Crypto analyst David expects a significant increase in LPT price. Analyst Valdrin Tahiri says that the Elliott Wave theory is compatible with the idea of constant price increase for INJ. Additionally, the analyst states that it is possible for DOT to reach double-digit prices. We have compiled analysts’ predictions for 3 altcoins for our readers.
LPT price prediction: Altcoin may rise by more than 70%!
Livepeer (LPT) price increased by 128% in the week of August 7-13. Thus, it decisively surpassed the strong resistance zone at $5.4. Later, the altcoin price bounced back to confirm this zone as support twice in October (2 green arrows). This is a very bullish development that indicates a shift in sentiment from selling on rallies to buying on declines, marking the beginning of a new uptrend.
Meanwhile, the Weekly RSI supports the continuation of the uptrend. Moreover, it confirms the 50 level as support and is trending upwards. If the upside momentum continues, LPT price could rise towards the next major resistance zone at $12. This figure represents a 74% increase from the current price.
LPT/USDT weekly chart. Source TradingViewThe most likely scenario shows that the LPT price will continue to rise in the near future. The nearest target is $8.27. There is also the potential for the altcoin price to reach $12. This bullish view will be invalidated if the price breaks below the important $5.4 support zone. However, this is unlikely at the moment.
INJ price prediction: A 60% rise is possible!
The altcoin price increased significantly in October-November. In the process, it approached its all-time high. Meanwhile, the Injective (INJ) hackathon, with a prize pool of $100,000, continues until December 12. This acts as a catalyst for INJ. Elliott Wave theory, which involves analyzing recurring long-term price patterns and investor sentiment, is in line with the idea of constant price growth for the altcoin. According to this theory, the altcoin is rising in the fifth and final wave of its upward move. The extent of the fifth wave can be analyzed using Fibonacci projections. We do this by measuring the lengths of the first and third waves.
The Fibonacci theory of retracement levels states that following a significant price movement in one direction, the price is expected to undergo a partial retracement to a previous price level before resuming its trajectory. This approach helps identify potential future peaks for price increases. Applying this framework, if the fifth wave accounts for 0.382 of the combined length between the first and third waves, it is possible to push the altcoin price to $25, marginally below the all-time high of $25.30. This will mean an increase of 60%. This projection represents a 40% increase from the current INJ price. If the fifth wave extends further, there is a potential for a 60% increase. Thus, the altcoin price reaches the next resistance level at $36.50.
INJ Weekly Chart. Source: TradingViewHowever, despite this bullish INJ price prediction, a bearish weekly close may indicate that the local top is in and there will be a 40% drop to the nearest support at $10.
DOT price forecast: Can the price Reach Double Digits?
Technical analysts help determine trend direction by applying Elliott Wave theory to identify recurring long-term price patterns and understand investor psychology. Prevailing Elliott wave counting shows that Polkadot price has completed a five-wave downward move (white) since its all-time high in November. If true, this indicates that a new movement in the opposite direction has begun. It remains unclear whether this indicates an uptrend reversal or an upward correction. However, both scenarios predict a significant altcoin price increase.
The bullish divergence in the weekly RSI since the beginning of the year further supports the upward momentum. This type of divergence typically occurs at trend bottoms, before an uptrend reversal. The significance of this bullish divergence increases as it aligns with the reclamation of the $4.40 area and the end of a five-wave downtrend. If the rise in the altcoin price continues, the next resistance lies at $10. This represents a 90% increase from the current price.
DOT Weekly Chart. Source: TradingViewMeanwhile, despite this bullish forecast for DOT’s price, a weekly close below the $5.50 horizontal area is likely to trigger a sharp decline. This, in turn, is possible for the altcoin to initiate a 20% decline towards the horizontal support area at $4.40.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. As Kriptokoin.com, we recommend that you do your own research before investing. We also recommend that you keep in mind the volatile and risky nature of the crypto market.
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