Leading cryptocurrency experts pointed to the bullish signal for these 3 altcoin projects! These 3 altcoins could explode! Here are the details…
Experts explained: “These 3 altcoins are giving bull signals!”
Uniswap (UNI)
Uniswap (UNI) is experiencing a bearish move amid overall market sentiment. The downtrend started on April 19th and fell from $6 to $5. However, the price is gradually rising, which indicates that the bulls are gaining momentum. Notably, UNI rose 3.27 percent to $5.12 in the last 24-hour trading session today. The 24-hour trading volume also increased by more than 97.72 percent and reached $68 million, indicating a high level of activity in the UNI market. These data show that the bulls are building strong momentum with positive market sentiment.
Market sentiment confirms the bullish sentiment with a value of 61 meaning investors are greedy. This shows that investors are optimistic about the future potential and that the recent increase in price may be sustainable.
Despite the increasing price and trading volume, technical indicators for UNI are giving contradictory signals. UNI is currently trading below its 50-day and 200-day Simple Moving Averages (SMA), forming a bearish death cross. However, the SMA indicator shows that both the long and short term trend is bearish. However, the price could reverse if the bulls hold their long positions. At 40.20, the Relative Strength Index (RSI) indicates that the asset is in a neutral range, not in overbought or oversold zones. According to experts, there is no significant buying or selling pressure, so the price may go up.
The MACD indicator points to a bearish trend as the MACD is currently below the signal line. The histogram is also trading below zero, confirming the bearish momentum. UNI is currently trading at $5.14. The bears tried to break the initial support level of $4,746 several times. However, if the bulls gain strong momentum and break above the key resistance level of $5,731 it could trigger an uptrend. The next level of support and resistance will be $3,358 and $7,651. Uniswap’s price could also lose most of its gains if the bears successfully break the support levels.
Lido DAO (LDO)
According to data from Lido Finance, the increase in meme coins has also led to an increase in on-chain activities. This increase in on-chain activity has resulted in an increase in stETH’s staking yield reaching a record 8 percent.
The staking yield is considered key to Lido’s utility and relevance in the crypto ecosystem, as it involves investors on Lido Finance staking their ETH for the staked Ether token, stETH. LDO experienced a 15 percent price drop between May 5 and May 12. However, this record high staking yield could be a bullish catalyst for LDO.
On the other hand, Lido DAO (LDO) price is in an uptrend that started in July 2022. LDO price is below the three long-term Exponential Moving Averages (EMAs) at $1.82, $2.13 and $2.03 at 10, 50 and 200-days, respectively. However, the Fibonacci extension from July 2022 to mid-2023 on the Fed revealed key support and resistance levels for LDO price. LDO must hold above the 61.8% Fibonacci support at $1.57 to continue the uptrend. A drop below this level may invalidate the bullish argument.
Immediate resistances in the recovery of altcoin LDO are the 50% Fibonacci level at $1.92, the three EMAs at $1.82, $2.13, and $2.03, and the $2.09 level, which acts as support throughout 2023. Should LDO price turn worse, the 78.6% Fibonacci level at $1.07 could act as key support for the token. Instantly, LDO is trading at $1.77.
Chainlink (LINK)
Chainlink (LINK) price has dropped almost 30 percent since mid-April, and things took a turn for the worse after the $6.96 support level was broken on May 1. The breakout below caused a sell-off among LINK owners, leading to the current price of $6.29. Looking at the three-day chart below, however, Chainlink price has bounced off the $5.73 level multiple times before, making this area a crucial base for a bullish rebound. According to experts, traders can expect a continuation of a downtrend of around 10% to the above-mentioned support level in the near term before a possible trend reversal to the $8.06 target.
Altcoin LINK price may be poised for a rebound given that opinions have changed over the past few weeks. Weighted Sentiment, which evaluates the positive/negative word ratio, points to negativity among most LINK holders.
As shown above, the value rose about 30 percent from -0.478 to -0.375 between May 3 and May 11. This positive fluctuation could be the precursor to a positive LINK price prediction. Data from IntoTheBlock also shows that market demand for the altcoin is increasing, with exchanges’ total order books revealing that LINK buy orders now exceed market supply. With this excessive market demand, the Chainlink price could rise as buyers compete to fulfill orders. On the other hand, Chainlink price is facing great general pressure and the bullish thesis may be invalidated if LINK registers a three-day candlestick close below the $5.73 support level.
The metrics from IntoTheBlock’s Global In/Out of the Money (GIOM) model highlight significant obstacles to Chainlink price moving north. For example, the $8.06 target is in GIOM’s price range of $7.03 and $8.06, where roughly 98.02 million LINK is held by roughly 71,940 addresses. Efforts to push the Chainlink price above this level will be met with selling pressure from investors looking to profit early at break-even prices. Low supply pressure could be a barrier to LINK’s upward move.
