The cryptocurrency market has started to recover with slight gains in recent weeks. However, many analysts shared the cryptocurrencies that they expect to rise. However, according to the latest data, the accounts have changed. Now 2 analysts are warning about some altcoin projects. According to them, big losses are possible in these cryptocurrencies in the coming weeks.
“He will see these levels for Bitcoin”
Cryptocurrency analyst named Altcoin Sherpa spoke to his 180,800 Twitter followers about the BTC price. The pseudonymous analyst suggests that Bitcoin (BTC) will see $28,000 again in the not-too-distant future. It also says that the short-term gain above $24,500 on July 30 is unsatisfactory. According to him, the mentioned increase does not mean that BTC is witnessing a strong uptrend. The analyst predicts that Ethereum (ETH) will explode before BTC. However, he adds that BTC could find a higher bottom in the $22,000 to $23,000 range. According to him, in such a scenario, it is possible for the leading cryptocurrency to go on the path of recovery.
“Beware of these altcoin projects”
The analyst talks about an altcoin project after the BTC warning. Accordingly, Altcoin Sherpa says Solana is sitting on the sidelines. He also indicates that he expects more up and down movements in the $32-$47 range. Solana witnessed a slow decline in the market-wide rally that peaked last Saturday. However, SOL is up 2.08% in the last 24 hours and is changing hands at $40.39.
Sherpa also reviewed the Ethereum layer-2 solution Optimism (OP). The popular analyst mentioned that the altcoin project has made a big rally in the last few weeks. Then, after this rally, he announced that he was aiming for the OP to shorten his positions in order to hedge against other more aggressive crypto investments. A series of upswings over the past few weeks allowed the OP price to reach $2.24. Before the rally started, i.e. mid-July, the OP was below $0.50. However, it has since seen a significant price rise. As Cryptokoin.com reported, Optimism was changing hands at $1.93 at the time of writing.
“These 2 altcoins are giving bullish signals”
Another analyst is looking at the Ripple price. XRP price is trading in the accumulation phase as it moves lower. However, social engagements reached a very high level of 11.47 million, the highest point of the last 90 days. With the recent price action, the asset has risen spectacularly and surpassed Cardano to take sixth place. XRP price fluctuates between predetermined resistance and support levels, but the trend seems to be bullish. Therefore, the analyst expects the asset to rise and hit the immediate resistance at $0.4 in the next few hours. The probability of a price drop seems to have decreased. However, it is possible that the bearish pressure has not completely disappeared.
The price of Polygon is also rising massively. Therefore, it is among the top 3 altcoins held by the top 500 ETH whales. In addition, social sentiment also reached daily highs of 27.89K, the highest point in the last 90 days. Thus, it received a total of 1.18 million honorable mentions. MATIC price is swinging inside an ascending parallel channel where prices bounce off the middle bands of the channel. The asset is largely resisting the bearish pressure at these levels and is therefore expected to rise after a short consolidation. The first target would be to reclaim $1 and close the weekly trade above $1.2.
“Ethereum gathers investors as Merge approaches”
Ethereum price has risen well from the lower trendline. Thus, Goreli demonstrated great strength before the testnet consolidation. The success of the Sepoli testnet boosted the presence to some extent. However, the analyst also expects the Goreli testnet to increase the price drastically. Finally, the move from PoW to PoS, called Merge, has the potential to ignite a solid uptrend later on. Altcoin price is approaching the top of the ascending triangle. So in the meantime, it is possible to get rejected after reaching $1750. However, the price is likely to rise above $1700. In this case, ETH has the potential to rise above the Fibonacci level of $1820. However, if the asset breaks to the downside, a retest of the lows below $1,680 is possible. Additionally, the analyst predicts that the Merge upgrade will push Ethereum above $2000.
“It is possible for Binance Coin to reach these levels”
Binance Coin price once again climbed above $300 with the latest price action. The asset cut the upper resistance of the symmetrical triangle and broke $320. Here, the price is facing some bearish pressure that forces the asset to pull back towards the $310 levels. However, the bulls are holding strong. They also seem to regain their dominance as soon as possible. Altcoin price needs to consolidate well for a while. Then, the analyst predicts it will head towards the immediate resistance above $330. It is possible for the price to withstand bearish pressure at these levels. Thus, it is possible for BNB to rise subtly towards the next resistance above $400 at the end of the monthly trade.
14386
