The altcoin market is in a recovery trend after the FTX-induced crash. Recently, Dogecoin and Chainlink have had the opportunity to get back on their feet. Let’s list which altcoins analysts follow closely in this environment.
Bulls may take action in December for these 5 altcoins
Dogecoin (DOGE)
Dogecoin rallied in late October before the FTX bankruptcy. With Elon Musk and Twitter news behind the rally, many analysts thought it would be short-lived. Also, traders are highly likely to short at $0.09. Altcoin Sherpa predicts that Dogecoin will quickly rise up to this zone. DOGE is currently up around 8% over the last 24 hours.
Litecoin (LTC)
Litecoin price shows great potential for higher highs. Crypto analyst Sherpa points out the possibility of a massive uptrend after bouncing several times from lower support to form a double bottom formation. Meanwhile, the price is facing a minor rejection. But it’s ready to move up soon, thanks to critical resistance, according to Sherpa.
Polygon (MATIC)
MATIC price has been gradually rising since recovering from lows. The price has consistently bounced off the lower support near $0.75. It is currently moving towards the $0.85 and $1.05 area. As you follow on Kriptokoin.com, Polygon was also on the list of Fool analysts due to the partnership news in recent months.
Cardano (ADA)
Cardano’s price action between November 11 and 25 shows that a trendline can be drawn connecting the four lower tops formed during the same period. But on November 26, ADA saw a spike in selling pressure. It is currently busy grappling with the $0.321 resistance level. According to analyst Akash Girimath, traders need to be cautious and enter long positions after ADA turns the $0.321 resistance level into a support base. In such a case, Cardano price will end an 18% rise at $0.382.
The 30-day MVRV pattern supports this bullish move for Cardano price. This index is used to determine the average profit/loss of investors who bought ADA in the last month. According to Santiment’s research, a value between -10% and 25% is an ideal place for recovery rallies to start.
In the last four months, any drop in this on-chain metric from 11.3% to 28.3% resulted in a bottom formation. While past results are not indicative of future results, traders need to be careful with this strategy because it could trigger a bullish run.
A breach of the $0.30 support will be the end of the uptrend as Cardano price continues on the upside. This development will pave the way for ADA to revisit the $0.310 support level.
Shiba Inu (SHIB)
The Shiba Inu price has registered three LH and LL zones since November 9, marking the decline. However, on November 22, SHIB pierced the trendline connecting said swing lows, signaling a breakout. Also, the 11% RSI increase on November 22 was a direct result of the bullish divergence. Analyst Akash Girimath says we can expect $0.0000106, which means a 15% rise. However, a bounce at this level would push the increase to $0.0000116. Ultimately, the total profit will reach 25%.
While the bullish outlook is evident, traders need to pay attention to the $0.0000081 support level. Breaking this barrier will invalidate the ascension thesis for the Shiba Inu. In such a case, SHIB is suggesting a 9% decline before approaching a stable support level at $0.0000074.
37612
