Altcoins
Analysts Predict a Boom for These 3 Altcoin Projects: Goals Set!
Cryptocurrency analyst Manish Chhetri predicts strong runs for ZIL towards two targets. The analyst also predicts MATIC to perform similarly. Analyst Ibrahim Ajibade predicts a relief run for the popular meme coin Shiba Inu. We have compiled analyst predictions for these 3 altcoin projects for our readers.
ZIL Price Prediction: Altcoin Shows Bullish Potential!
The price of Zilliqa (ZIL) broke out of a falling wedge pattern on Monday and rallied slightly by about 1.7% the next day. This pattern was formed by combining multiple highs and lows with trend lines from early March to mid-July. Also, the formation of a lower low on the daily chart on July 5th is in contrast to the higher Relative Strength Index (RSI) indicator over the same period. This development is called a bullish divergence and usually leads to a trend reversal or a short-term rally.
Self ZIL closes above the daily resistance at $0.0182, it could rally by 15% to retest its next daily resistance at $0.0212. Moreover, if the bulls are aggressive, the overall cryptocurrency market outlook is positive and ZIL could close above $0.0212. Therefore, it could stage a further 18% rally to retest its weekly resistance at $0.0251.
ZIL/USDT Daily Chart
However, if ZIL The daily candle closes below $0.0151 and forms a lower low on the daily timeframe, it could signal a change in market dynamics that favors a bearish bias. Such a change could invalidate the bullish outlook and lead to a 16% decline in the altcoin price, causing it to retest the September 21, 2020 low of $0.0126.
MATIC Price Prediction: Altcoin Shows Potential For A Rally
Polygon (MATIC) price broke out of a falling wedge pattern on July 13, rising 3.3% in three days. This pattern was formed by combining multiple highs and lows with trend lines from late January to mid-July. If the upper trend line of the falling wedge pattern holds as a retracement support in the $0.490 to $0.512 area, which coincides with the daily support level, MATIC could rally 19% targeting the next daily resistance at $0.589.
The daily chart’s Relative Strength Index (RSI) briefly dropped below the mean level of 50, while the Awesome Oscillator (AO) is on its way back above its neutral level of zero. If the bulls are indeed coming back, both momentum indicators should regain their positions above their respective mean levels. This would add a tailwind to the recovery rally. If the bulls are aggressive, the overall outlook for the cryptocurrency market is positive and MATIC closes above $0.589, it could increase by another 25% to retest its weekly resistance at $0.738.
According to IntoTheBlock’s In/Out of the Money Around Price (IOMAP), approximately 4,190 addresses have accumulated 25.68 million MATIC token at an average price of $0.507. These addresses purchased Polygon between $0.498 and $0.512. This made it an important support zone. Interestingly, the $0.498 to $0.512 zone mentioned from a technical analysis perspective coincides with the IOMAP results. Hence, making this zone an important reversal area to watch.
SHIB Price Prediction: Bulls are aiming for $0.000020!
Shiba Inu Dog (SHIB) price has shown remarkable resilience on the daily timeframe of July 20. According to the latest data, the altcoin rose to $0.0000183, recording a 44.39% increase in 15 days, followed by a slight correction. Key technical indicators are pointing to a cautious yet optimistic outlook for SHIB. The Parabolic SAR indicator is currently indicating an uptrend. Additionally, dots are positioned below the price candles, indicating a continuation of the bullish momentum. The current support level is set at $0.000015644, which has been successfully tested in the recent sessions and provides a solid basis for potential upside moves.
The Detrended Price Oscillator (DPO), designed to eliminate long-term trends, is at 0.00, indicating neutral momentum. While this neutrality is not a strong indication of an overbought or oversold condition, it does suggest that recent price stability could pave the way for a breakout if positive market sentiment persists. As SHIBA continues to consolidate, the primary resistance level to watch is $0.000020. A break above this level could trigger further bullish activity and potentially lead to new highs.
On the contrary, the immediate support level remains at $0.000015644. A break above this support could signal a short-term bearish trend, pushing the price down to test the lower supports.
The opinions and forecasts contained in the article are those of the analysts and do not constitute investment advice. Kriptokoin.comWe strongly advise you to do your own research before investing.
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