After the new week’s market correction, most altcoins are revisiting critical supports. Meanwhile, analysts are keeping an eye on the latest charts for new opportunities…
These 3 altcoins are giving green signals despite the market weakening
Basic Attention Token (BAT)
According to Santiment, the BAT token can turn recent bullish signals into real moves. Santiment says the Basic Attention Token (BAT), the reward token for Brave Browser, may be catching up with the latest social media buzz. He shares data showing increasing social volume for the terms “BAT”, “browser” and “brave”:
BAT and Brave Browser trended after a viral Reddit post where users discussed the success or failure of the unique internet browser offering rewards. The coin itself hasn’t made it out of the altcoin package, but it could get some support.
Litecoin (LTC)
Santiment also put Litecoin on its radar before the highly anticipated halving event. The firm says that Litecoin bulls are accumulating cryptocurrencies rapidly as addresses with at least 100 LTC are on the rise:
Litecoin’s upcoming halving on August 2 continues to fuel the enthusiasm of investors. In the last 24 weeks, 1,185 addresses have been created with at least 100 LTC as more people become aware of it. Most people expect this to be a bullish event.
Chainlink (LINK)
Chainlink (LINK), on the other hand, rose after forming a divergence below its long-term range. Technical indicators show that the range will continue to rise towards the resistance level.
Since May 2022, the altcoin price has been trading in the $5.5 to $9.5 range. The price declined below the June 5-12 week range with a large bearish candle. This action indicated the continuation of the downtrend. It is also strong enough to potentially push the price to the next level of support at $1.5.
On the other hand, the weekly RSI has broken above the long-term descending resistance trendline and above the 50 level, indicating that the long-term trend is turning up. Therefore, it is also possible for LINK price to continue to rise towards the resistance level of the range at $9.5 and then break it.
Finally, LINK price has bounced off the 20-day EMA line (green arrows) three times since it broke above it on June 23. If history repeats itself, it will pick up momentum from the 20 EMA to $7.12 before continuing on the upside.
Technical analysis gave the green light to these 3 altcoins
On the technical side, amid the two-week consolidation phase, XRP price declined to the $0.669 support. This horizontal level, which is in line with the 50 percent Fibonacci retracement level, creates a strong accumulation zone for buyers. XRP is currently trading at $0.7008. On the daily time frame, it shows a second reversal from the above-mentioned level, indicating that a double bottom pattern has formed.
This bullish reversal pattern will help buyers retrace the $0.85 border barrier and push back to the $1 border.
Cardano (ADA)
Cardano is currently in a correction phase as the broader crypto market remains uncertain. The ADA price dropped from $0.379 to the current $0.3 in two weeks. This ended with a significant loss of 21%. Buyers are struggling to build up bullish momentum, pointing to the potential for a prolonged correction in ADA’s price.
On the other hand, despite two failed attempts to recover from the psychological support of $0.3, there is hope for recovery as long as the uptrend line remains intact. If there is a reversal and ADA buyers rise above the $0.334 resistance, it will potentially help prices clear the $0.35, $0.382 and $0.42 hurdles.
Polygon (MATIC)
In the last six weeks, MATIC has followed an ascending trendline for dynamic support. Meanwhile, it was recovering towards its monthly high of $0.8916. However, amid increased market volatility, it fell 20% to its current price of 0.72 diches.
The daily chart shows that this pullback is part of a short-term recovery. It also marks a turning point for a rally or a resumption of a downtrend. With an intraday loss of 4%, sellers attempted to break out of the trendline. This interrupts the recovery phase.
Dogecoin (DOGE)
Dogecoin caught the attention of the mainstream with a jump of more than 11% thanks to Elon Musk. However, as expected, the rally was short-lived. However, DOGE started climbing higher today with a jump of more than 8%. Also, the Shiba Inu is gaining momentum. Meanwhile, the other breast market continues to follow the trend. All of them are posting big bearish candles.
Now that the DOGE price has shown tremendous bullish momentum, other cryptocurrencies are expected to do the same. Analysis for Dogecoin prepares for testing critical resistance at 200-day MA. It is expected to get used to it despite the huge drop in trading volume. Also, the Average Directional Index or ADX, which determines the strength of the rally, is giving big bullish signals. As such, the price is believed to maintain a healthy rise by raising other memes.
As Kriptokoin.com, we have included the latest developments that activate the DOGE price in this article. Renowned economist and investor Raoul Pal is adamant about DOGE adoption for X-App.
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