Crypto analyst David expects NEAR to continue declining in the near future. Analyst Valdrin Tahiri says DOGE has a bearish technical outlook. Crypto analyst Sahana Vibhute warns that LTC is at risk of falling from critical support. We have compiled the technical analyzes of three altcoin projects for our readers.
NEAR price prediction: Heading to ATL?
The altcoin price has been falling since reaching a yearly high of $2.8 in early February 2023. This move caused the price to fall below the key support level of $1.2 during the week of August 14-20. It also confirmed this level as resistance over the next two weeks (red arrows). This is a bearish signal indicating that the long-term downtrend is continuing.
The weekly RSI (Relative Strength Index) is close to the oversold zone. Additionally, it is trending downwards, supporting further downside movement. The potential target for this move is the all-time low of $0.6, which is 43% lower than the current altcoin price.
NEAR weekly chart. Source: TradingViewThe most likely scenario is that the NEAR price will continue to fall in the near future. This potential scenario shows the price dropping to $0.87 or even $0.6.
DOGE price prediction: What’s next for the altcoin after the crash?
The weekly time frame also offers a bearish outlook. There are two main reasons for this. First, DOGE price is trading inside a larger descending triangle formation with a base at $0.057. As we mentioned before, this is considered a bearish formation. A breakout that spans the entire height of the triangle (black line) would take DOGE to $0.020. This represents a 67% drop from the current altcoin price.
Meanwhile, the 1.27 Fib extension (white) for DOGE also declined to $0.020. Therefore, it supports this area as a local bottom. According to the theory of Fibonacci retracement levels, after a significant price change in one direction, the price is expected to partially return to a previous price level before continuing in the same direction. It is also possible to use this theory to determine the bottom point of future downward movements. Similar to the daily timeframe, the weekly RSI has also fallen below 50. Therefore, this supports the downward trend.
DOGE Weekly Chart. Source: TradingViewDespite this bearish DOGE price prediction, a strong bounce in the long-term horizontal support area at $0.057 could lead to a 20% upside to the long-term descending resistance trend line, currently at $0.070.
LTC price prediction: Altcoin may drop below $60!
As you follow from Kriptokoin.com, the Litecoin price has dropped greatly from $80. After that, it consolidates below $70. Moreover, after multiple bullish attempts to surpass $70, the bulls seem to have run out. This led to a fresh decline below $64. Now that the buying pressure has been heavily squeezed by the bearish action, fears of a drop below $60 are also increasing.
Just before the halving in August, the altcoin price made a huge jump. Thus, it reached a yearly high at $115. However, the halving failed to create the necessary momentum. After that, the price started to drop significantly. As a result, the price continued a steep downward trend. Amid bullish expectations, the fear of breaking lower support is troubling the bulls. As a result, the risk of LTC price falling below $60 remains.
Litecoin price has been trading within a parallel channel for several months. With the new bearish move comes the possibility of the token visiting lower support. DMI also supports the decline narrative. This shows that prices are on the verge of a sharp decline. ADX is falling. This indicates a decrease in the strength of the rally. Besides this, the RSI is also falling, which confirms the bearish claim. In the coming days, it is possible for the altcoin price to test the lower support and break the lower support.
The predictions in the article belong to the analysts and are definitely not investment advice. We strongly recommend that you do your own research before investing.
Follow us on Twitter, Facebook and Instagram and join our Telegram and YouTube channels to be instantly informed about the latest developments!
52303
