Cryptocurrency market is blood bathing! In this environment, the leading crypto Bitcoin also lost the level of 26 thousand dollars. However, some analysts suggest that the 2 altcoin projects are poised to rise.
Famous whale: This altcoin is about to rally!
The famous analyst, nicknamed Kaleo, expects Ripple (XRP) to outperform Bitcoin (BTC). That’s why the analyst predicts bullish price action for XRP. Kaleo predicts that XRP will continue its rise after successfully retesting its diagonal resistance as support. In this context, the analyst says, “XRP low time frame also looks ready for another uptrend.”
Source: Kaleo/TwitterAccording to Kaleo, XRP is likely following in the footsteps of Tron (TRX), which recently rallied from $0.74 to $0.85. “For reference, here is what TRX just did. It is possible that a similar squeeze will push XRP to $0.60+.”
Source: Kaleo/TwitterAt the time of this writing, the altcoin was trading at $0.52. The analyst then looks at the XRP to Bitcoin ratio (XRP/BTC). Kaleo says that the pair is ready to move higher after breaking above the diagonal resistance. “The XRP/BTC pair also looks ready for a squeeze,” the analyst says.
Source: Kaleo/TwitterMeanwhile, fellow crypto strategist Cantering Clark has also been bullish on XRP. The trader says that the altcoin’s price structure is almost ready to rise. Clark states that he wants to accumulate XRP because he believes in it. Accordingly, the analyst makes the following statement:
I haven’t looked at many charts lately. But I’m not going to lie, between the weird spot bid and the launch-looking setup, I guess I need to get started on TWAP (time weighted average price) XRP.
5 reasons for DOGE’s potential price boom!
In a recent video update, the popular crypto market commentary program “Altcoin Daily” said that the price of Dogecoin (DOGE) is about to “explode.” The analyst of the channel listed 5 reasons for this. Here are the analyst’s reasons:
Fluctuation in Transactions: One of the most important indicators of Dogecoin’s growth potential is the significant increase in daily trading volume. Dogecoin has seen more than one million daily transactions, surpassing Bitcoin and Ethereum. This increase in transactions marks the increasing use of Dogecoin for transfers. It is also possible that this could potentially raise the price of DOGE.
Introducing DRC20 Tokens: The increase in Dogecoin transactions is tied to the launch of DRC20 tokens. This development has expanded the functionality of the Dogecoin network, allowing for the creation of custom tokens. This attracts more users and developers to the platform. Thus, it is possible that it will increase the demand for Dogecoin and potentially raise its price.
Increase in Hash Rate: Another positive indicator for Dogecoin is the notable increase in hash rate over the past few weeks. The increase in the hash rate indicates a healthy and strong network. This shows that more miners are supporting Dogecoin. This increased network security is likely to make Dogecoin more attractive to investors.
Bollinger Bands Indicator: The Bollinger Bands bandwidth suggests that the altcoin price could make a significant move in either direction. An upside move is more likely due to other positive indicators. If this prediction turns out to be correct, a significant increase in altcoin price is likely.
Historical Market Trends: Historically, a rise in the price of Dogecoin has often preceded a bull market in the wider crypto cycle. If this pattern is correct, an increase in Dogecoin’s price could signal a broader market rally. Thus, it is possible that it could potentially lead to a further increase in the price of Dogecoin.
The opinions in the article are those of the analysts and are certainly not investment advice. Considering the volatile and uncertain nature of the crypto money market, we, as Kriptokoin.com, recommend you to invest in line with your own research.
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