The altcoin market got a comfortable reason as Bitcoin (BTC) regained the $19,000 region it lost for a short time. AXS in particular is under pressure as the $215 million unlock is approaching. New analysis shows that Dogecoin, AXS, ETC and XRP are ready to break critical technical levels.
Dogecoin grapples with consolidation as it awaits 700,000 investors
In March of this year, over 700,000 Dogecoin traders left the market in just 48 hours. The reason behind this is not clear now. But this separation did not have much effect on the price. After a short volatility, Dogecoin price calmed down to 0.059 in the month. It has been moving horizontally ever since. It stuck midway between the $0.1729 and $0.0491 Fib levels throughout the process, but the 23.6% Fib line failed to surpass $0.0783.
At the moment, all three SMAs (50-days (red), 100-days (blue) and 200-days (green)) have been acting as resistance for almost two months, although the price indicators are looking good.
Also, this month, Dogecoin, which had been following a positive course, was wiped out following the bearish MACD. Based on this information, FXStreet analyst Aaryamann Shrivastava says that the future of Dogecoin will relate to the overall market. Additionally, its volatility will be another valuable factor.
If volatility remains low, the possibility of price volatility also decreases. This causes DOGE to be stuck at current price levels. Currently, Dogecoin’s volatility is only at 52%. According to the analyst, this number needs to double at least to get out of the consolidation step. Dogecoin, however, will then signal signs of recovery.
Tony Montpeirous: Ethereum Classic price has potential
Ethereum Classic price is currently trading at $22.79. The RSI shows that the price has reached the multisold zone in the middle of the last drop. The index has reached the equivalent level where ETC fell to $13 before the 3x bull run.
Price action is still in favor of the bulls as the biggest candlesticks in the previous uptrend and the current sell-off are the candles engulfing the green. A Fibonacci retracement tool surrounding the entire 3x rally shows the current $22 ETC as just a 61.8% retracement.
Ethereum Classic price is showing multiple bullish signals while bringing everything together. A rally to the previously broken $27 reinforcement will yield 25% returns for early bulls. The invalidation of the bullish outlier will occur when you lose $20. If the bears achieve this goal, the entire trend is probably in jeopardy. From this point, the bears could head straight south to $13, a summer low, resulting in a 20% drop from the current Ethereum Classic price, according to the analyst.
XRP price could give investors a chance to recoup losses
Looking at the XRP chart after ETC, Tony Montpeirous expects a recovery rally from the XRP price over the weekend. XRP price is currently spending time in the $0.46 region. RSI information is hovering above the mainstay after being in the multisold zone for a few days. Also, there is a bullish divergence with the new monthly floor at $0.45 and the previous October floor at $0.45.
Analyst Montpeirous says individual selling will be challenging for XRP, given the market conditions. The 8-day exponential moving average will be the primary objective for a possible rally. Such a move leads to a 5% recovery rally. If the bulls can find reinforcements, an additional rally of up to $0.50 will mean 15% profit.
However, a break of $0.42 will invalidate the upside move. The bears will then press for an additional drop to $0.39. Such a move would mean a 14% drop from the current XRP price.
Axie Infinity investors pay attention on this date
Axie Infinity is gearing up for an unlock event three days from now, October 25th. The AXS price started to drop shortly before that. This is because 21.5 million AXS tokens have been released. However, the tokens will not be released anytime soon. Thus, AXS gets rid of a sales pressure of 215 million dollars. Koindeks.comWe have given the details in this article.
On the technical side, AXS price is down 2% in the last 24 hours, breaching the $9 reinforcement. It is also facing significant selling pressure on the RSI. However, as unlocked tokens will take some time to circulate, AXS will have a good chance of recovering before then.