The cryptocurrency market continues to struggle to find direction in a foggy weather. In this environment, the leading cryptocurrency Bitcoin lost its psychological support of $ 27 thousand. Altcoin projects mostly followed suit. Analysts share the altcoins and predictions they have on their radar in this foggy environment
These cryptocurrencies have bullish potential!
Analyst Michael Pizzino evaluates the short-term performance of major coins like BTC and ETH. The analyst does a quick analysis of BTC, ETH, RNDR, SOL, MATIC, ADA and others.
Is that it for the tiny crypto pump?! Some clear signals are popping up to tune in for some rapid-fire analysis on BTC, ETH, SOL, MATIC, ADA, PEPE & RNDR.https://t.co/N4Ri4UyI3Z
— Michael Pizzino (@PizzinoMichael) May 24, 2023
Pizzino states that Bitcoin’s short-term trends are up and things look “good” in the short term. However, the analyst adds that for the bull market narrative to continue, BTC must hold the trendline at 50%, which also aligns with several previous lows. Pizzino maintains its short-term bullish stance. He also adds that his stance will be invalidated if the price drops below the $26,600 level.
BTC 4-hour chart / Source: Michael PizzinoWhen it comes to ETH, the analyst believes there is a stronger position than seen yesterday. Pizzino says short-term highs act as new lows. The analyst adds that the danger sign for ETH is a drop below the $1,840 support.
ETH 4-hour chart / Source: Michael PizzinoAlso, Pizzino is in a short-term uptrend on the RNDR. In this context, the analyst notes that volatility is slightly higher compared to other markets. Trends in RNDR are still bullish on shorter-term timeframes. However, the analyst says that Solana is struggling at the $20 price point despite rising on short-term timeframes. Also, MATIC is only standing by giving short-term bearish signals. Finally, ADA is also holding up but has not yet entered the bullish rhetoric.
Altcoin predictions: PEPE, LINK, AVAX and VRA
Popular analyst Michaël van de Poppe predicts what’s next for a handful of altcoins, including Pepe (PEPE), Chainlink (LINK), and Avalanche (AVAX). The analyst says crypto bears are still in control of meme-coin Pepe. Van de Poppe states that Pepe’s downtrend will likely continue unless the bulls reclaim a significant price level. In this context, the analyst makes the following statement:
This chart continues the downtrend. This means that each resistance block is basically an area to short, such as the $0.0000016 zone. If you want to go long, I prefer to short $0.00000147 and $0.00000115 or even $0.00000085.
Source: Michaël van de Poppe/TwitterNext up is the decentralized oracle network Chainlink. Van de Poppe notes that LINK is still trading sideways between $6 and $6.85. According to the analyst, a break above $6.85 will likely trigger bullish momentum for LINK. Based on this, the analyst shares the following predictions:
It doesn’t show much at this point. A slight intraday bounce, but it should continue by breaking $6.85. If that happens, we could start to see a rally into the higher ranges again. Until then, we will focus on $6 and $5.50 for potential support areas.
Source: Michaël van de Poppe/TwitterAnother altcoin on the analyst’s list is the smart contract protocol Avalanche. According to Van de Poppe, AVAX is giving a bullish signal. Also, the altcoin is preparing for an upside boom. The analyst explains his predictions for AVAX as follows:
This translates into a bullish divergence at the higher timeframe support. Nothing has been confirmed as everything is tied to BTC. However, a retracement of $14.80 will trigger a strong confirmation of the bullish divergence for Avalanche.
Source: Michaël van de Poppe/TwitterThe last altcoin on the analyst’s radar is Blockchain-based video sharing project Verasity (VRA). Van de Poppe says the VRA is approaching a key support level of $0.00395, which could potentially trigger a bounce for the altcoin. The analyst uses the following expressions for his predictions:
I marked this level as a potential point of interest months ago. Finally, the area where long transactions can be made in VRA has been reached.
Source: Michaël van de Poppe/TwitterXRP shows ‘Golden Cross’ on intraday chart!
Crypto analyst Arman Shirinyan analyzes XRP’s intraday chart. XRP has drawn a ‘golden cross’ pattern on its four-hour intraday chart. Traditionally viewed as a bullish signal, this pattern is where the short-term moving average rises above the long-term moving average. But the real question is: Does this pattern have any practical value for investors and does it provide any predictive power?
‘Golden crosses’ usually indicate a potential upside in the market. It also means an upcoming price rally. However, they are best understood in context and considering other market factors. It is possible that this ‘golden cross’ on the XRP intraday chart is promising. However, it should be noted that it does not show the whole picture.
Source: TradingViewLooking at XRP’s daily chart pattern, similar bullish trends can be seen. In fact, in long-term patterns, XRP seems to be moving sideways rather than bullish, which is characteristic of a stable or uncertain market. The ‘golden cross’ on the intraday chart indicates a short-term bullish phase. However, the overall picture may not be as optimistic as hoped.
While chart patterns such as the ‘golden cross’ are useful indicators, it is important to remember that they are not infallible predictors of future market movement. These are based on historical data and usually show trends. However, the volatile nature of crypto markets means that forecasts based on these trends should always be approached with caution.
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