Six altcoins traded on Binance seem to be in the focus of analysts. Here are the prospects for ADA, AVAX, TWT, TRX, LUNA and LUNC…
The first altcoin on the list: What’s next for ADA?
ADA price is struggling to overcome the resistance near $0.3888. According to analyst Steven Walgenbach, technical indicators on ADA’s daily chart suggest that ADA’s price will soon rise above the stated resistance level. One such technical indicator is the 9-day EMA line, which is bullish above the 20-day EMA line and is currently pushing the price of ADA up. In addition to the bullish pennant found on the 9-day and 20-day EMA lines, the daily RSI indicator also shows early signs of a bullish pennant. Currently the daily RSI line is positively sloping towards the overbought zone. However, the daily RSI line is below the daily RSI SMA line, which is a bearish flag.
If the daily RSI line breaks above the daily RSI SMA line, ADA’s price may have enough bullish momentum to break above the $0.3888 resistance. As a result, given that ADA price is currently being squeezed by the 9-day EMA and the $0.3888 resistance, it would be fair to say that there will be a breakout in ADA price in the next 24-48 hours. This breakout could be on the upside as technical indicators show bullish support for the altcoin.
Indicators for AVAX, pointing upwards
The bearish divergence on Avalanche (AVAX) has lost market control as it found support at $17.83, according to analyst Kelvin Munene. As a result of the bull intervention, the price of AVAX reached $21.68 before meeting stiff resistance. According to the analyst, the price of AVAX is expected to increase further in the near future as the Bollinger Bands expand from the current levels of 20.9564450 and 16.0343831. Due to the high volatility caused by such wide Bollinger Bands, the price of AVAX is likely to increase further in the near future as investors look for profitable opportunities in the market.
Also, the MACD data of 0.7529810 shows that the bulls are gaining ground in the AVAX market. This change reflects the bullish trend among AVAX investors and indicates that buying pressure will be high in the market in the near and medium term. The bullish momentum is waning as the relative strength index (RSI) drops to 68.88 and investors should pay attention to bearish patterns on the price chart. Despite the current market dominance of the bulls, the RSI shows that the bears may soon take over if they do not improve their position.
Will the TWT rise continue?
On the other hand, the list includes Trust Wallet Token (TWT). According to analyst Annah Mugoir, the recent rise of the Trust Wallet Token indicates that the altcoin is likely to continue its uptrend in the near future. TWT formed a solid support at $1.50 and it seems to be forming a bull flag pattern on the 4-hour chart right now. This suggests that TWT may experience further bullishness in the near term as long as it stays above this support level.
The Trust Wallet Token price analysis on the daily chart shows that the coin is on a steady uptrend, reaching its intraday high of $1.81 in the past 24 hours. Ultimately, Trust Wallet Token continues to hold above SMA50. According to the analyst, this indicates that the uptrend of TWT will continue for a while.
TRON analysis: Will altcoin price double?
Another analyst, Rudy Fares, explained his expectations about Tron (TRX). The current price is critical for TRX as a break higher could signal a longer uptrend. Also, according to the analyst, Tron prices have reached a critical resistance level. Usually, prices retrace towards the $0.58 price mark. However, if crypto prices continue to rise, Tron may follow this resistance higher and break this level. Finally, the analyst’s potential targets for TRX are around $0.075, $0.090 and $0.120.
LUNC and LUNA predictions
Terra (LUNA) and Terra Classic (LUNC) are experiencing a significant increase in development activities. TFL has launched its cross-chain Station wallet that supports multiple Blockchains like Terra, LUNC, Osmosis, Juno, Crescent, and more. Terraport, a DeFi platform built on Terra Classic by the TerraCVita developer group, aims to bring utility back to the chain. The project supports the community narrative of burning and building coins. He announced that he would permanently burn 27 percent of the LUNC and 22 percent of Terra in the Terraport treasury.
Additionally, the community passed Proposal 11310 by Edward Kim to upgrade from Blockchain v1.0.4 to v1.0.5 and provide codes to enable future upgrades. It will also bring back the Binance LUNC mechanism. The Terra Classic community is aiming for a 20 percent increase in LUNC price to at least get above $0.00020. LUNC price recently hit $0.0001943.
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