Altcoin investors are closely watching the movements of Bitcoin price in the $ 29,000 region on the last day of April. Falling Bitcoin price and dominance will give clues about altcoins that will rally. Current technical analysis shows that giants such as SOL and LTC can play a leading role.
Technical analysis gives the green light for these altcoins
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The hype surrounding Solana (SOL) is gaining momentum in the company of new investors. The latest Messari report shows that the total dollar value locked in Solana rose 23.5% quarter-to-quarter.
Price-wise, SOL is trading at $23.54, up 1.3% from yesterday. Solana successfully exited the bearish range as buyers gained momentum near the $22.8 level. A breakout of the EMA-200’s breakout resistance at $25.16 will indicate that the bulls are taking the stage again.
This move will then encourage its bulls to rally towards the tough resistance at $29.77. If the bulls are successful, they can start a new upward move. Analyst Shayan Chowdhury expects a rise to $38.8 at this point.
However, if the bears aim to block the rally, they will need to quickly push the price below the EMA-100 support level of $21.6. This move could potentially drag the SOL price to the $16.49 bottom zone.
Polygon (MATIC)
Recently, Google Cloud partnered with Polygon to help developers deploy their web3 products, increasing confidence among investors. Currently, MATIC price is trading in the $0.98 region, where it has remained stable over the past 24 hours.
The long wick on the daily chart shows that the bulls are fiercely defending the $0.94 support level, but the bears are not giving up yet. However, the 20-day EMA breaking below $1.05 and the negative RSI suggest that the bears currently have the upper hand. Sellers will now try to stop the recovery in the area between the 20-day EMA and the resistance line.
In this case, a break above $1.08 is likely to occur next week. According to the technical analysis, the next target of the MATIC bulls is $1.17. On the other hand, if the price pulls back from the resistance line, it will indicate the formation of a descending triangle pattern below $0.93. If this support level is breached, MATIC price could drop to $0.7.
Litecoin (LTC)
Today has been pretty choppy for Litecoin. Both bullish and bearish attempts by investors to seize control have failed. Typically, such volatile days are followed by a period of range contraction lasting several days.
At the time of writing, LTC price is up less than 1% in 24 hours to trade at $90.55. If LTC holds above the EMA-20, it could break the $102 resistance next week.
As we have quoted as Kriptokoin.com, there are only 100 days left until the third halving event of Litecoin. Many analysts expect the price to surpass $100 before the August 2 halving. LTC has previously shown that it can break this level quickly.
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