Which Altcoins on Binance Are Planning to Rally This Week?

The veteran cryptocurrency analyst explains his goals for altcoins, which he sees bull potential in light of the latest developments in the market.
 Which Altcoins on Binance Are Planning to Rally This Week?
READING NOW Which Altcoins on Binance Are Planning to Rally This Week?

Crypto analyst Akash Girimath considers DOGE’s 50% move. Also, according to the analyst, the Shiba Inu price is poised for a 20% rise. The analyst says that the XRP price reveals the big picture plans of the Ripple bulls. Finally, the analyst notes that the SOL price is preparing to skyrocket to $40. We have compiled the analyst’s analysis for altcoins for our readers.

There may be a rally on the horizon for these altcoins!

DOGE plans its next move

Dogecoin price has formed a W or double bottom, which predicts a bullish outlook for DOGE holders under certain conditions. For DOGE, this technical formation includes two distinct bottoms that occurred between May 7 and April 23. Three swing highs of these tops can be linked using a horizontal trendline to create a neckline at $0.1277.

A three-day candlestick close above this level would confirm DOGE’s breakout from the W pattern. In such a case, the double-bottom setup predicts a 48% rise to $0.1898, with the distance between the second peak and the valley added to the $0.1277 breakout point. However, DOGE will need to face and overcome the $0.0965 hurdle to start the bigger outlook. DOGE is likely to stop rallying beyond $0.1277 around another critical resistance level of $0.1624.

DOGE 3-day chart

Among altcoins, Dogecoin is ready for an uptrend. However, it is possible that a drop in Bitcoin price could negatively impact this setup for DOGE. In such a case, a break of the $0.0686 level will create a lower low. Hence, it will invalidate the ascension thesis. Due to this development, Dogecoin is likely to revisit the $0.0686 support base.

Shiba Inu price ready to rise

As you follow on Kriptokoin.com, SHIB hit a local top of $0.0000157 on February 4th. However, over the next four weeks, it lost nearly 38% in value. This downtrend formed a bottom at $0.00000964 on March 10. Since then, SHIB has remained in a consolidation. This newly formed range extends from $0.0000101 to $0.0000117.

Careful observation reveals that liquidity movements are triggers for a volatile move. For example, the high range of $0.0000101 swept on April 15. This was followed by multiple four-hour candlestick closes below the $0.000117 level. This buy-stop liquidity grab catalyzed a 14% drop. While SHIB declined, it swept the $0.0000101 level. Thus, as of this writing, it has rallied around 4%. If history repeats itself, it is possible for SHIB to retest the high range with $0.0000117.

However, if buying pressure builds and continues, SHIB among altcoins is likely to go higher. In this case, it is likely to retest the $0.0000126 level, which is the midpoint of the 38% collapse between February 4 and March 10. This move represents a 22% rise from the current level.

SHIB 4-hour chart

While the rally makes sense, things are likely to go wrong if SHIB fails to show this bullish momentum. If the SHIB closes a stable four-hour candlestick below $0.0000101 and turns it into a resistance level, it will invalidate the bullish argument. In such a case, SHIB is likely to revisit the low of the aforementioned 38% collapse at $0.0000096.

XRP price ready to take control

The altcoin has bounced around 8% after the last 18% drop from April 18-21. This move shows that the bears are slowly giving up control. After a minor pullback, this recovery rally is likely to extend to $0.489, the midpoint of the 18% decline. In some cases, it is possible for Ripple bulls to continue their rise and tag the $0.512 hurdle. This is a short-term outlook for XRP. It is also likely to provide some good opportunities to day traders.

However, if XRP manages to break through the $0.537 hurdle, it will mark a breakout from a major higher timeframe level. In such a situation, traders need to focus on the three-day chart of the XRP price.

XRP 4-hour chart

The three-day chart shows that the XRP price has been hovering in the $0.537 to $0.336 range for about a year. If XRP surpasses this range on the upside, it will trigger a massive bullish reaction. In such a case, it is possible for XRP to retest the $0.633 level, which is the midpoint of the 69% collapse witnessed between March 26, 2022 and June 18, 2022. This move will mean a 35% gain. However, an extension up to the $0.704 barrier will yield a 50% gain for holders.

XRP 3-day chart

A break of the midpoint of the range at $0.436 is the first sign of weakness in the buyers camp. However, the bullish thesis will be invalidated if XRP breaks the $0.414 and $0.396 levels. Also, it would potentially trigger a collapse from the $0.336 low.

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