Technical analysts such as Van de Poppe and Valdrin Tahiri reported that 9 large-volume altcoins on the Binance list are shaping a bull pattern. In this article, we have listed the relevant altcoin projects with their current price movements and analyst forecasts.
These 9 altcoins from Binance list may exhibit bullish movements
Van de Poppe, one of the well-known crypto analysts, suggested in his current analysis that some in-demand altcoins could benefit from the BTC rally and make significant gains. These altcoins include Chainlink (LINK), Avalanche (AVAX), Cosmos (ATOM), Fantom (FTM), Skale (SKL), Litecoin (LTC), and Ethereum (ETH). Van de Poppe expects the following price levels for these cryptocurrencies:
- LINK – $12-15
- AVAX – $55-60
- ATOM – $22-25
- FTM – $1.10-1.30
- SKL – $0.20-0.25
- LTC – $185-$210
- ETH – $2,500-2,800
If the selected altcoins rise to the price levels set by the analyst, investors can recoup losses from at least nine months ago. Among these cryptos, apart from ETH, LINK and AVAX are among the coins that are expected to gain the most.
Avalanche (AVAX)
AVAX is currently trading at $17.64 and needs to rally 220.64% to climb to the estimated $55 price. Just like BTC, AVAX will hit a nine-month high if this happens, but likewise, the critical resistance of $20.32 must be broken first. Once that happens, the altcoin will have some room to rise further, breaking the five-month hurdle.
Chainlink (LINK)
Chainlink price needs to register 107.01 percent growth to reach its $15 target. Unlike other cryptocurrencies mentioned above, LINK will mark a ten-month high if it can first turn the critical resistance of $9.33 into a support base. Breaking this multi-month resistance puts the altcoin at a nine-month high at prices last recorded in mid-May 2022.
Golden cross approaching on LINK’s daily chart
The golden cross is a buy signal that indicates that the trend may become increasingly bullish. LINK price was trading above $20 when the last death cross occurred on the daily chart of LINK/USD. In fact, two death crosses took place around this level, along with an unsuccessful golden cross.
The failed golden cross may make crypto investors feel skeptical and they may not want to be caught fakeout once again. However, the latest Chainlink golden cross comes after a consolidation phase of around 300 days.
Could the 300-day consolidation body mean a big bull for Chainlink?
Consolidation comes either at the top or bottom before reversing, or mid-trend before continuing. The longer the time spent in a transaction range, the greater the exit from the range.
LINK/USD has been in a trading range for about 300 days and continues to rise, indicating a big move forward. The low volatility phase led to the tightest weekly Bollinger Bands in Chainlink history.
The extremely low volatility continued for more than half of the consolidation phase, adding to the potential breakout and broadening strength of the Bollinger Bands. Simply put, when volatility returns, Chainlink can take off like a rocket or fall off a cliff, depending on the direction of the breakout. On such significant declines on the daily timeframe, a golden cross could increase the likelihood of the upside.
Among the bull candidates in Litecoin
Another technical analysis pointed out that Litecoin price formed an inverted head-and-shoulder pattern last week. Altcoin has determined three different lows in this process. This pattern is an inverted head-and-shoulders as it mirrors the original pattern horizontally. The swing heights of the head and shoulders can be connected using a horizontal trend line to create a resistance level known as the neckline.
This pattern suggests a 6.36% increase if Litecoin price makes a definite return to $96.10 in the hourly or higher timeframe. Interested traders can open a long position here with managed risk and leverage to profit from this small move of 6.36%.
The inverted head-and-shoulder pattern will be invalidated if Litecoin price produces an hourly candlestick below $93.16. Such a move could invite vigilant short traders to resell. In such a case, Litecoin price could slide as low as $85 following a 9% correction.
Filecoin (FIL) price may continue to rise amid stagnant altcoin market environment
Filecoin is returning after a sharp uptrend two weeks ago. The trend is still considered bullish. FIL price registered a massive bullish candle on Feb. 13-20. The candle caused the $5.40 horizontal area to recover. This price was a crucial area as it previously provided support for a period of three months starting in June 2022.
The entire upward move since November 2022 has been with the bullish divergence on the weekly RSI (green line). Such deviations are often preceded by significant increases. Besides, the divergence justified a retracement of the $5.40 support area. If the uptrend continues, the next closest resistance will be at $10, according to technical analyst Valdrin Tahiri.
On the other hand, if FIL price fails to close below $5.40, the trend could be considered bullish. If this happens, the bears could push the FIL price back as low as $2.
Filecoin (FIL) daily chart technical analysis
Analysis of the daily timeframes shows that the FIL price broke out of the ascending parallel channel on February 17. This move reached a year high of $9.50 two days later. As the price is still trading above the resistance line (green icon) of the channel, the trend can still be considered bullish even if the price is down.
Additionally, FIL price could decline to $5.50, the support line of the channel, without invalidating the uptrend. However, if it breaks below the channel, it will confirm that the trend is bearish and new lows could follow.
As a result, the most likely FIL price prediction is a continuation of the upward move towards the $10 resistance area. However, this bullish prediction will be invalidated with a break below $5.40. FIL is currently trading at $7.08, up around 10% from the last 24 hours.
STEPN (GMT) price remains bullish despite February drop
GMT price rose rapidly in January and reached $0.686 on January 26. However, it formed a long top wick (red icon) and has been falling ever since. The price failed to reach above the horizontal resistance area of $0.59, which previously acted as support in June 2022. The trend can be considered bullish only when the price crosses this area.
The decline reached $0.352 on February 25 and also caused a break from the $0.415 resistance area. Therefore, GMT price is currently trading below two key resistance areas. On the other hand, the closest support area is located at $0.31. Additionally, the daily RSI is declining and below 50. Therefore, the most likely price prediction for GMT is to wait for a drop to the $0.31 support area. On the other hand, regaining the $0.415 resistance might help STEPN price rise to $0.59.
Altcoin bulls may soon give support to GMT price
Despite the relatively bearish outlook on the daily timeframe, the six-hour technical analysis provides a more bullish outlook. According to technical analyst Valdrin Tahiri, we can list three reasons for this:
- First, GMT price is trading inside a descending parallel channel. Such channels often contain corrective actions. The price is currently trading at its top, raising the possibility of a potential breakout.
- Second, the six-hour RSI has formed a bullish trend (green line). Such divergences often precede price breaks.
- Finally, the previous rise is similar to a five-wave upward move (red). This fits perfectly into the presence of the channel.
- Therefore, STEPN price is likely to break out of the channel and move towards $0.595.
However, if the GMT price drops below the midline of the channel, this possibility will be invalidated. In this case, GMT price could drop to $0.31. All in all, the most likely GMT price prediction is a breakout from the short-term channel and a strong trend towards $0.590. However, a dip below the middle line of the channel will invalidate this bullish prediction and could cause GMT price to drop to $0.31. According to Kriptokoin.com data, the GMT price is trading in the $0.3842 region, where it has moved sideways over the last 24 hours.
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