According to crypto analyst David, Centrifuge price has generated long-term bullish signals. Crypto Discover’s analyst has an optimistic view on the leading altcoin. Analyst Kelvin Munene says MKR is showing bullish momentum.
Centrifuge (CFG) price forecast: A sharp rise is possible
Centrifuge (CFG) price has been trading in a range of $0.17 to $0.45 since late April 2022. The price has repeatedly tested both the support and resistance levels of this range. After being rejected by upper range resistance at the end of July 2023 (red arrow), the altcoin price pulled back towards lower range support. However, there is a positive sign as the price has not fallen to the lower range support. Instead it formed a higher low at $0.2 (green arrow). This indicates strong buying interest at a lower level. Moreover, it is the first signal of a new bull trend.
The weekly RSI (Relative Strength Index) has formed a bullish structure. Moreover, it broke above the 50 level, supporting the beginning of a new bull trend. Therefore, the altcoin price is likely to rise towards the upper range resistance of $0.45 in the near future. A break above this level could lead to a strong upside move towards the next key resistance at $0.85.
CFG weekly chart. Source: TradingViewEthereum (ETH) price prediction: Altcoin is on a bullish trajectory
Crypto Discover analyst recently shared optimistic views about the leading atcoin. The analyst cites three main reasons why ETH remains “as healthy as ever.” First, he talks about the potential impacts of the Ethereum Futures ETF. The benefits of this “cannot be underestimated,” he claims. The analyst suggests that the altcoin price will rise with the approval of ETH ETFs. He points to Bitcoin as the basis for this. As you follow from Kriptokoin.com, BTC price rose 60% after the first Bitcoin Futures ETF.
Secondly, the analyst sheds light on Ethereum’s recent Holesky upgrade. This upgrade will bring 1.4 million validators to the Blockchain. It will also replace Goerli, the largest existing test-net. Finally, it explains the historical trend of whales collecting ETH when they see a decline. As an example, he describes whales’ recent accumulation of ETH following the hack of Vitalik Buterin’s X account and the subsequent altcoin price crash.
Maker (MKR) price prediction: Altcoin shows bullish momentum
Over the previous 24 hours, bearish momentum in the Maker (MKR) market has been neutralized as support at the intraday low $1,296.53 supported the price. This support level has created a significant barrier to further declines. Thus, it signaled a possible change in market sentiment. As a result, buyers began to participate in the market with renewed confidence. This caused the altcoin price to recover.
As a result, the bulls pushed the MKR price to a new 52-week high of $1,360.71 before falling to $1,340.80. This represents an increase of 2.68% from the intraday low as of press time. If the bulls push prices above $1,360.71, the next resistance level will be at $1,400. If it exceeds this level, more gains are possible for the altcoin. As a result, Maker is showing bullish momentum. However, overbought conditions and the RSI point to a potential correction ahead. That’s why you need to be careful.
MKR 24-hour price chart. Source: CoinStatsThe predictions in the article belong to the analysts and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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