We conducted altcoin research, which is expected to rise in the crypto money world. I wonder which cryptocurrencies are likely to be bullish this week? Let’s have a look at the details.
4 altcoins expected to break
United States stock markets welcomed the debt ceiling agreement on June 2 and May nonfarm payrolls data with strong rallies. The S&P 500 rose 1.8% for the week. On the other hand, the technology-heavy Nasdaq rose 2%. This was the sixth consecutive week of earnings for the Nasdaq since January 2020. Also, the expectation that the Federal Reserve will remain in pause mode during the next meeting has acted as a catalyst for the rally. CME’s FedWatch Tool points to a 75% probability of stalling. The remaining 25% expects an increase of 25 basis points at the June 14 meeting. So, which altcoins will stand out in this case?
First of all, there is the altcoin Cardano on the radar. ADA repeatedly finds support at the uptrend line. However, the bulls failed to push the price above the 50-day simple moving average ($0.38). A breakout from this narrow range trading is likely in the next few days. If the bulls propel and sustain the price above the 50-day SMA, it will clear the way for a possible rally to $0.42 and then to $0.44.
Alternatively, if the price drops from the 50-day SMA and breaks below the uptrend line, it will indicate the start of a deeper correction. The altcoin ADA/USDT pair is likely to drop to strong support such as $0.30 later. On the other hand, the 4-hour chart shows that the $0.38 level is acting as a strong hurdle. However, the rising moving averages and RSI in the positive zone suggest that the bulls have the upper hand. If buyers push the price above $0.38, the pair is likely to return to $0.40 and later to $0.42. If the price drops sharply from the current level and sinks below the 50-SMA, it will show that the bears are taking control in the near term. In this case, the pair will drop to $0.36 and then to $0.35.
Altcoin Quant price analysis
After staying below the downtrend line for a few days, altcoin Quant is back. It started to recover on May 26. The bulls continued their buying. It pushed the price above the moving averages on May 29, signaling a potential trend reversal.
The moving averages have completed a bullish crossover. The RSI is in the positive zone. This indicates that the path of least resistance is up. There is a barrier at $120. However, if the bulls break this barrier, there is a possibility that the altcoin QNT/USDT will return to $128 and then $135. Contrary to this assumption, if the price drops sharply from $120, the bears will try to pull the price towards the 20-day EMA ($110). This remains the key level to consider. Because a break below that will show the bears are back in control.
The 4-hour chart shows that the price is stuck in a trading range between $114.50 and $120. The 20-EMA is flat but the RSI is in the positive territory. Accordingly, this indicates that the momentum remains on the rise. If the bulls clear the $120 barrier, the pair is likely to start the next leg of the upward move. Conversely, if the price drops and breaks below $114.50, it will show that the bears have a slight advantage. For the altcoin, the pair could decline further to $110 and then to $102. The deeper the decline, the longer it takes for the recovery to continue.
Does Render Token meet expectations?
Most major cryptocurrencies are struggling to initiate a recovery in a downtrend. However, the altcoin Render Token (RNDR) started a new upward movement.
Looking at Kriptokoin.com, the RNDR/USDT rate dropped to the 20-day EMA ($2.48) on May 31. However, the bulls successfully defended this level. This indicates a positive sentiment with traders buying dips to strong support levels. The pair could retest its 52-week high of $2.95. If this resistance is surpassed, the pair can rally as high as $3.75. The first sign of weakness will be a break and close below the 20-day EMA. Such a move would indicate aggressive profit-taking by short-term bulls. This could open the doors for a possible drop to the 50-day SMA ($2.20).
The moving averages have completed a bullish crossover. The RSI is in the positive zone. On the other hand, this shows that the bulls have the upper hand. Buyers will try to push the price above the overhead resistance zone of $2.90 to $2.95. If they are successful, the pair could start a new uptrend. Conversely, if the price breaks from the current level or overhead resistance and breaks below the moving averages, it will indicate that the bears are on a reversal. A break and close below $2.42 will indicate the start of a downside move towards $2.25.
Where’s the Rocket Pool momentum?
Altcoin Rocket Pool (RPL) has been trading inside an ascending channel formation for the past few days. A positive sign in the short term is that the bulls have kept the price above the moving averages. This indicates a shift in sentiment from selling on rallies to buying on dips.
The altcoin RPL/USDT pair has been trading in a tight range for the past few days. This suggests that a range expansion could be very soon. If the price breaks and closes above $50.50, it will indicate the start of an upward move towards the resistance line of the channel. The bears are expected to defend this level with all their might. This positive view will be invalidated in the near term if the price turns down from the current level and breaks below the moving averages. The pair may then drop to the support line of the channel.
The 4-hour chart shows that the bulls are holding the price above the moving averages. However, it shows that they were unable to overcome the overall barrier of $50.37. This shows that the bears continue to sell in small rallies. If the price drops and breaks below the 50-SMA, it will indicate that the bulls have given up. The pair will later decline to the support line near $46. On the contrary, if buyers push and sustain the price above $50.50, the bullish momentum will increase. Also, the pair is likely to reach $53.50.
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