4 Altcoins To Focus On This Week: Predictions Also Available!

Bitcoin continues to consolidate around $20,000 as traders shift their focus to XRP, UNI, QNT and EGLD. Crypto analyst Rakesh Upadhyay examines the charts of 4 altcoin projects that look different in the near term, along with Bitcoin.

An overview of the cryptocurrency market

With the US dollar near several-year highs and US equity markets near June lows, it has been a nuisance that Bitcoin (BTC) and crypto markets are starting a strong rebound. This shows that sentiment is negative and traders are not interested in taking risks in their portfolios.

U.S. stock markets plunged sharply on October 7 after the release of NFP data for September. But it managed marginal benefits for this week. Last week, the S&P 500 rose 1.5% and the Nasdaq Composite 0.7%. In this midst, Bitcoin is on track to finish the week with marginal interests of around 2%.

Daily view of crypto market information / Source: Coin360

Koindeks.com As you follow, over the past few days, Bitcoin has managed to avoid a crash even when the US stock markets are clogged. This is the first indication that selling pressure may ease and traders may not be willing to leave their holdings at lower levels. However, for a sustainable recovery, Bitcoin will need some reinforcement from the return of risk-based sentiment. Until then, it is expected that the movement depending on the volatile range will continue with altcoin projects that offer trading opportunities.

Leading crypto Bitcoin (BTC) is in the first place

Bitcoin is struggling to stay above the 50-day easy moving average ($19,961). This shows that the bears are not giving up now. Sellers pushed the price below the 20-day exponential moving average ($19,628) on Oct. However, they were unable to extend the decline to the $18,626 foothold. This shows that the bulls are buying on the dips and trying to form a higher bottom in the short term.

The flat 20-day EMA and the relative strength index (RSI) quickly below the midpoint indicate stability in the middle of supply and demand. Buyers will have to push and sustain the price above the downtrend line to gain the upper hand. It is possible for BTC to rally to $22,800 later on, where the bears can form a strong defense again.

On the downside, as the bulls are expected to defend the area with all their might, it may be difficult for the bears to push the price below the zone between $18,626 and $17,622. If the region cracks though, BTC is likely to start the next leg of the downtrend. BTC is likely to drop to $15,000 later.

The failure of BTC to rise above the $20.475 resistance may have encouraged short-term investors to take profits. It is possible that this may have driven the price below the moving averages. A small positive, however, is that the bulls buy the dip to the uptrend line.

If the price rises above the moving averages, it is possible for BTC to rise again to $20,475. The bulls will have to push and sustain the price above this resistance to complete an ascending triangle pattern. If this happens, it is possible for BTC to rise to the $22,825 pattern target. This bullish pattern will be rejected at a breakout and close below the uptrend line. If this happens, it is possible that the sell-off will get heavy and BTC will slide into the strong support of $18,125.

The first altcoin in focus is Ripple (XRP)

XRP bounced off the 20-day EMA ($0.47) on Oct. This suggests that lower levels are attracting buyers. The rising 20-day EMA and the RSI near the very buy zone indicate that the bulls have the upper hand.

If the price rises and rises above the overhead resistance at $0.56, a rally to $0.66 is possible. It is possible that this level will again constitute a strong challenge. However, if the bulls surpass this, it is possible for the upper move to extend to $0.80. Instead, if the price drops from $0.56, the bears will pull XRP back to the 20-day EMA. If this reinforcement is broken, it is possible for XRP to drop to the breakout level of $0.41. A strong bounce from this level is possible to keep the price range in the middle of $0.41 to $0.56 for a respite.

The altcoin is slowly climbing the overhead resistance at $0.56 without fail. Both moving averages are gradually rising and the RSI is in the positive territory. This shows that buyers have an advantage. The altcoin fell from $0.53, but the bulls successfully defended the 20-EMA. If the buyers push the price above the $0.53 to $0.56 resistance zone, the upside move is likely to gain momentum. A break and close below the 20-EMA will be the first sign that the bulls are out of control. XRP is likely to drop to the 50-SMA and then to $0.44 later.

Uniswap (UNI) another altcoin in focus

UNI is trading above the moving averages. This indicates that the bulls are trying to continue the recovery. That’s one of the reasons it’s included.

The price dropped from the overhead resistance at $7. However, the bulls are trying to stop the correction at the 20-day EMA ($6.42). If the price bounces back from the current level in a strong form, it will indicate that buyers are using the dips to save. The bulls will then try to push the price back above the overhead resistance zone in the middle of $7 and $7.36. If successful, UNI is likely to rise to $8.67. On the contrary, if the price drops and dips below $6, UNI is likely to drop to the strong reinforcement at $5.66.

UNI fell hard from overhead resistance at $7 and settled below the moving averages. This suggests that the bears have the upper hand in the near term. If the price declines from the moving averages, it is possible to increase selling. Thus, it is possible for UNI to drop to $6.20 and subsequently to $6. To avoid this setback, the bulls will need to push and sustain the price above the moving averages. If that happens, it is possible for UNI to test the tough resistance once again at $7. If this snag is overcome, it is possible for UNI to rise to $7.36.

The third subcon of the list is Quant (QNT)

QNT completed the opposite head and shoulders pattern on September 27. Thus, in the retest on October 2, he changed the neck control line to reinforcement.

The rally in the last few days has sent the RSI into the very buy zone. Therefore, the altcoin is close to the overhead resistance at $162. This is likely to cause problems for the bulls. However, it is possible to buy the drops. If the price bounces back from the 20-day EMA, it will indicate that sentiment has shifted from selling on rallies to buying on dips. It is possible that this will increase the possibility of a break above $162. If that happens, it is possible for QNT to rise to $200 and subsequently the $230 model target. If the bears want to invalidate this positive view, they will have to push the price below the neckline and the 50-day SMA ($112).

The altcoin has witnessed a sharp rally since it broke $147. Vertical rallies are rarely sustained and result in consolidation or correction. In this case, it is possible for the price to drop to the 20-EMA, which is a valuable reinforcement for the bulls’ defense. If the price bounces back from this reinforcement, it will suggest that the bulls will continue to view the dips as a buying opportunity. A break and close above $162 is likely to start the next leg of the upward move. Alternatively, if the price drops sharply from the current level and dips below the 20-EMA, it will indicate that the bulls may be in a hurry for an exit. It is possible that this will bring the QNT down to $130.

Latest altcoin Elrond (EGLD)

EGLD broke above the moving averages on October 3 and the 20-day EMA ($51) started to rise. This indicates a potential trend change in the near term. This is the reason for your choice.

EGLD is facing resistance near $57. However, a positive sign is on the side that the bulls are not giving up much base. This shows that traders are not abandoning their status as they expect the recovery to continue. If the bulls propel the price above $57, it is possible for EGLD to gain momentum and rally to $62 and subsequently to $70. On the other hand, if the price drops from $57 and dips below $53, the bears will pull EGLD to the moving averages. If this foothold is broken, a drop to the $47-45 region is possible for EGLD.

Following the sharp rally from $47 to $57, the altcoin is correcting in a descending channel pattern. If buyers push the price above the channel, it is possible for EGLD to test the resistance again at $57. A break above this level likely indicates that the uptrend has started again. Conversely, if the price declines and dips below the 20-EMA, it suggests EGLD will spend some more time inside the channel. The bears will have to push the price below the channel to open the doors for a possible drop.

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