With the altcoin market busy making up for the week’s double-digit drop, crypto analysts are keeping an eye on the XRP, PEPE and LINK charts for the next deals…
Michaël van de Poppe sees big breakout for 2 altcoins
XRP
In his YouTube video released on June 10, Poppe highlighted XRP and Litecoin (LTC) as the primary altcoins to watch in the short term. The crypto analyst points to Ripple’s ongoing SEC litigation regarding the price direction of XRP. By looking at XRP’s weekly chart, he identifies a possible exit scenario for its price. According to Poppe, XRP could rally as high as $1 if it surpasses the $0.52 resistance level. According to their analysis:
If we break the $0.52 resistance, I think we can start an expansion towards $0.75, but we will most likely start expanding towards a dollar or more. This is where you will want to take a position to break through the resistance zone.
Regarding the potential timeline of price action, Poppe mentioned that it may take several weeks for the expected scenario to unfold. Currently, XRP is trading at $0.49 where it recovered slightly intraday.
Additionally, the analyst highlighted the correlation between XRP and Dogecoin (DOGE). If XRP performs as predicted, focus expects Dogecoin to gain momentum as well due to its remarkable correlation.
Litecoin (LTC)
As for Litecoin, Poppe expects the August halving to lead to price action. He also stated that the recent price action shows that LTC is ready to exit the consolidation phase, exhibiting a “classic ascending triangle structure.” LTC is currently facing resistance at $100. Accordingly, Poppe mentioned that breaking this level will depend on regaining $92. However, he warns of potential volatility in the market:
We have a classic ascending triangle structure, where we experience this resistance between $100-105. If we are to break the upside based around $92, we could make an expansion.
The analyst also noted that Litecoin’s performance is closely tied to the Bitcoin movement. According to his predictions, if Bitcoin reaches $26,500, it will potentially provide strength for LTC.
Additionally, he predicted that LTC has the potential to rise to at least $170, a price level where investors can consider making a profit. While LTC is currently trading at $77.07, Poppe suggested that the price of $77.1 offers an opportunity to accumulate the asset.
Altcoin Sherpa evaluated short opportunities for these 4 coins
Render (RNDR)
Another analyst, Altcoin Sherpa, evaluated short-term opportunities in 4 altcoins, some of which are bullish. The crypto analyst says that the recent uptrend of Render (RNDR) seems to be over for now. According to their analysis, the anemic volume of RNDR over the past few weeks indicates that investors have lost interest in the project run on the Ethereum network. It sets $1 as its next price target:
I think RNDR looks tired as it expects much lower prices. Looking for a short… You can see one last fatigue push-up. I think this goes much lower. $1 or less over time.”
https://twitter.com/AltcoinSherpa/status/166680774314110976
BNB Coin (BNB)
Sherpa later shared that he saw a bearish trend on the BNB chart. While the analyst says that BNB is still trading in its yearly range, he says investors should think twice about being extremely bearish:
Overall I don’t see any real trend change for BNB. It’s still in the range it was last year and I think a test is coming in around $220-250. I think Binance is doing well and will be the leader in the near future… So I don’t think it’s a good space for shorts. I would wait in line for a move of up to $300.
BNB is currently trading at $236.57. As quoted by Cryptokoin.com, it dropped to $57 on Binance yesterday.
Chainlink (LINK)
Switching to Chainlink, Sherpa says that if the price reaches a key support level, it will ignite the short-term rally.
LINK is expected to bounce around $5.50. This current area is also a support level, so anything down to the lows here looks good for support.
Pepe (PEPE)
Sherpa finally said that Pepe (PEPE) is ready to double its current price. Using Fibonacci retracement levels, a technical analysis method for PEPE to identify support and resistance levels, Sherpa predicts Pepe will bounce back to the 0.50 Fibonacci level at a price of $0.00000234. According to their analysis:
I added more PEPE to my current position yesterday, which I think will eventually move to .50 fib, but make a lower top (and take profits by the way). I still think this will eventually go much lower, but a lower high/exit rally seems likely to me.
Finally, Sherpa predicted that Bitcoin would fluctuate in the $25,000 region for weeks. The leading crypto is currently trading at $25,769.35, where it has been moving sideways throughout the day.
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