Market Watch: These 5 Altcoins Are Poised For Breakouts, Says Crypto Expert
November 24 2023 - 1:00PM
NEWSBTC
A recent analysis by a Crypto Banter pinpointed new notable price
levels for prominent altcoins such as XRP, Solana (SOL),
Chainlink (LINK), Fantom (FTM), and Polygon (MATIC). These insights
provide a fresh perspective on potential entry points for bullish
positions in the current market. Related Reading: Whale Alert: Big
Players Scoop Up These 4 Altcoins, On-Chain Data Indicates Altcoins
At Crossroads: Key Price Levels To Watch In this analysis, Crypto
Banter singles out Solana (SOL) and notes that $48 is an
“intriguing” level to watch for any pullback. Additionally,
historical data consolidating around this price point on the
SOL/USD weekly chart indicates it could be an “optimal” buying zone
should prices drop to this mark. In the case of Chainlink (LINK),
Crypto Banter identifies $13.3 down to $12.2 as a “hot zone.” A
drop below this range might shift focus to the $9 level as a
critical reversal point. Polygon (MATIC) also comes under scrutiny,
with the analyst observing a break in the 200-day moving average on
its weekly chart timeframe. According to the host, this development
suggests a potential bounce back at the $0.68 zone, possibly
preluding a rally. For clarity, “moving average,” or MA, is a
widely used indicator in technical analysis that helps unravel
price data by creating a constantly updated average price. This
average is typically calculated over a specific period, like 10
days, 20 minutes, 30 weeks; in the case of the Crypto Banter
analysis, they based their analysis on the 200-day MA. Fantom’s
Surge And XRP’s Pivotal Turnaround On the other hand, Fantom (FTM),
Crypto Banter, revealed that the altcoin has shown a significant
pump of over 50% since late October. Yet, the analyst suggests a
possible retraction towards the 200-day moving average, making the
$0.25 region attractive, particularly for those employing a
dollar-cost averaging (DCA) strategy. XRP is not left out of this
analytical purview. The host points out that XRP is nearing a
critical juncture from a technical standpoint. The analyst reveals
that the 12-hour chart for XRP shows a recent rebound off the
50-day MA. A turnaround around the $0.54 price region could occur
if the ongoing pattern along the downward trendline persists. The
analyst further disclosed that this level gains importance due to
the convergence of key moving averages that form a support zone
around it. Related Reading: 3 Altcoins Set To Skyrocket In Next
Crypto Bull Run, According To Analyst Interestingly, among the
altcoins highlighted by Crypto Banter as primed for a breakout, SOL
and FTM stand out with significant gains. Over the past two weeks,
Solana has seen a 13.8% increase, while FTM has climbed by 8.3%.
Contrastingly, XRP, LINK, and MATIC have experienced declines
during the same period. XRP’s price fell by 5.5%, LINK by 5.6%, and
MATIC by 6.6%, signaling a diverse performance landscape among
these notable altcoins. Featured image from iStock, Chart from
TradingView
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024