Crypto analyst David says a breakout in ATOM price could accelerate the rise. Analyst Valdrin Tahiri sees a 75 percent upside potential for OCEAN. The analyst also charts a new route for an altcoin bouncing off the ATL level.
ATOM price prediction: A rally is possible for the altcoin!
Cosmos (ATOM) price has been declining since it was rejected at the long-term resistance at $15.5 in late January 2023. This downside move was contained within a descending wedge that brought the price to a key support level at $6.5. Currently, the price is approaching the top of the wedge. This indicates an imminent decisive move. Bulls have the upper hand right now. The descending wedge formation is a bullish pattern that often leads to breakouts.
The price bounced from the $6.5 support level and the wedge support line last week (red arrow). This move created a low volatility. Moreover, a recovery followed. The weekly RSI has moved up from the oversold zone. In addition, it is breaking above the resistance line. This suggests that the bulls are attempting a comeback. If a break above the wedge occurs, the altcoin price could rise to the next resistance level at $10.
Technical expectations indicate that ATOM price will continue to rise in the near future. In this direction, it shows that the nearest target is $ 8.5 and will potentially reach $ 10. However, there is a possibility of a pullback to the $7 support level before resuming the bull trend.
OCEAN price forecast: Trend is upward
While the weekly chart presents a vague trend, the daily time frame readings are decisively bullish. This rise is due to price action, RSI readings and wave counting. Price action suggests that the decline since the yearly high on February 7 is contained within a descending parallel channel. These channels often contain corrective movements. So expectations are for an eventual break from the channel. The altcoin price is trading at the top of the channel, making a breakout even more likely.
Then, the wave number is in a bullish trend. Technical analysts use Elliott Wave theory as a tool to identify recurring long-term price patterns and investor psychology. This helps them determine the direction of a trend. Two different corrective patterns (black) have moved downward since the beginning of the year. There are also two five-wave uptrends (white). This means the trend is upward. It also shows that declines are merely corrections in response to a previous increase. Finally, the daily RSI is rising and is above 50 (green icon). Hence, both are signs of a bullish trend for the altcoin.
OCEAN Daily Chart. Source: TradingViewTherefore, the most likely OCEAN price prediction is for a breakout from the channel and a 75% rise to $0.55. However, a rejection from the resistance line of the channel could lead to a 37% decline to the $0.21 support line.
ARB price prediction: Will the altcoin reach $0.95?
The short-term two-hour time frame makes for mixed reading. Similar to the daily time frame, this is due to conflicting views from price action and the RSI. Price action shows that the entire Arbitrum price bounce has been contained within an ascending parallel channel since the all-time low. These channels often contain corrective movements. This means that an eventual breakout would be the most likely future price scenario. The altcoin price reached the resistance line on September 20 and fell slightly. However, it is still trading at the top of the channel. Additionally, the RSI is in an uptrend. The indicator is increasing and is above 50. Hence, both are signs of a bullish trend.
ARB Two-Hour Chart. Source: TradingViewTherefore, whether a breakout or rejection of the channel occurs will determine the ARB price prediction. A breakout for the altcoin could lead to a 12% rise to $0.95, while a rejection could see it drop to the channel support line at $0.81. This would mean a 5% decrease.
The predictions in the article belong to the analysts and are definitely not investment advice. As Kriptokoin.com, we recommend that you do your own research before investing.
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