It is fair enough to say that the altcoin market is not trading in a favorable territory now, as the major altcoins were dragged to their bottom levels in the price chart following FTX’s demise. However, some altcoins are here to rule as they made multi-week highs amid the market turmoil following Bitcoin’s recovery from $15.5K.
Altcoins that were flashing red a few days ago now changed the whole landscape by bringing a bullish wave to the crypto market. If everything goes in favor of the market, altcoins may trigger a sudden bullish zone for the crypto space.
A Bullish End For 2022’s Crypto Market!
Altcoin’s recent pull-out of prolonged bearish captivity has relieved investors with an encouraging trend by the end of December. Moreover, investors are tending towards the altcoin market as leading assets like Bitcoin and Ethereum have failed to provide their expected bullish price goals. The following altcoins are showing great potential to become a significant contributors in driving the next crypto bull run:
Dogecoin Price Analysis
DOGE trades at $0.092 as it has displayed a significant uptrend of over 15% in the last 24 hours following Elon Musk’s tweet regarding the launch of an alternative smartphone and operating software if Twitter is removed from the App store and Play store.
A prominent crypto analyst, Financial Wave, predicts a short-term bullish momentum for Dogecoin by next week. According to him, DOGE may validate a bullish momentum if it holds its price above EMA-200 at $0.0875. Dogecoin may skyrocket to its strong resistance level at $0.1050 to initiate a further upward rally to its Bollinger band’s upper limit at $0.15.
However, DOGE needs to trade above $0.1 to spark a short-term upward bounce, and push the RSI level to the level of 60. Dogecoin may ignore its bullish analysis if it fails to touch $0.1 and drops below $0.07, where more rejections in the DOGE price chart are expected.
ChainLink Price Analysis
ChainLink is one of the top performers of this week as its price has been pushed into a strong recovery rally after breaking its crucial resistance level at $7. LINK price is currently hovering around $7.1 and aims to reach its next resistance of $7.7.
A well-known crypto trader, Solldy, previously predicted this bullish momentum of LINK when it formed a “W” pattern in the price chart. According to him, the LINK price may head toward its 2nd resistance level of $7.4 if it trades above $7. Moreover, the analyst highlighted an increase in trading volume for ChainLink, and it may soon send LINK’s price to a strong resistance zone of $8.9-$9.4 by next week.
However, a bearish storm may occur if LINK falls below the support region of $6, resulting in a downfall to $5.4.
Polygon Price Analysis
Polygon’s price is not promising a bullish momentum anytime soon as it continues to face rejection at the EMA-100 level of $0.88. MATIC trades at $0.85, and it may soon undergo a bearish consolidation if it fails to trade above $0.88.
A breakout below its 23.6% Fib retracement may plunge MATIC to retest its support level at $0.77. If Polygon drops below $0.77, it can trade near its crucial price level of $0.68. However, the RSI level attempts to enter a buying zone as it trades near 46, and MATIC may pave its way to its resistance zone of $0.87-$0.9, above which it may aim for its Bollinger band’s upper limit of $1.1.
Litecoin Price Analysis
LTC has brought significant bullish hope in the price chart as it has broken its resistance of EMA-200 at $68. Litecoin can spark a massive pump ahead if buyers continue to hold long positions and push its price above $80. CryptoMojo, a prominent crypto analyst, predicts that Litecoin’s price may register a high of $12 if it breaks above $79.
LTC’s price currently trades at $76, and it has gained enough potential due to constant buying pressure which can ignite a gigantic upswing for the coin. The RSI-14 trades in a highly bullish region at 65-level, which can bring more investment inflows to the coin. The MACD line also trades vertically upward with SMA-14, hinting at a strong bull run to $104 if LTC trades above $84.
However, the above bullish analysis may get rejected if LTC turns its bearish mood on and trades below $73, below which it can retest its support level at $61 to signify further price movements.
Source: https://coinpedia.org/altcoin/these-altcoins-can-see-upswing-this-week/