For the most part, major cryptocurrencies look set to end the week with solid gains. Meanwhile, Ethereum is supported in the $1,220 area, up roughly 14 percent this week. So, which altcoin projects are on the radar? Which altcoins are expected to rise? Cryptocurrency expert Joel Frank shared…
The first altcoin on the analyst’s list: Solana (SOL)
Solana, the ninth largest cryptocurrency in the world by market capitalization, received the fourth largest engagement last week, according to crypto social intelligence platform LunarCrush. According to CoinMarketCap, SOL/USD is up about 15 percent last week compared to this time. At current levels of just over $38 per token, its market cap is just over $13 billion.
According to the analyst, the pair is still consolidating within a pennant that has been around since the beginning of June. A breakout to the downside (perhaps triggering a move below $35) could signal a potential drop to yearly lows around $25. An upside break could open the door for a rally towards the key support turn resistance area at $47.50.
What will happen in the biggest meme coin Dogecoin (DOGE)?
According to LunarCrush, Dogecoin was the number five cryptocurrency in terms of interactions last week. Dogecoin bulls are mostly in control this week, according to the analyst. DOGE/USD is up about 3.5 percent from the start of the week. This means that there is a delay compared to Bitcoin and Ethereum. The pair was last traded close to $0.07 per token after pulling back sharply from Friday’s highs of $0.0735.
The cryptocurrency faced resistance at $0.072 in the form of a 50-day moving average. At that time, it caught the bullish momentum. This is the second time 50DMA has ruined the party in less than two weeks. Note that the 50DMA is currently coinciding with a downtrend that has been going on since mid-May. The fact that DOGE has not been able to break out of this downtrend means that the technical outlook for the pair is not good. For example, if it fails to break above the $0.075 area.
What’s next for the second largest meme coin Shiba Inu (SHIB)?
According to LunarCrush, the Shiba Inu ranks as the sixth cryptocurrency in terms of social interactions. Shiba Inu bulls are in control this week. The cryptocurrency has performed better. It recently gained around 17%, expanding a recent recovery from the $0.000010 level to test the resistance near $0.000012 on Saturday. Shiba’s specs look pretty optimistic. Since mid-June, the cryptocurrency appears to have formed an ascending triangle. This is a pattern that often precedes a bullish breakout.
If SHIB can rally convincingly above $0.0012, the door is open for a higher run towards the late-May highs of $0.0000125 to $0.0013.
Tezos (XTZ)
Tezos ranks third with over 1.15 billion social interactions this week, according to LunarCrush. The cryptocurrency was last trading around $1.60, up 5.0 percent. However, it has retraced from previous session highs in the $1.65 region, failing to test the late June highs and making a move around $1.70 at the 50DMA. However, the couple’s technical outlook looks strong. It has been forming an ascending triangle in recent weeks. A break above this formation (i.e. a move above $1.70) could trigger a rapid rise towards the $2 level given the lack of resistance in the middle.
The last altcoin on the analyst’s list: Aave (AAVE)
According to CoinMarketCap, Aave’s AAVE token is the best performing cryptocurrency in the top 50 by market cap over the past seven days. It earned over 32 percent profit. AAVE/USD alone gained another 4 percent this Saturday, last changing hands for just under $75. The momentum picked up as the pair broke above the 21DMA at $63 on Thursday. The cryptocurrency is currently hitting June highs. A break above these and the 50DMA just below $80 could set the stage for a quick rally towards the $90 level or even the $100 level, given the lack of resistance in between.
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