Cryptocurrency analysts continue to share their analysis of various altcoin projects. Here are analysts’ expectations for the five altcoins…
Is altcoin season coming?
In the past week, several altcoins have made significant gains, and some have seen double or even triple digit gains. However, the top two cryptocurrencies, Bitcoin and Ethereum, remained relatively stagnant without impacting the overall market as they continued to solidify their positions without any significant bullish momentum. Last week showed traditional crypto investors, including Bitcoin and Ethereum, their lowest price levels, forcing the crypto market to shift their attention to premium altcoins for investment. Altcoin traders are eagerly awaiting the upcoming bullish season as the altcoin season metric, currently trading at 41, moves towards 75.
Stacks (STX)
According to analyst Shayan Chowdhury, the STX token has surged over 160 percent in the past few days as it has witnessed steady growth in NFT activity on the Stacks Blockchain amid the excitement of Bitcoin NFT (Ordinals). The STX token is trading at $0.87 with an uptrend of over 10 percent over the past 24 hours. Looking at the daily price chart, the STX price could be a continuation of the uptrend as it forms a “cup-handle pattern”. A break above $0.89 will send the token to trade near the next resistance at $1.03.
aptos (APT)
Aptos price is poised to rise 50 percent this week as it holds support above the EMA-50 trendline. Aptos token is trading at $13.79, up 5.53 percent from yesterday’s price, according to CoinMarketCap. Observing its 1-day price chart, the Aptos token has formed a “W” pattern meaning a potential bullish rally should APT break above the EMA-20 trendline at $14.2. If it gains the trust and pressure of buyers, the APT token could climb above $16.3 this week. Moreover, the SMA-14 is bullish with the RSI-14, marking a 50 percent rise soon.
LidoDAO (LDO) and Ethereum (ETH)
According to the analyst, LidoDAO is on an upside rally with continued support from bulls with solid buying pressure. After bottoming out at $2.63, the LDO token broke the 31.8 percent Fib level and continued higher. According to cryptokoin.com data, LDO is trading at $3.12, up about 10 percent in the last 24 hours. APT is currently trading near the immediate resistance level of $3.2 and a break above it could raise the LDO token to $4.
Another analyst, Pentoshi, also made a statement regarding LDO. The analyst says the LDO chart “looks incredible” ahead of the Shanghai upgrade, which will lead to the withdrawal of staked Ethereum (ETH). He also announced that he has taken a position at LDO. “The chart looks incredible and I feel it will be a strong move when it starts to move,” the analyst said.
Chainlink (LINK)
LINK price looks stagnant as the bulls are currently inactive. As so many times before, they seem to be gathering strength to move beyond temporary resistance without encountering rejection. Therefore, one of the well-known analysts, Altcoin Sherpa, advises his 192,4k followers to wait until the price moves beyond the resistance near $9.5. The analyst believes that Chainlink has underperformed many altcoins before and is one of the safer tokens given the shaky market conditions. Therefore, long-term exposure to an uptrend may maintain the token strength for longer as it may align with the asset ahead.
Once the price breaks above the above-mentioned resistance levels, a subtle rise will be mandatory. Currently, the price is trading between key levels that could determine the token’s upcoming trend. However, Micheal van de Poppe, a well-known analyst, believes that the LINK price is ready to reach $10 once it gets rid of the accumulation.
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