The cryptocurrency market has been gradually declining since the beginning of 2022. Finally, the market fell below $ 1 billion years later, causing surprise among investors. However, the fall of Bitcoin does not mean that every altcoin project will also fall. FXStreet analysts analyzed two altcoins that have the potential to make big moves. Let’s examine together.
This altcoin could start an uptrend
Tezos price has been rising under a stiff resistance barrier for almost a month. The recent rebound has given it the potential to put it in an uptrend. It also brought it closer to forming a bullish pattern. XTZ price dropped below the $1.67 support on June 12. Since then, XTZ is down 29% and formed a bottom around the $1.17 resistance. The altcoin then started a 41% recovery rally to retest the $1.67 hurdle. This retest caused selling pressure that pushed the Tezos price down. However, this time the price made a higher low at $1.17, signaling a recovery. So far, XTZ has established two higher lows and one swing higher that retests the horizontal resistance barrier at $1.67.
Connecting the swing points using trendlines shows the formation of an ascending triangle. This technical pattern was determined by measuring the distance between the first high swing and the lowest swing at $1.67. So he estimates that the XTZ price has the potential to rise 29% to $2.16. However, Tezos price needs to establish a fresh test for the model in question against the $1.67 hurdle. The altcoin must make an early break above the $1.67 barrier and turn it into a support level. If this happens, a potential upside to $2.16 will emerge. On the other hand, it is possible for Tezos price to produce a daily candlestick below $1.33. If this happens, the coin will create a lower bottom and invalidate the bullish argument. Thus, XTZ could decline 22% towards the $1.17 support level.
ApeCoin targets these levels
ApeCoin price is showing strong bullish signals pointing to an additional 18-20% rally. The bulls have successfully formed a higher-lower ramp pattern. It also impulsively moved from the supporting trendline on the recent intra-hourly timeframes. A recent breach of the $5.00 barrier will reveal that the bulls are far from exhausted. The altcoin is currently trading at $5.13. APE price is showing confusing evidence of an imminent rally on the Volume Profile indicator. The cryptocurrency, which is currently consolidating above $5, has formed a ramp pattern on the 3-hour chart. It also broke the 8-day simple moving average (SMA) at $4.72 on July 4. The price has the potential to continue the uptrend and upside to $6.15 is possible.
However, a break below the ascending trendline would invalidate the altcoin’s bullish scenario. As Cryptokoin.com reported, this breakout level is currently at $4.57. But if the bulls can continue to sustain the uptrend, it could go higher. Consider the bullish scenario invalid if the bears breach $4.57. In such a case, the bears will likely drop the current altcoin price by 44% and pull it back to $2.95.
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