FXStreet analysts are mapping the upside potentials for the 3 top-volume altcoins from the Binance listing. Let’s take a look at the technical levels, keeping in mind that assumptions are not rigid.
Tony Montpeirous: 20% rally possible for MANA
MANA price is poised for a countertrend rally targeting September highs. It finished last month with a 23% rally. In this process, it progressed to the level of $ 0.73. MANA is currently trading at $0.6269. Profit purchases resulted in a 10 percent loss in market capitalization. The volume data shows that the sell-off will eventually reverse as the bears are not producing a candlestick of equal volume to the strongest bullish candles.
He is currently serving as a booster on the 8-day EMA. If the bulls fail to hold their ground, a test of the 21-day SMA near $0.63 will occur for an additional 5% decline. Still, as long as the bottoms at $0.58 are not broken, the health of the uptrend will remain intact. Tony Montpeirous of FXStreet analyst expects a fair drop to 2020 liquidity levels around $0.50 if the bears mark new lows. Such a move would mean a 23% meltdown from the current market price.
LUNC price ready to rise as altcoin market moves
Luna Classic price consolidated on August 31 and September 4 before skyrocketing 168% in less than a week. This tightening created peak levels of selling and buying at $0.000221 and $0.000301 respectively. These levels set the tone for the ensuing LUNC price action. Therefore, it is worth noting that the altcoin diverged below the lower end and is trying to stay above it. If the Luna Classic price stays above this level, it will signal that buyers are defending this level. Analyst Akash Girimath says that LUNC price is facing a two-tier wall of resistance in a rather bullish situation:
If market conditions are right, traders can expect Luna Classic price to bounce off the $0.000165 to $0.000234 demand zone and start a new rally retesting $0.000260. This move will yield a 17% benefit from the current position. A local top could form here, while an increase in buying pressure could push LUNC to retest the upper limit of $0.00301.
On the other hand, if Luna Classic price fails to sustain its bullish momentum above $0.000221, it will show a lack of investors. According to the analyst, this may drag the LUNC price deep into the $0.000165-0.000234 demand zone. A twelve-hour candlestick near the $0.000160 support level will form a lower low. This will invalidate the bullish thesis for the Luna Classic price. In this case, LUNC could test the $0.00137 region again.
Bullish view of XRP price
XRP price has been trending sideways since September. The bullish techniques have come at an interesting time in the market, as Coinbase has promised to support XRP in the lawsuit. According to Ekta Mourya, a researcher at FXStreet, Coinbase “joined Ripple’s long list of allies. Judge filed a lawsuit asking Analisa Torres to present an amicus curiae briefing.” The defense argues that the SEC lawsuit threatens the crypto industry as a whole.
Technically speaking, a recent break above the base zone at $0.49 will mark the start of the triangle pattern traders have been waiting for. Then a true rally to the previous congestion zone from $0.66 will be an ideal goal. In the market conditions, the altcoin is ready to run 40% of its value.
On the other hand, a break of the base at $0.42 will be a sign that the bullish outlook has reversed. In doing so, the triangle pattern will be completely invalid. An additional drop targeting $0.38 is one of the possible outcomes. Such a move would mean an 18% drop from the current Ripple price.