Crypto analyst Akash Girimath says that as the lower range for Ripple (XRP) is sweeping, investors can expect a move to the $0.450 high range next week. The analyst also states that Ethereum (ETH) price is approaching to retest the $1,731 support base. Polygon (MATIC) price fails to find support at $0.60, according to another crypto analyst, Tony M. We have compiled the altcoin analyzes of Akash Girimath and Tony M for our readers.
“Ripple (XRP) price may rise 20% at a decisive moment”
Ripple (XRP) price is at a place where breaking critical levels could lead to a steep correction. However, if the same hurdles absorb the incoming selling pressure, things could turn bullish and trigger a rally. XRP price jumped 38% from the May 12 low of $0.336 to $0.466. Since this point, the remittance token has formed a range between $0.395 and $0.450 and mostly stayed within it.
On May 26, XRP price swept the lower limit at $0.395 before attempting a rally, creating an equal low at $0.375. Ripple climbed 15% and pierced the midpoint at $0.422 but failed to hold. As a result, the sell-off pushed XRP below the low range of $0.385, where it is currently trading.
Now there is a chance for Ripple (XRP) price to sweep the even lows of $0.375 and make a U-turn. Assuming the bulls step in and save Ripple, the resulting rally will likely sweep the range higher from $0.450. This rise will make up 20%, but if buyers don’t take profits, the rally could mark the $0.486 hurdle, bringing total gains to around 30%.
While things are looking terribly bullish, the narrative is based on the fact that the bulls bailed out Ripple around the $0.375 barrier. If buyers fail in their claim of dominance, sellers will likely take control and lower the XRP price. If the $0.375 barrier is breached, XRP price could decline further and retest the $0.338 support base.
“Ethereum price is getting ready for an explosive move”
As you can follow from Kriptokoin.com news, Ethereum price has been in a downtrend for about four days and is currently approaching a support level. Price action over the past ten days indicates the possibility of a reversal pattern for ETH, which predicts gains.
Ethereum price broke above the $1,910 support level between May 13 and May 25. The sell-off on May 26 pushed ETH below the aforementioned barrier and prompted a 10% move, providing a low low around the $1,731 support base.
Buyers buy ETH at a discount, while Ethereum price is up 18%, setting a high equal to $2,020. This bullish rally was short-lived, though, and triggered a reversal that made ETH lower. Now, Ethereum price is trading just above the $1,731 support level again, indicating a W-dip formation. This technical pattern is a reversal pattern that indicates a trend change supporting the bulls.
Therefore, investors can expect ETH to rally at least 16% and sweep the equal high at $2,020. If buyers continue to bid, a local top could form around $2,164, May 16 high.
This increase will constitute a 26% gain, but in a highly bullish case, Ethereum price will break the high timeframe resistance barriers at $2,341 or more after a 41% rise. It could retest at $2,412.
Regardless of the bullish narrative, if Ethereum sellers produce a four-hour candlestick below $1,701, this will create a lower low and invalidate the W-bottom setup along with the bullish thesis. In such a case, Ethereum price could revisit the $1,543 support level.
“MATIC price poised to drop further”
MATIC price points to further declines in the coming days as it may have gone too far south. The self-proclaimed Ethereum transaction solution token could be targeting the $0.50 price level as the bulls seem to have disappeared. Bull traders should consider reviewing their numbers when looking for other opportunities in the crypto market.
MATIC price is currently trading at $0.585. The bears have been depressing the MATIC all week as the bulls failed to hold ground in the $0.60 price zone. This level is very important for traders as previous technical analysis forecasts are tied to a bull rally after retesting that level. It is worth noting that the volume indicator did not show any retaliation from the bulls, which further confused the bearish thesis.
Still, a level of invalidity is required for the decline thesis. A safe invalid for the bear trend thesis would be a breach above $0.64. If the bulls can close above $0.64, they could trigger a rally to $0.75, resulting in a 30% increase from the current MATIC price.
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