A popular crypto analyst has updated his view on the three altcoins as the crypto asset markets are witnessing a corrective move. Here are the details…
Analyst points to bullish for altcoin projects
An analyst named Cred started his analysis with The Graph (GRT). The analyst tells 47,800 YouTube subscribers that if the broader crypto market rises, the Blockchain data indexing protocol could rise by about 80 percent from current levels. It’s worth noting that this looks good structurally. However, in terms of its short-term movement, the analyst cites that the $0.14 and $0.15 range for GRT is “very clear”.
He claims that if there is no breakout in the market, the bullish area on the next broad timeframe is far away. However, it points to $0.30 in terms of bullishness in the long term. Considering that GRT is at $0.15 at the time of writing, according to Kriptokoin.com data, the analyst expects a 2-fold rise in GRT. There’s also quite a bit of room for this to happen if the broader market conditions allow it, and he pointed to the possibility of a retest preventing a divergence from the classic type of breakout and retest. Again, in the long term, the analyst points out the probability of an 80 percent rally in GRT.
30% rise for Avalanche
Then the analyst pointed to Avalanche (AVAX). According to Cred, the Ethereum (ETH) rival is showing “textbook” support and resistance levels on the daily chart. Cred says Avalanche could gain more than 30 percent from current levels if it rises above the resistance level around $21.50. The analyst uses the following statements:
In terms of the kind of targets or areas to maneuver between this future break of resistance [around $21.50,] and the next resistance [around $27], there is quite a bit of room to be honest. This [$21.50] is a huge level, so I would expect a pretty big move from the coin. Also if there is close to 30 percent distance between the wide timeframe pivot and the next breakout area, it is definitely worth paying attention to.
What’s next for Polkadot?
Turning to the interoperability blockchain Polkadot (DOT), the analyst says that the 14th largest crypto asset by market cap could gain around 28 percent from current levels if it retests the nearest resistance level on the weekly chart. “As far as retest levels are concerned, any weekly chart that does not close below $6.80 is technically a bullish retest in this context,” the analyst says. For Polkadot, which is currently hovering around $7, the analyst’s target is around $9. All in all, time will tell how the market will move.
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