Two cryptocurrency analysts analyzed altcoin assets listed on the Binance exchange. As a result of the analysis, they discovered the potential of some altcoins to rally. These cryptocurrencies have the power to rally in the coming period. So what price levels should investors watch?
“These 3 altcoins on the Binance exchange can rally”
Analysts said they expect rallies for Cardano, Polkadot and Tezos, which are listed on the Binance exchange. Then they shared their price predictions for each separately. Let’s take a look at the expected price levels for ADA, DOT and XTZ in the coming period. As Kriptokoin.com, we have prepared it for you.
“Cardano (ADA) ready to rally”
Cardano price headed towards the lows of $ 0.460 on September 13. This created seventh liquidity on the twelve-hour chart and revealed a double bottom at $0.450. The development supported a trend reversal that has pushed ADA up 5.82% so far. The rally in ADA looks set to easily retest the immediate hurdle at $0.055. Currently, Cardano has already produced a higher high at $0.521 compared to $0.505. Therefore, we can say that the trend is currently supporting the bulls.
As a result, it is possible for the continued recovery rally to target the $0.530 resistance level. If ADA retests $0.530, it will rally 17%. However, this will likely set the upside cap for the altcoin. Additionally, this move marks a higher top than the last high created on Sept. 10, at $0.524. On the other hand, if the Binance altcoin produces a lower low below the $0.450 level, a drop to the stable support level of $0.435 will occur.
“Polkadot (DOT) is preparing to reach these levels”
Polkadot, another altcoin listed on the Binance exchange, formed a range from $6.85 to $11.86. It has also been trading in this range since mid-May. DOT diverged below the low range between June and July. However, the recovery above this level led to a 42% increase that briefly pushed the midpoint of the range to $9.35. Since August 13, Polkadot price has been on a downward trend as investors continue to post profits.
This downward move caused DOT to retest the low range at $6.85. However, with the Bitcoin price looking bullish, altcoins are likely to follow suit. Therefore, traders should hold a close Polkadot price to open a long position. Also, they should expect $8.05 with a 15% rally. The momentum gets high enough, DOT will extend this rise to retest the midpoint at $9.35. In this scenario, the total win. It will rise to 33%.
“Follow Bitcoin price for DOT rally”
However, it should be noted that the Polkadot rally is dependent on the rise of the Bitcoin price. It is possible that a sudden drop in Bitcoin price will spoil the bullish outlook for DOT. Also, this bearish thesis will hold if DOT price produces a daily candlestick near the bottom of the $6.85 low range. This development will trigger selling which will lead DOT to retest the daily demand zone from $6.51 to $5.94.
“Tezos (XTZ) signals for 20 percent rise”
It is possible that the Tezos price will rise to new highs in the coming days. The bears pressed a large swallower candle. Therefore, there was a slight bullish divergence in the Relative Strength Index. The divergence occurred above the promoter receptor region. This brought to mind the idea that there might be a clever bear trap on the table. Tezos price is currently auctioning at $1.52 as the bulls attempt to recapture the 21-day simple moving average (SMA).
The current selling-inducing bearish volume is still relatively less than the volume generated during the summer rally. Therefore, the Volume Profile Indicator shows that a bullish move is still possible. Additionally, the current XTZ price is just below the 61.8% FIbonacci level based on previous low and high swings in September. Due to these factors, Binance altcoin could see a 20% increase from $1.52 to $1.75. Meanwhile, the bullish thesis will be invalidated if there is a drop to $1.43.
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