monetize them and then customers can buy them in their own market.
The daily chart shows that OCEAN price has found a bottom at $0.1462. The coin is now moving up slightly and has managed to climb above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has managed to continue rising. Therefore, there is a possibility that the OCEAN price will continue to rise throughout the weekend.
Phala Network (PHA)
Phala Network is a parachain that provides a permissionless computing protocol in the Polkadot ecosystem. It has Phat Contract, a smart contract language with low latency, cross-chain computing and internet services access. The price of PHA has taken a parabolic turn this month after developers invested in Cryptosat. The developers will also host an event with Litentry and Compossable Finance. On the daily chart, the analyst says that the price of Phala Network has gone vertical this month. Recently, the price has pulled back and formed something resembling a bullish flag pattern. Therefore, there is a possibility that the price of the coin will bounce back soon.
Ripple (XRP)
Ripple price has remained in the consolidation phase this week even as other cryptocurrency prices rebound. XRP was trading at $0.4600, where it has been for the past few days. That price is about 8 percent above this month’s low. There has been no significant activity in the ongoing SEC and Ripple lawsuit in the US. This week, the SEC said it did not take a position on the two motions presented in the case. According to the analyst, XRP may experience a breakout as the symmetrical triangle pattern approaches the consolidation point.
Ethereum (ETH)
Ethereum price has risen sharply this week. It managed to climb to $1,556, the highest level since September 15. It rose more than 25 percent from its lowest point in September. Ethereum stands out for its strong correlation with Bitcoin and strong market share in key industries such as DeFi and NFT. Ethereum has another catalyst. The developers are working on the next major update known as Shanghai, which is expected to be released in 2023. The upgrade will bring new functionality to the Ethereum Virtual Machine (EVM). It will also implement staked withdrawals.
Cosmos (ATOM)
Cosmos is one of the largest Blockchain projects in the world. It makes it possible for developers to build quality interconnected applications. Some of the best apps in its ecosystem are Cronos, ThorChain, and Osmosis. The ATOM price is up more than 20 percent from its lowest point in October. The next key catalyst for Cosmos will be the imminent release of the second version of Cosmos. This release will offer staking and more functionality in its ecosystem. The most important functionality is on liquid staking, which will help secure other platforms.
Chainlink (LINK)
Chainlink is a leading oracle network that enables developers to fetch off-chain and on-chain data. Chainlink price has also soared in double digits over the past few days as cryptocurrencies and DeFi rebound. Like Cosmos, Chainlink has a catalyst that can raise its price. First, its developers are working with the giant payment network Swift. Second, the Chainlink price is also reacting to the imminent release of Chainlink 2.0. It will also introduce staking.
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