Analysts shared price claims by analyzing altcoins listed on the Binance exchange. Accordingly, they expect a rise for 6 altcoins and a decrease for 2 altcoins. So what levels should investors pay attention to?
“These 6 altcoins will jump”
According to analysts, 6 altcoins listed on the Binance exchange will witness a price jump. These; Cosmos (ATOM), Polkadot (DOT), Compound (COMP), Terra Classic (LUNC), Ethereum (ETH), and Reserve Token (RSV). Here are the developments and price levels you should follow…
The rest of the market was heavily bearish in September. However, Cosmos (ATOM) remained strong for most of the month. It continued to make profits while the rest of the market calmed down. If this continues, investors should expect new highs for the altcoin in the short term. Aside from ATOM’s price action pointing to a potential rally, there are some developments in the coming days. For example, the project will launch Cosmos Interchain Security (ICS).
Polkadot (DOT) is one of the most proficient cryptocurrencies with big news. He’s also currently responding to these reports fairly well. The big news about Polkadot is that Tether is launching on Polkadot. The price has not made a valuable attack now. However, the DOT seems to be forming a potential breakout pattern on the weekly charts. Additionally, the broader market could gain momentum, especially once Bitcoin breaks $20,000. If BTC rises, it’s possible for Polkadot to start October 2022 with double or even triple digit gains.
Compound (COMP) started gaining momentum last week. There is no valuable news about altcoin now. But the increased price momentum will likely attract investors striving for a random profit in a highly depressed market. Such buying pressure can be strengthened by the fact that Compound is not just a random altcoin. It is one of the old and well known DeFi cryptocurrencies on the market today. In addition, cryptocurrencies have an extremely low supply.
Terra Classic (LUNC)
Binance-listed Terra Classic (LUNC) fell sharply after Interpol issued a red alert about Terra founder Do Kwon. But now, Terra Classic seems to have overcome this shock. Altcoin hit double digits. It has the power to rekindle the momentum around Terra Classic. If that happens, it will close the week in the middle of the best performing cryptocurrencies and start October with a decent performance.
According to the crypto analyst named Altcoin Sherpa, Ethereum is gaining strength against Bitcoin. A rising ETH/BTC chart shows that Ethereum will benefit more than Bitcoin. At the time of writing, the ETH/BTC trading pair is trading at 0.0695 BTC ($1,345) above the region Altcoin Sherpa referred to as the range. Accordingly, the president altcoin may start to benefit in the near future.
Reserve Rights Token (RSV)
In this middle, the analyst is also expecting a rise for the Reserve Rights Token (RSV). Koindeks.com As we reported, RSV aims to facilitate the stabilization of asset-backed stablecoins. According to altcoin Sherpa, RSV says it started a rally of around 30% from its current prices. According to the analyst, the rise will continue until the 200-day EMA at $ 0.0099.
“These 2 cryptocurrencies are giving bearish signals”
The analyst, who also looks at Ripple (XRP), says that he currently expects a drop in the sixth largest crypto by market cap. However, he adds that this will change if Bitcoin shows signs of strength. According to the analyst, the 200-day EMA is preparing for a breakout. However, the size of the gap between the previous price and the EMA draws attention. Because of this gap, the breakage will likely be on the downside. However, this may change with a rise in BTC price.
Altcoin Sherpa is currently examining Ethereum rival Algorand (ALGO), which is listed on the Binance exchange. According to him, the price of ALGO is accurately drawn to lower levels. At the time of writing, the coin is changing hands for $0.368, down 4.59% in the last 24 hours. According to the analyst, $0.35 and below offer a buying opportunity in ALGO.