During the week of April 24, when Bitcoin remained stagnant, popular altcoins like Zilliqa and Optimism are taking action. In this article, we have compiled current fundamental and technical analysis to reveal the next targets.
5 altcoins that got the technical green light this week
The top-ranked Zilliqa is preparing an explosive price action similar to March 2023. ZIL’s recent stay above a key resistance signaled a resurgence of the bulls. In addition, Zilliqa will become EVM (Ethereum Virtual Machine) compatible on April 25.
Implementing EVM compliance is the first step in a series of major technical changes coming to Zilliqa in the near future. Also, this update will allow ZIL users to transfer their tokens to their EVM dApps and wallets without hassle.
#EVM compatibility is coming to the Zilliqa mainnet on April 25th!
Find out more about the details of the EVM launch and the features coming in Zilliqa 2.0 in our interview with Zilliqa CTO Richard Watts:https://t.co/jnq4EHWmoC #Blockchain #Zilliqa— Zilliqa (@zilliqa) April 21, 2023
The upgrade is the start of a new era for Zilliqa price and ZIL traders. The technical data also shows that the token is poised for a major rally.
Altcoin price ends accumulation and manipulation phase
On the weekly chart, Zilliqa price shows an interesting pattern that predicts massive gains for its users. This formation is called “Power of 3” (PO3). It includes three phases with a basic requirement to be fulfilled:
- The altcoin needs to consolidate above a key support level, which signifies the accumulation phase.
- After this tightening, liquidity drops further to rally below an important low. This is the manipulation stage.
- A rebound above the recently broken level will confirm the start of the next phase, the Distribution.
- The final stage is the most volatile and often results in large movements.
Zilliqa price has completed the first two phases, accumulation and manipulation. Besides, it recently broke above the $0.0291 support level, confirming the start of the distribution phase. As ZIL rises, the smart money accumulated in the manipulation phase will prefer to sell to save their profits.
ZIL technical analysis
As seen in the chart below, Zilliqa price could slow its bullish momentum after it climbs 217% to the $0.09744 resistance. Beyond this level, the lower limit of the weekly bearish breaker is at $0.1175. Retesting this place will bring the total gain to 283%.
Additionally, traders should note that the RSI has recently climbed above the 50 line after staying below 343 days. The Awesome Oscillator (AO) has also climbed above the zero line after spending about 330 days below the zero line.
The recent move on both momentum indicators shows that the long-term narrative is shaping up to support the Zilliqa bullish. While the outlook for Zilliqa price certainly looks optimistic, this forecast is long-term.
This view will be invalidated if ZIL price drops below $0.02791. In such a case, the bears can push the price back to $0.02272.
Leading altcoin shows bullish signs
Ethereum is consolidating around the $1,843 support level after a recent 14% drop. This range-bound move produced lower lows. Meanwhile, the RSI has produced higher lows, signaling a divergence called the “bullish divergence”.
The solution of the above-mentioned technical formation predicts a rise in Ethereum price. Levels that ETH bulls are likely to target include $1,974, the midpoint of the last nose dive. Breaking this resistance will allow Ethereum price to reach $2,050. Altogether, this move offers 12% gains for investors.
If buyers fail to support the Ethereum price and sellers take over instead, a short-term drop is likely. In such a case, the bears will put pressure from $1,649 to $1,744, according to analyst Akash Girimath.
A four-hour candlestick closing below $1,744 and turning it into a resistance level will invalidate the bullish thesis for Ethereum price. Thus, it will potentially trigger a correction towards the $1,589 and $1,470 levels.
This altcoin rises after OKX listing
Etherscan data shows OKX triggering a 400% rally in the three days following the BONE chart. Currently, the exchange’s wallets control 7.85 million BONEs worth about $8.38 million. The numbers make OKX the fourth largest BONUS holder.
Following the listing, the Bone ShibaSwap price is poised to rise 20% to $1,302. BONE is currently trading at $1.04 after bouncing from the $0.930 support level on April 23. An increase in buying activity above this level will completely open the doors for the bulls.
For the BONE price to rise, pending traders need to take advantage of the entry points indicated by the EMA. This will increase the pressure on the bears. The 50-, 200- and 100-day EMAs at $1,158, $1,166 and $1,214 are among the key levels to watch.
In a more bullish situation, Bone ShibaSwap price will target the $1,302 resistance level at $1,636 on the upside to the $1,460 resistance. On the other hand, if profit takers step in, the price will bounce back to $0.930. On the lower levels, $0.724 acts as support.
Optimism (OP) is on the rise with this news
OP price shifted into a bearish gear in mid-April as bears took over the market after waning bullish momentum. However, the bulls are regaining control and reversing the trend. This rally came amid the ongoing network hype after venture capital firm Andreessen Horowitz (a16z) announced plans to work on an Optimism-based roll-up app called Magi:
First, @a16zcrypto announced Magi, their consensus-side OP Stack rollup client written in Rust.
Magi aims to be an independently developed, drop-in replacement for op-node, encouraging greater safety and liveliness throughout the OP Stack.https://t.co/Z8UDncTs9t
— Optimism (@Optimism) April 21, 2023
Altcoin price looks at 25% rally
The OP price has gained more than 3% in the last 24 hours. CoinMarketCap data shows a 41% increase in trading volume over the same time frame.
If the bullish momentum builds, the next targets will be the $2,236 and $2,383 zones. In an extreme bullish situation, $2,787 emerges. In highly ambitious cases, the OP will head towards $3,114, which is a 40% increase from current levels.
Altcoin bulls are ready to make a comeback on Litecoin chart
Litecoin (LTC) has once again left Bitcoin (BTC) and the overall market to continue the uptrend it is currently charting. However, the bulls are counting the days for the next halving, which will take place in the next 100 days. Litecoin halving is certain to happen on the ground in August. Just like the sentiment surrounding Bitcoin, the Litecoin halving will readjust the overall reduction in LTC supply.
As you follow on Kriptokoin.com, LTC price spent April 25 below $90. Going up to $100 ahead of August’s halving will provide additional fuel for its bulls.
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