Crypto analyst David predicts a 50 percent upside for the popular metaverse coin SAND. Analyst Valdrin Tahiri says another metaverse coin, AXS, could reach $10. Popular analyst Ali Martinez and the analyst nicknamed CoinsKid are expecting a strong move in ADA. We have compiled analysts’ predictions for 3 altcoins for our readers.
SAND price prediction: Altcoin is poised for a 50% increase in the near future
The Sandbox (SAND) price broke above the long-term resistance line. In this move, it took back an important price region. The price is expected to continue rising in the coming period. SAND price had fallen below the descending resistance line formed since July 2022. During this period, the price broke below the important $0.39 support zone, indicating the continuation of the downtrend. However, instead of falling to the next important support at $0.18, the altcoin price recovered from the $0.28 level in early September 2023.
The ensuing upward move helped the price climb above the long-term descending resistance line and the critical zone at $0.39. Last week, SAND price confirmed this area as support with a bullish pinbar candle (green arrow). This is a sign that the previous crash was just an aberration. It also indicates that a strong uptrend will follow. So, it’s a very bullish development. The weekly RSI has broken above the descending resistance line. In addition, it is sloping upwards, supporting the continuation of the uptrend. If SAND price continues to rise, the next important resistance zone to watch is $0.6, which represents a 45.57% upside from the current price.
SAND weekly chart. Source: TradingViewAXS price prediction: Is it possible to reach $10?
Technical analysts use Elliott Wave theory to identify recurring long-term price patterns and investor psychology. This helps them determine the direction of a trend. The most likely wave count shows the altcoin price is in the third wave of a five-wave upward move (black). The third wave is generally the sharpest and longest of the bullish waves.
If the fifth wave extends to 1.61 times the length of the first wave, AXS price will reach a high of $9.60 before correcting. This will align with the horizontal resistance area at $9.50. It will also mean a 35% increase from the current price. Afterwards, it is possible for the altcoin price to finish the fifth and final wave well above $10.
AXS Daily Chart. Source: TradingViewDespite this bullish AXS price forecast, a close below the $6.70 horizontal area would invalidate the breakout. In this case, the altcoin price is likely to drop by 25%. Thus, it is possible for AXS to decline to the nearest support at $5.50.
ADA price prediction: Altcoin is preparing for something big!
Ali Martinez, a popular crypto analyst, says that Cardano is currently sitting in the $0.37 – $0.38 range, which represents the token’s core demand zone. In this price range, 166,470 crypto wallets purchased 4.88 billion ADA. Given the weak resistance and strong support underneath, holding this area will allow the altcoin price to reach new yearly highs, Martinez says. In this context, the analyst explains his prediction:
With minimal resistance ahead and solid support below, staying above this zone could pave the way for ADA to climb to new yearly highs.
Profit/loss data regarding ADA. Source: Ali MartinezOn the other hand, a loss of this support is likely to trigger a short correction towards $0.34. Currently, more than 70% of wallets that purchased Cardano in the price range of $0.32 to $0.44 are in profit. Meanwhile, approximately 26% of these positions are at a loss. Additionally, 3.8% stand at breakeven.
Additionally, a crypto analyst with the pseudonym CoinsKid said last week that “Cardano may be poised for a big move towards 0.7497 and $1.80 eventually.” These two price points represent ‘two significant areas of untapped resistance’.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. cryptokoin.comWe strongly recommend that you do your own research before investing.
