According to crypto analyst Lockridge Okoth, this altcoin is poised for a 55% breakout. Analyst Filip L suggests that Lido Dao will increase by 30%. Also, the analyst says that the only way for XRP is a 25% increase in value. Finally, analyst Ekta Mourya assesses what’s next for AVAX.
Altcoin price could rise 55%, but…
Monero (XMR) price is stuck in weeks of consolidation between the resistance and support levels at $163.9 and $148.8, respectively. After that, XMR tries to escape from a symmetrical triangle formation. Such a technical formation indicates a breakout on both sides and will be confirmed when the price breaks out of the pattern. The altcoin’s price target is estimated by measuring the longest distance in the chart formation and superimposing it from the breakout point.
According to the chart below, if the altcoin price successfully breaks above the descending trendline, it could increase by 55%. A possible target for XMR in such a move would be $251.7. The close of the daily candlestick above the $163.9 resistance level will confirm this thesis. The Relative Strength Index (RSI) at 55 showed more room to the upside. Its position above the average line indicated that the bulls were leading the market. With these, the chances of a Monero price increase were higher. Note that the RSI gives a buy signal for XMR when the Stochastic breaks above the RSI, further supporting the bullish thesis.
XMR 1-day chartSantiment: 20% increase in XMR social volume
According to Santiment data, XMR recorded a 20% increase in its social volume measure between March 4 and April 26. This shows that the mention and interest for the token among social media platforms has increased. This explains the price increase and adds credibility to the bullish assumption.
Conversely, if the bears pick up the market, the altcoin price is likely to fall. A possible reason for such a reversal would be early profit taking. A bearish resurgence is likely to send XMR towards the ascending trendline before sinking below the chart pattern. The bullish thesis will be invalidated if the daily candlestick closes below the $148.8 support level.
This altcoin price will break an important level
As you follow on Kriptokoin.com, the Lido Dao price is rising as a positive stock tailwind plays on cryptocurrencies and alt-currencies as well. The tailwind came after the closing bell on Tuesday night, when Alphabet earnings revealed that companies were not reducing their ad spend. When a recession approaches, companies start cutting costs. Also, ad spend is often the first and biggest spend on the joinery block.
LDO surged above $2.20 almost simultaneously as the Bitcoin price rallied above $30,000. We expect to continue with $2.40 as the first and only hurdle at the 55-day SMA next week. Once this hurdle is cleared, a one-way rise towards $3.00 is possible. Accordingly, we expect a new high for April and possibly March.
LDO 4-hour chartA bigger risk to the downside is that the bulls will not be able to hold the key $2.20 level. This will indicate that too much profit has been taken. Hence, it will significantly weaken the rally. A lower bottom is possible. In this case, a test of $2.00 and a breakout towards $1.92 on the monthly S1 are possible. Then expect to find some support after a 12% sale.
Ripple price will increase drastically
The altcoin price has been under pressure from the bears as the price action has plummeted over the weekend with a price target near $0.42. Instead, the bulls defended the 55-day SMA throughout the weekend and earlier this week. The bears, on the other hand, hit a massive wall of buy orders each time. The bulls’ share in price action has increased drastically. Therefore, XRP is poised for a major breakout.
XRP bears should be looking for a pretty significant loss as even a few false breakouts were triggered. This now makes room for a ‘bear trap’. Therefore, it is possible that the bears will switch sides soon. It is also possible that they will have to buy XRP in the market to cover their lost positions. This will trigger a huge over-demand. It will also lead XRP to peak towards $0.58 very soon.
XRP 4-hour chartOne element in the way of this bullish idea is $0.48, which could prove to be a resistance level as it did on Friday after an upside test was met with outright rejection. Another rejection is enough to break the 55-day SMA and move towards $0.42. In this scenario, this time the bulls will have to sell their shares. It will also trigger a sharp decline with a 15% loss in the process.
Can this altcoin sustain its gains?
Avalanche broke out of a one-week downtrend, gaining about 5% to its holders. A bullish reversal candlestick pattern on the AVAX price chart will likely confirm the end of the bearish trend. After a significant drop from $21.56 on April 17 to $16.59 on April 24, altcoin price started an uptrend, as seen in the AVAX four-hour price chart below. At the base of AVAX’s downtrend, the flipping candlestick pattern formed on April 25 is considered a sign that the bears have lost control of the asset and the bulls are likely to take over.
AVAX 4-hour price chartTopaç candlestick pattern confirmed by changing trend and forming higher highs and higher lows on AVAX. As long as altcoin price stays above the 38.2% Fibonacci retracement support at $16.88, the uptrend is likely to remain intact. A drop below this level invalidates the bullish argument. The upside targets are the 200-day Exponential Moving Average (EMA) at $17.95 and the weekly and monthly highs of $18.25 and $21.56. On the downside, AVAX is likely to find support at $16.88, $16.66 and a weekly low of $16.49.
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