Analyzing altcoin projects, 2 crypto analysts predicted a rise in 3 altcoins listed on Binance. According to them, the price charts of these cryptocurrencies signal a rally for the coming period. These are: Dogecoin, LUNA and MATIC. Now let’s take a look at the analysts’ price predictions.
“These 3 could multiply the price of altcoins”
As Cryptokoin.com reported, Bitcoin started the new week by pulling the whole market down. The leading cryptocurrency traded below $19,000 for most of September 19. However, it started to rise on September 20 and regained this lost level. However, the new day led to the rise of many altcoin projects. Now analysts are predicting rally for DOGE, LUNA and MATIC, which are listed on the Binance exchange.
“Dogecoin signals for a 30 percent rally”
If you are an active day trader, Dogecoin price should be on your watchlist. Currently, the meme coin is showing bullish signals that are likely to lead to a 30% rally in the short term. In fact, Dogecoin price has dropped 37% since the failed breakout on August 16. It is currently auctioning around $0.058. However, the recent decline forced day traders to buy DOGE at a low price. Dogecoin’s last digit drop from last week, coming under low volume, could cause a change in market behavior.
A Fibonacci Retracement tool surrounding the August high of $0.089 is showing a 61.8% retracement level in its middle zone at $0.07. If the technical information is correct, DOGE will rally 30% to tag the price levels above. That’s why retail bears are on a rough awakening right now. Additionally, there are bullish divergences on the 4-hour chart showing institutional money sneaking into the market. The invalidation of this bullish thesis is due to a drop in altcoin price to $0.049.
“It can double the value of LUNA”
The LUNA price has been on the watchlist of traders every day this week. Since the shocking 300% bull run that occurred last week, the altcoin has lost 60% of its market cap. This decline created a broad spectrum of trade and created a volatile market with great trading opportunities. The LUNA price is currently up for auction at $2.85. The Fibonacci Retracement tool surrounds its high at $7.71. The lowest level of the recent decline is at $2.35.
Also, the altcoin has a 61.8% Fibonacci retracement level at $4.80. Terra’s retreat into this area will result in her regaining 80% of her lost market value. Currently the RSI does not show the divergence required for an early entry. However, there are differences between the previous Wave 2 and the current decline. This suggests that if Wave 1 does not break at $2.21, a $10 target may emerge. The Volume Profile Indicator also supports the idea of an additional rally.
“MATIC, ready to climb up”
The MATIC price extended its 28% collapse, which it witnessed between August 14 and August 20. This was because he wanted to collect the sell-stop liquidity below the equal lows at $0.758. This development punished eager bulls. Now the altcoin is poised to rally above the low range, possibly at $0.758. It also looks like it will produce a daily candlestick above it.
This development will signal a buying opportunity and possibly initiate an uptrend. The first level that the polygon bulls will target is the midpoint of the range, at $0.906. This level represents a 21% rise from the current price. However, the translation of this barrier to a support base will pave the way to retest the range at $1.05. This move will yield a 40% gain. In fact, this level coincides with a high timeframe resistance level. Therefore, investors can expect a local top to form here.
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