Analysts say that while the altcoin market is confined to a narrow range, the boom is imminent for 6 cryptocurrencies. Let’s take a look at the current technical analysis, keeping in mind that assumptions are not rigid.
Crypto analyst: Ethereum and these 2 altcoins are preparing for big moves
Altcoin Sherpa says in their latest analysis, Ethereum and Chainlink are laying the groundwork for a massive move with no top error. The analyst predicts a potential boom of 38% in Ethereum, which is trading in a narrow range. Sherpa said that if this happens, the ETH price will be positioned above $ 1,500:
We are still confident that this will be in the middle of $1,600-1,800 for the next big attack.
Altcoin Sherpa, who switched to Chainlink, says that the Ethereum-based altcoin will also come out of its narrow range. Just like ETH, LINK will ignite a big rally. According to the analyst:
LINK is patient for now, but when it starts, the upper truth will act in a hard form. I think it’s a reasonable medium-term investment.
While altcoin Sherpa is bullish on ETH and LINK, Avalanche (AVAX) doesn’t have the same opinion. The crypto strategist assumes that AVAX will likely see a 36% correction:
I haven’t seen this in a while, but I wouldn’t be surprised if it eventually drops to $10. If there is a rebound here, I think it will be some kind of round bottom. We are concerned though, and don’t think it’s a buy now.
Altcoin Sherpa also included a new project that has been on its radar for a while.
The next altcoin, the Reserve Rights Token (RSR), is just rising to its target of $0.0077 compared to Sherpa. The analyst bases this assumption on the altcoin’s range stability (EQ):
I’ve never traded it but it hit the mark and subsequently dropped to a lower range. Probably going to at least EQ now.
Chiliz (CHZ) analyzes
Altcoin Sherpa says that while CHZ is in a bearish trend, $0.16 will present a good opportunity for bulls, especially for a short-term case:
To be honest it’s probably a nice entrance area, but I wouldn’t keep it that long. A suspicious and potential change in the market structure appears. It can come to the end.
Thorchain (RUNE) may be the best choice for the coming months
October has been a month of relief for RUNE, as has been the case with Ethereum and Chainlink. RUNE’s volume had a strong start to the week. After seeing relatively low volumes over the weekend, it surged in value on October 17.
Koindeks.com THORChain, which you follow from THORChain, recorded in one of their latest upgrades that all their vaults are on the Blockchain. The post also highlights the immutability of the vaults, or the impossibility of denying access. This feature will become more valuable to users as alarms about its censorship increase. If THORChain’s argument is correct, it will be particularly beneficial once a large-scale transition to DeFi begins.
Many cryptocurrencies are currently in a turbulent state as a result of the 2022 cryptocurrency crash. Although THORChain reached the ATH level of $21.26, its price has plummeted since then as its market crashed. Still, RUNE bulls, like Kadir AK, are predicting that it may rise as soon as the market rebounds.