Altcoins
Analysts Predict a Rush for These 3 Altcoin Projects: Goals Hit!
Cryptocurrency analyst Abiodun Oladokun predicts further upside for the popular meme coin Shiba Inu Dog. According to the famous analyst Ali Martinez, Solana price is forming a W pattern and these levels are the target. Veteran analyst Peter Brandt predicts a strong rally for the leading altcoin. We have compiled analysts’ predictions for these 3 altcoins for our readers.
SHIB Price Prediction: Meme Coin Aims High!
Shiba Inu dog (SHIBA) has also led to a surge in the derivatives market. At the time of writing, open interest on cryptocurrency futures is currently at a one-month high of $39 million. It has increased by more than 40% in the past seven days.
Shiba Inu Futures Open Interest. Source: Coinglass
An asset’s futures open position refers to the total number of futures contracts that have not yet been closed. When it increases, it means that more traders are entering new positions. This bullish signal could potentially push the value of an asset to new highs. If this is true in the case of SHIB, the altcoin’s price will reclaim the $0.000020 price level and move higher. So, SHIBA could rise to as low as $0.000025.
However, if the market sentiment shifts from bullish to bearish, the altcoin price could drop to $0.000012.
SOL Price Prediction: Altcoin Price Target Is $174
Solana (SOL) is showing strong signs of entering a bull market. According to cryptocurrency analyst Ali Martinez, SOL price is forming a W pattern. Seeing this, the analyst predicts that Solana will rise towards the $174 price level. The W pattern, also known as the double bottom pattern, is a key indicator for a cryptocurrency. When a cryptocurrency forms this pattern on its chart, it indicates that the token has bottomed twice at a similar price level. This means that traders have an opportunity to buy the dips, as the token will not fall below this level.
Overall, the W model suggests that a cryptocurrency will enter a bull phase after bottoming out. In the case of Solana, this pattern reveals that its price bottomed out twice at the $123 level. As a result, SOL price seems to be preparing for a major bounce to push higher towards higher levels. Ali Martinez also points to a major rally in Solana price in the coming days. He predicts that the next target for SOL is the $174 price level. Martinez also notes that around $2.98 billion of short positions will be liquidated if SOL price rises to $176 from the current level.
ETH Price Prediction: $5,600 on the Horizon for Major Altcoin!
Veteran trader Peter BrandtConsidered by many to be a legendary figure in financial markets since the 1970s, has created a wave of optimism in the Ethereum community with his latest analysis. Known for his expertise in technical analysis, Brandt has identified bullish chart patterns that indicate a potential price spike for the leading altcoin. As such, Brandt has indicated a “four-month rectangle” on the ETH price chart. This technical indicator signals a period of consolidation where the price is trading within a certain range. According to him, this consolidation could herald a breakout and potentially push the price of ETH northward.
Further strengthening the bullish outlook, Brandt identified a bullish “horn bottom” pattern. Simply put, a horn bottom is a reversal pattern where the price drops twice but fails to break a major support level and forms a horn-shaped pattern. This pattern is often seen as a sign of accumulated buying pressure and a potential price increase. To illustrate his analysis, Brandt shared a price chart highlighting the identified patterns and his target price for ETH. That target sits comfortably above $5,600, a significant bounce from current levels. Brandt’s bullish call coincides with exciting developments surrounding a potential Ethereum ETF.
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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