While many analysts predict that Bitcoin may find new lows, they expect some altcoin projects to rise rapidly. Here are analysts’ analysis of 3 altcoin projects they see rallying potential.
First altcoin with rally potential Polygon (MATIC)
Polygon price is trying to make a positive move as a nice curve is seen well above the lower support of the ascending channel. Amid the previous day’s price drop, the asset was expected to drop below $0.7. But as the updated inflation rates are expected to rise even higher, the crypto space containing the MATIC price is moving accordingly.
With significant volatility fast approaching, MATIC price is likely to rise above $0.86. In a long bullish case, it is likely to rise above $0.9. However, a pullback is also possible. However, the bulls seem stable and are trying to push the MATIC price towards the $1 levels.
The second altcoin is Ethereum rival Cardano (ADA).
Cardano price was on its way to test low support below $0.45 after being rejected at $0.5. However, the upcoming event seems to have caused a significant upward momentum. Therefore, the purchasing volume increased by a good margin. Also, the next 24 to 48 hours provide a golden opportunity for the asset to break the bearish pattern and rise. For this reason, ADA can be quite significant for its price.
As the chart shows, the altcoin is very close to the top of the descending triangle. As a result, the price is predetermined to reach lower support. With the looming volatility, it is possible for the asset to regain the initial loss level above $0.5. However, if the altcoin successfully sustains above these levels, a significant bounce targeting $1 is likely.
Is this an ETH bull rally sign?
cryptocoin.com As you follow, Ethereum price has experienced a significant increase recently. At the same time, it can hold the resistance firmly. Due to the price drop over the past few days, the altcoin is closer to eliminating the bullish effect. However, today’s price action shows the possibility of regaining levels within the bullish flag targeting $1,800 or above after a breakout. ETH price is down nearly 90% from its highs. With the recent recovery, the altcoin seems to have formed a parabolic curve to regain lost positions.
However, the asset must surpass the critical resistance initially at $1,800 and later at $2,000. Also, it’s possible that the upcoming Merge will cause significant volatility. On the other hand, traders also seem to be preparing themselves before the Merge.
What do big stock market breakouts mean?
Large ETH outflows are recorded from exchanges. The platform recorded the highest output in the recent past, surpassing all previous levels.
During the last price drop, there was a massive outflow from exchanges of more than 600k ETH on July 22. Because of this, the balance in the exchanges fell to $20.6 million. This clearly shows traders maximizing the asset prior to the ETH 2.0 merger as a significant bounce is expected.
Leading altcoin daily active addresses are on the rise
On the other hand, the activity on the platform intensified with the peak of daily active addresses. Ethereum registered around 36,636,726 addresses to hit an 8-month high.
📈 #Ethereum $ETH Number of Active Addresses (7d MA) just reached a 8-month high of 36,636.726
View metric:https://t.co/2a3I16NcMZ pic.twitter.com/kH9mvpN9rN
— glassnode alerts (@glassnodealerts) July 27, 2022
As such, most of the indicators are currently pointing to a significant predetermined rise for the Ethereum price rally ahead of the Merge. According to analysts, a decent increase of around 25% for the altcoin is fast approaching in the coming days.
