Following the recent altcoin crash in the crypto market, some altcoins are currently heavily discounted and offer significant opportunities for interested traders. Analyst Brian Bollinger examined the top three undervalued altcoins that have reached significant support levels and said they offer excellent ROI prospects. Here is the analyst’s list
ZIL is the first among the altcoins that the analyst draws attention to.
Amid increasing selling pressure in the crypto market, ZIL price dropped as low as $0.0155 per month. The long low price rejection observed on the daily chart indicates that buyers are starting to accumulate at this support level, indicating the potential for a bullish reversal. Also, the weekly RSI slope is slightly bullish. This points to an underlying bullish momentum that provides additional confidence to buyers. But, on the other hand, the technical chart reveals a downward trendline that has prevented buyers from taking control over the past ten months.
Therefore, traders looking for a safer entry point should expect a break above the overall trendline. A post-break rally has the potential to take the price back to the $0.05 psychological mark.
Stacks at key support point
On June 10, Stacks price showed a notable bullish counterattack with the ascending trendline and a long rejection candle at the combined support of $0.467. This candle indicates that the buyers were able to recoup most of the day’s losses and strongly defended this support level. With an intraday loss of 1.68%, STX price could retest the long-awaited support to confirm its sustainability above it. A possible reversal from this support level will empower buyers to challenge the overall trendline.
A break above the resistance trendline will serve as an early sign of a trend reversal and could push Stacks price back to the $1 mark.
There is a bullish formation for MultiversX
The EGLD price on the daily chart exemplifies the falling wedge pattern featured in the textbook. Theoretically, this pattern is a well-known bullish continuation pattern that offers a long entry opportunity for traders once the general trendline is broken. However, due to the recent sales in the market, the EGLD price has reached the lower trend of the formation.
The low price rejection at this support level, combined with the oversold signal from the momentum indicator, points to the possibility of a bullish reversal. This reversal will initiate a bullish cycle within the formation and could challenge the overall trendline by pushing MultiversX to the initial target of $40.
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