The cryptocurrency market continues to attract investors and traders around the world, with a large number of altcoins showing impressive growth potential. In this article, various analyzes; We will examine its current outlook for some of the most important cryptocurrencies, including Dogecoin, Tron, HBAR and Arbitrum. These coins have gained traction due to their unique features and strong community support. We will also examine the recent performance of Bitcoin as its movements often affect the broader market. Here are the details…
Analysts reveal their forecasts for HBAR and other coins
Dogecoin: Ready for more earnings
Crypto trader Altcoin Sherpa predicts that Dogecoin (DOGE) will rise by around 20 percent in the near term. The trader describes DOGE as one of the few altcoins that looks strong overall. He predicts a potential rise to $0.09 in the short term. The next important support/resistance level to watch is the 200-day exponential moving average (EMA) at $0.075. Altcoin Sherpa is watching DOGE closely for a buying opportunity and suggests that the coin’s bullish momentum may continue.
The trader says that Blockchain oracle Chainlink (LINK) will revisit the lower end of the persistent price range with an upper limit of $9.33 and a lower bound of $5.33. It predicts a drop from the current $7.98 level to at least $6.50. “To be honest, that didn’t move much. I’ll be patient, though, and bid $6.50 or less. It’s actually not a bad point to bid here either, it’s the EQ of the range. It depends on your strategy,” he said.
Where is Tron’s performance headed?
Tron (TRX) experienced both ups and downs in Q2 2023. However, Messari’s report shows that TRX’s average daily active accounts are up 14 percent, emphasizing higher adoption. It also contributed to the increase in value by launching new features and partnerships such as Blockchain BitTorrent bridge and Stake 2.0. However, Q3 started with a drop in daily active addresses and transactions. This decline was likely influenced by general market sentiment.
HBAR: Rising against the odds
Hedera has performed solidly in recent weeks as one of the strongest coins. The trader community continues to monitor the four key price levels at which HBAR can experience volatile trading. Hedera (HBAR) showed resilience with significant revenue growth and an increase in new accounts opened on-chain in Q2 despite market downturns. However, the ongoing bearish trend in the market poses a challenge for HBAR’s price movements. Looking at the weighted sensitivity and social dominance of HBAR, it is seen that HBAR is in a recovery position.
As can be seen in the chart below, HBAR’s weighted sentiment hit a quarterly high on July 19. However, its weighted sentiment dropped and rebounded to -0.301 at press time. This showed that the market is positive about altcoin. Additionally, its social dominance rose to a halt at 0.739 percent, although it took a hit. This was a clear indication that HBAR was gaining prominence on the social front as well.
Arbitrum: BTC’s movement can be tracked
Arbitrum (ARB) is facing a potential retest of an important demand zone due to Bitcoin’s weak price action. The historically stable demand region could offer discounted buying opportunities if BTC recovers. However, a weakening BTC could break through the demand zone, leading to further declines for ARB.
We are at a critical juncture in Bitcoin.
Bitcoin’s price action remains crucial to the broader cryptocurrency market. As predicted by altcoin Sherpa, a retest of the 200-day EMA could trigger either a rise to $30,400 or a drop to $27,800. The current price of $29,225 indicates indecision. This pushes investors to be cautious before taking a long position.
What levels are critical for Avalanche?
Avalanche’s (AVAX) price level of $13 presents a potential buying opportunity. However, there are factors to consider. Caution is needed due to the weak Bitcoin (BTC) price action, which recently dropped from $15.97 to around $13, causing a loss of over 18%. Short sellers benefited during the AVAX withdrawal, with a profit of over 15 percent.
The confluence area at the 50 Fib level and the $12.85 – $13.38 bullish block offer a perfect level to continue long with the $14 and $15 targets. However, weak buying pressure indicated by RSI and CMF and demand for AVAX weakens the bullish sentiment. The decrease in open interest (OI) ratios and liquidation data confirm the downward trend in the futures market. For AVAX bulls to take advantage, BTC needs to surpass the $29.5K resistance and advance.
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