Predictions continue to come in the Bitcoin and altcoin market. Recent estimates include Ripple’s XRP Polygon (MATIC), Cardano (ADA) and Avalanche (AVAX). There is also Litecoin. Let’s look at the meteroic estimates.
Prediction for 5 altcoins
Crypto analyst EGRAG CRYPTO has offered bold predictions for Ripple’s XRP. He predicted a significant price increase in the next cycle. Our article reviews the technical analysis that supports these predictions and explores potential resistance and support levels. The article also highlights the recent gains of top tokens such as altcoin Polygon (MATIC), Cardano (ADA), Avalanche (AVAX), and Litecoin.
Analyst EGRAG CRYPTO predicts that the altcoin XRP price will rise to $10. It’s also targeting the $124 milestone. Crypto trader and analyst EGRAG CRYPTO offers his insights on Ripple’s XRP in a recent tweet. Accordingly, he confidently predicted that it would reach $10 in the next market cycle. The analyst also states that the remittance token may even exceed expectations. On the other hand, he predicts that it can go up to $124.
Technical indicators signal a potential breakout for XRP
Known for its accurate predictions, EGRAG CRYPTO stated that reaching $10, which coincides with the 1.618 Fib level, would be easy for XRP. The analyst also pointed out that the 2.618 Fib level, located around $124, is also within reach for the crypto. XRP’s daily chart reveals the existence of an ascending triangle formation that, once confirmed, could push the altcoin price to $0.6935 in the coming weeks. Confirmation of this bullish thesis will occur when altcoin XRP closes a daily candle above the 9-day and 20-day EMA lines.
XRP briefly breaches these two technical indicators early in today’s trading session. It is currently trading just below them. However, what if XRP manages to close a one-day candle above the EMAs in the next 48 hours? XRP will attempt to turn the $0.5686 resistance level into a strong support level.
bull technical flags on the horizon
EGRAG CRYPTO also highlights two bullish technical flags on the verge of being triggered. The daily RSI line shows the potential to break above the daily RSI SMA line. Accordingly, the 9-day EMA may cross the longer 20-day EMA. These flags are expected to be triggered in the next two days. In this case, the price of XRP could surpass the $0.5686 resistance level in the next week.
Conversely, failure of a daily candle to close above the 9-day and 20-day EMA lines in the next 48 hours could result in altcoin XRP falling below the next support level at $0.47. In such a scenario, the ascending triangle pattern will become invalid. Accordingly, XRP is at risk of falling to $0.4132 in the next week.
MATIC, ADA, and AVAX are the top earners among the top 20 tokens
Polygon (MATIC), altcoin Cardano (ADA), and altcoin Avalanche (AVAX) emerged as the top earners among the top 20 tokens in the past 24 hours. This impressive rise can be attributed to Bitcoin’s recent resurgence. Because the leading cryptocurrency broke the $27,500 resistance level, creating an upward momentum in the market.
Among the three tokens, altcoin MATIC made the most significant gains, reaching a 7-day high of $0.65 as the bullish trend gradually returned. MATIC found support at $0.59. It managed to surpass the $0.62 resistance, which coincided with Bitcoin’s surge above $27,500.
Altcoin ADA and AVAX
Altcoin ADA, on the other hand, maintained a solid position above the $0.257 support level. Although it rallied above $0.28, the drop to $0.278 indicated that there are issues with buying momentum. The MACD at 0.0023 points to a bullish view. However, the 26-day EMA may be a barrier to the ADA’s upward move.
Altcoin AVAX traded at $12.27, reaching a 7-day high. However, Bollinger Bands point to potential overbought conditions. Accordingly, the upper band touches the price at $12.26. However, the Awesome Oscillator at $0.34 will help fend off the bearish outlook for AVAX.
Litecoin’s upcoming halving and price analysis
Litecoin is preparing to experience its third halving event on August 2, 2023. Accordingly, it reduces the block rewards from 12.5 LTC to 6.25 LTC. However, despite the prophecies and predictions surrounding the price of altcoin LTC, its trajectory has been heavily influenced by Bitcoin’s volatility and regulatory uncertainty in the United States.
Litecoin’s halving happens every four years, or after 840,000 blocks are minted. Accordingly, this halves the block rewards of miners. Previous halvings in 2015 and 2019 created expectations for a price rally as scarcity fueled demand. However, the price of LTC has been affected by Bitcoin’s movements and regulatory actions.
Altcoin Litecoin price view and key levels
Currently, Litecoin’s price is testing the $82.81 hurdle after the recent 12% rise. Investors should be careful. One should wait for a bounce from the $78.97 to $76.15 support zone before considering entry. A successful recovery above the resistance levels at $82.81 and $85.45 is needed. This is important to start a recovery rally. It is also essential to potentially push the price towards $100. Finally, it is crucial to retest the high range at $105.79.
Traders should watch the Relative Strength Index (RSI) and Awesome Oscillator (AO) closely for signs of recovery above their average levels. This indicates a buying opportunity. The bullish outlook carries risks. However, a rejection of $82.81 or $85.45 will invalidate the thesis. It will also potentially trigger a correction towards the low range of $65.10.
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