Forecast: These 5 Altcoins On Binance Could See Big Waves!

XRP is showing bullish signs as the key signal emerges. However, big waves can be seen for XRP and these 4 altcoins.

Interesting event on XRP chart

A crypto enthusiast on Twitter by the name of Mr. Huber pointed out an interesting event on the XRP chart. Bitfinex published a weekly XRPUSD short chart on the crypto exchange, noting for the first time that XRP shorts have reached an all-time low. In his statement he said:

‘Do you want some good news? XRP shorts hit an all-time low for the first time since their existence.’

A ‘short’ or ‘short position’ is created when a trader first sells an asset to repurchase it later or meet at a lower price. When a trader thinks that the price of an asset may decrease in the near term, he may decide to short sell that asset.

Therefore, XRP sales at an all-time low could be a positive indicator. Data from Coinglass shows that XRP funding rates on exchanges remain between neutral and positive. Funding rates are intended to reflect the general sentiment of market participants and their expectations for the future of the market.

Among the XRP community, the hopes for a positive resolution of the Ripple-SEC case are high. In 2022, James K. Filan, who usually publishes updates on the Ripple case, estimates that the judge could make a decision on or before March 31, 2023. Ripple CEO Brad Garlinghouse predicted that the decision could come in the first half of 2023. According to cryptokoin.com data, XRP is down 4.3% in the last 24 hours and is at $ 0.378.

This altcoin started identity service

With the help of ZK Proofs, Polygon has launched a Web3 identity service that can authenticate user credentials without revealing personal information. The official release states that the use of Polygon ID can be advantageous in compliance use cases such as the ‘Know Your Customer (KYC)’ process required for centralized exchanges, allowed DeFi protocols, and fiat payment gateways that make it easy to switch on and off launchers.

It can also be applied in customer onboarding for e-commerce platforms, passwordless login, use by banks as an under-collateralized lending method, and use in decentralized autonomous organizations (DAOs). Additionally, it can be used with Polygon’s wallet.

This could mean that companies using Polygon ID will no longer have to deal with the issues of maintaining user data. For individuals, this means greater control over their own identity, as well as greater freedom in the way they use their personal data to respond to questions posed by public and commercial organisations.

The technical team behind Polygon Labs has incorporated the identification toolkit technology into Polygon zkEVM, scheduled for release later this month. The Polygon community has greatly welcomed this new development, and market watchers are expecting a significant price hike in the days leading up to launch. Currently, the price of Polygon (MATIC) is trading at $1.21, down 3.6% in the last 24 hours, as opposed to the 13.4% drop in the past seven days.

Cosmos price expected to rise

Cosmos (ATOM) price is showing signs of a completed correction that could lead to a sustained upward move. Despite the rejection, the weekly RSI is bullish. It broke out of a falling resistance line and is above 50. Both of these are considered bullish signs. If a breakout occurs, ATOM price could rise to the next resistance with an average price of $22. If it fails to do so, however, ATOM price could drop to the $8.60 support area.

According to analysts, the most likely level for the end of the wave will be between $11.95 – $12. This support combination is created by giving the 0.5 Fib retracement support level and a 1:1 ratio to the A:C waves. So, the fix may be complete. In this case, the price of this altcoin can be expected to rise above $ 15.45 and go towards $ 22.

A close below $11.12 could put the bullish number at risk as corrections usually end at or above the 0.618 Fib retracement support level. Additionally, a drop below the $8.43 minimum price will definitely invalidate the long-term bullish Cosmos price prediction and could send the altcoin price towards $5.

As a result, the most likely Cosmos price prediction for March is an increase towards the year high of $15.45 and a possible breakout towards $20. On the other hand, a close below $11.12 could put this figure at risk. Then, it could potentially lead to a drop to $8.43.

Ethereum price structure levels that matter

Etheruem price rallied liquidity above/below Monday’s highs and lows. With the weekly target on both sides met, traders need to be cautious and watch closely for the weekly and March openings at $1,635.11 and $1,604.75 respectively.

A bounce from either of these levels could play a key role in breaking the monthly resistance at $1,677. When this level is broken, there is a buy-stop liquidity standing above the highs formed between February 16 and 21. Beyond this level, the momentum could easily push Ethereum price towards $2,021.

Altogether, this move will create a 22% gain for market participants and is likely where the upside move for ETH is capped.

Synthetix, the harbinger of Ethereum’s moves

An analyst named ColdBloodedShiller on Twitter posted a chart that talks about the similarities between Decentralized Finance (DeFi) token Synthetix (SNX) and Ethereum. In this tweet, he showcases two key aspects of the SNX price that are similar to what Ethereum price is currently experiencing.

A tight consolidation that developed a bearish trend resulted in a 5% pullback for three days. This correction was soon followed by an increase in buying pressure, which drove the SNX price up nearly 17% week-on-week.

Ethereum price shows a similar pattern, but is still in the consolidation and bearish development stage. If the pullback scatters with early buying and recovery, it will increase the likelihood that ETH will follow SNX’s path. If history repeats itself, Ethereum price could rise 17%, bringing ETH to roughly $1,900.

Key level will play an important role for altcoin

One of the factors that could potentially take the Shiba Inu to new heights is the launch of Shibarium, a new blockchain network that will integrate with the Shiba Inu. It is being built as a “Layer-2” blockchain built on top of the Ethereum blockchain, which provides the underlying structure for the Shiba Inu and all of its functions.

Voxel X Network announced on Twitter that it has embraced Shytoshi Kusama’s vision of a decentralized Shibarium that includes all projects. The tweet also states that Voxel X and over 75 of its listed partners will actively promote Shibarium. This news from the SHIB community is sparking new excitement among cryptocurrency investors and sets the stage for a solid bull run in March.

Despite the sharp decline from the weekly support level at $0.00001191, the price of SHIB is showing bullish signals as it climbs above the 23.6% Fib level from the support level. Traders are now waiting for a break above the immediate resistance at $0.000013 to set a short-term bullish target on the SHIB price chart.

At the time of this writing, the price of SHIB is down 3.4% in the last 24 hours to trade at $0.00001202. Looking at the 4-hours price chart, SHIB price is poised to trade above the EMA-20 trendline as it witnesses an increase in trading volume. A break above $0.000013 will push the token to a critical price of $0.000014, above which the altcoin price will move towards the upper limit of the Bollinger band at $0.000016.