The cryptocurrency market spent the weekend with sideways price movements. So, will the altcoin market rise in the short term? According to analysts, if the sentiment in the Fear and Greed Index, which is currently in the fear zone, improves, the 4 altcoins in particular could outperform their competitors. At Kripotkoin.com, we are reviewing the price analysis of these 4 altcoins on the list…
This altcoin continues to pile up on the dips
NEAR may drop to the 20-day EMA ($15) which can act as strong support . If the price bounces back from this level, it will indicate that the bulls continue to buy on the dips. The bulls will then make an attempt to push the price back to its all-time high. The ascending 20-day EMA and the RSI in the positive zone are giving the buyers an edge. Contrary to this assumption, if the NEAR price falls below the 20-day EMA, it means that traders will be able to sell profits aggressively. This could open the doors for a possible drop to the 50-day SMA ($12).
The 4-hour chart shows the price repeatedly bouncing just below the 50-SMA. This indicates that buyers continue to accumulate on dips. If the altcoin price rises from the current level and rises above the 20-EMA, the bulls will try to push the price back to $20. Conversely, if the altcoin price declines and stays below $16, short-term investors could create selling pressure. This could pull NEAR to $14.50.
Bear trap
FTX Token (FTT) on the FTT chart broke above $49 on March 24 and closed but the bulls failed to turn the level to support during the retest. The price broke below the 200-day SMA ($47) and reached the 50-day SMA ($45). The positive point is that the buyers try to defend the 50-day SMA. The bulls will suggest strong buying at the lower levels if the price pushes the price above the 200-day SMA and the resistance above $49. The bullish momentum could close above $54. FTT can then rally to its model target at $66. Conversely, if the price fails to break above the 200-day SMA, the probability of the triangle breaking below the bullish line increases. If this happens, the altcoin could drop to $40 and then to $37.
The 4-hour chart shows the price falling into a descending channel pattern. Although the bears pulled the price below the support line of the channel, they were unable to sustain lower levels. This suggests that the break below the channel could be a bear trap. If the bulls push and sustain the price above the 20-EMA, the price could rise to the 50-SMA. This level can act as a resistance again, but if the bulls break it, the next stop could be the downtrend line. A break and close above this barrier could signal a possible trend change for the altcoin. This positive view will be invalidated if the price drops from the current level and drops below $44.
This altcoin drew a double bottom pattern
Ethereum Classic (ETC) formed a double bottom pattern when it closed above the overhead resistance at $38. The price then increased to its $52 model target on March 29, when profit booking began. This brought the price to the breakout level at $38. Buyers will try to turn the breakout level of $38 to support. If they are successful, it will suggest a shift in sentiment from selling on rallies to buying on dips. If the price rises from the current level or returns to $38 and rises above $45, it indicates that the correction may be over. Buyers will then try to push ETC back to $53. A break and close above this level will signal a resumption of upward movement for the altcoin price. This positive view will be invalidated if the price continues to decline and falls below the 50-day SMA ($35). The 4-hour chart
shows that ETC is recovering from the $38 level, but the bulls are struggling to hold the price above the 20-EMA. This indicates that the bears are selling at higher levels. The positive point was that the bulls did not give up too much from the 20-EMA. This increases the likelihood of a break above this resistance. If this happens, the price may rise to the 50-SMA. A break and close above this resistance could open the doors for a possible upward move to $48 and then $53. Contrary to this assumption, if the ETC price drops below $38, the selling may intensify and the altcoin price may drop to $32.
XMR has been in a gradual uptrend for the past few days
Monero (XMR) broke above the downtrend line. signaled a potential trend change when it closed. Although the bears tried to push the price below the downtrend line, the bulls did not give up. The bears are attempting to stop the rally at the immediate resistance at $239 but the long tail on the candlestick indicates buying from the lower levels. The rising 20-day EMA ($216) and the RSI in the positive zone suggest that there is an advantage for buyers. If buyers hold the altcoin price above $239, XMR/USDT could gain further momentum and rally to $255. On the other hand, if the price drops from the current level, it will show that the bears are aggressively defending the overhead resistance at $239. A break and close below the 20-day EMA will be the first sign that the bullish momentum may weaken. The pair could later decline to the 50-day SMA ($190).
Altcoin has been in a gradual uptrend for the past few days. The failure of the bulls to sustain the price above $239 attracted short-term traders’ profit booking but the bears failed to push the pair below the 20-EMA. This indicates strong buying at lower levels. The upward move could accelerate if buyers hold and sustain the price above $239. Alternatively, if Monero price drops from $239 once again, the price could drop to $209 and stay on the border between these two levels for a few days.
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