Most of the altcoin market has seen its prices drop by 3% in the last 24 hours. This correction, which came after the uptrend at the beginning of the week, brings the change in terms of technical metrics.
Here are 6 altcoins that give a bullish signal
First, Avalanche (AVAX) fell 3.93% to $13.65 on Dec. Meanwhile, it weakened by 2.24% and 1.18% against Bitcoin (BTC) and Ethereum (ETH), respectively. The daily chart shows that AVAX price is trading above the 9 daily EMA lines. Also, the daily MACD and daily RSI technical indicators are bullish. This shows that AVAX price will not fall below the 9 EMA line and will enter a mini rally in the coming days.
vomiting (KSM)
Unlike AVAX, KSM’s price has been rising in the last 24 hours. It is currently trading in the region of $31.10. KSM not only strengthened against the dollar. It also gained 2.71% against BTC and 3.94% against ETH. The daily chart for KSM has been bullish recently, as the 9 daily EMA lines crossed above the 20 daily EMA lines. In addition to this bullish cross of the 9 and 20 EMA lines, the daily RSI line has crossed above the daily RSI SMA. But it has since taken a neutral slope as it hit the price resistance of KSM.
Ocean Protocol (OCEAN)
OCEAN’s price has also increased by 2.80% in the last 24 hours. Thus, it pushed its price up to $0.1433. Similar to KSM, the altcoin also gained 4.42% and 5.65% against BTC and ETH, respectively. The daily chart for OCEAN has also been bullish recently as the daily MACD broke above the daily MACD signal line. There was also a bullish cross on the daily RSI above the daily RSI SMA. This new uptrend could see analysts see the price of OCEAN rise to around $0.1614.
Arweave (AR)
AR is another altcoin on the list that has seen its price increase in the last 24 hours. According to CoinMarketCap, the price of AR is currently $9.69 after rising 1.56%. The altcoin also gained 3.67% and 4.85% against BTC and ETH, respectively. Technically speaking, the price of AR broke above the 9 daily EMA. It now sits between the 9 and 20 daily EMA lines. If the price of AR successfully rises above the 20 daily EMA and maintains a position above it, it will present a good buying opportunity. If the price of AR breaks the 20 daily EMA line, it has room to rise to the 50 daily EMA, which is currently around $10.
Left (LEFT)
The price of SOL has also been slightly up in the last 24 hours. It is currently trading in the green at 1.75%. Solana thus rose as high as $14.14 during the day. Like many of the other altcoins on this list, SOL’s price has strengthened by 2.61% and 3.79% against BTC and ETH in the same time frame. Price action for SOL has been relatively stable over the past 2 weeks as the altcoin price has been consolidating. However, there are signs of a bullish move on the cards as the daily RSI line breaks above the daily RSI SMA line. The price of SOL will need to break above the 20 EMA level before traders consider going long on the altcoin.
Mike McGlone says Ethereum will stand out because of its solid foundations
Speaking in a new interview with Stansberry Research, Mike McGlone said that the worst of the crypto winter is probably behind us. In particular, McGlone points out that ETH is still 12 times higher than it was just three years ago. It also highlights that it outperforms other assets with strong support well below the current price level. As for the price forecast, it includes the following levels from a perspective stretching back to the pandemic period:
Right now, let’s just look at the price of Ethereum. 1200 dollars. At the end of 2019, it was $100 before the whole Covid thing hit. So it’s still 12 floors up. It is holding good support around $1,000. It may fall slightly below that, but I expect it to stand out and continue this uptrend over time.
As you follow on Kriptokoin.com, the cryptocurrency market has been on the decline since November 2021. High-profile bankruptcies like Terra and FTX helped the crash reach new lows. McGlone says we may have passed the hardest part of the bear market:
Cryptos are already down 80% and when something drops 80% you don’t want to go down too much. I think we are in the final stages of this bear market for cryptos, but it will not be easy.
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