Altcoin investors are currently researching the most suitable cryptocurrencies to invest in. Therefore, it closely follows the expectations of analysts. In this article, we will convey the expectations of analysts for the three altcoins traded on the popular exchange Binance.
The first altcoin in the focus of analysts: ETC
First of all, analyst Tony M. conveyed his expectations for Ethereum Classic (ETC). According to the expert, Ethereum Classic price shows the possibility of hitting new highs after a pump. ETC price is down 50 percent since the summer high of $45. Then, the drop broke below the low volume, hinting that the uptrend that started at the beginning of summer could continue.
Ethereum Classic price rallied impressively after the release of the US CPI triggered a sudden sell-off. It is currently trading at $23. The rally allowed the bulls to form a bullish hammer. Also, the analyst shares some of his expectations based on the Elliott Wave theory. According to this theory, a 5th wave could occur in ETC, with the uptrend still intact and targeting $60. However, the earliest evidence of failure of the uptrend will be the downside break at $17.82. In such a case, the coin is at risk of falling to $ 14.
Polkadot (DOT) forecast: Negative signs in the short term
On the other hand, the analyst conveys the expectations regarding Polkadot (DOT). According to the analyst, the price bounces between $5.60 and $6.20. Polkadot price is currently changing hands at $6.08. The 8-day exponential (EMA) and 21-day simple (SMA) formed resistance barriers around $6.20. The rejection comes after the DOT’s 10 percent rally following the US CPI report. Before the rise, the DOT fell into the oversold territory on the Relative Strength Index. It showed a rising divergence with the lows of September. The subtle bullish signal allowed the bulls to enter the market.
According to the analyst, the altcoin price now needs to make a decision. Early bulls have already taken some or all of the profits. However, an additional rise towards the $7.00 congestion zone looks plausible. However, DOT could retest at $5.60 if it breaks below the $6.00 level. DOT price is within the bounds of a downtrend based on several confusing indicators. If the bulls seize the high $8.83, the downtrend will be invalidated. Meanwhile, the bulls are displaying the possibility of retesting the $10 price levels.
Will XRP surpass the five-month resistance?
Finally, analyst Aaryamann Shrivastava shared his expectations for XRP. As we have reported as cryptokoin.com, Ripple has made positive developments on multiple fronts recently. The US Securities and Exchange Commission (SEC) lawsuit against Ripple is coming to an end soon. The price of the XRP token has increased by more than 65 percent recently. It also expanded its user base as a means of payment.
For example, Binance CEO CZ announced that Binance Pay has been added as a payment instrument on Enterix. With the largest ticketing platform in Romania supporting Binance Pay, more than 40 cryptocurrencies will be used to purchase tickets, including XRP, Dogecoin and more. However, the price of XRP is doing pretty well as the altcoin is up 65.4 percent from last month. Bringing the price to $0.49, the buying pressure is cooling. This could end a pattern that XRP has been displaying for almost 18 months.
Right after reaching the overbought zone, the Relative Strength Index (RSI) started to drip towards the lower threshold. This causes excessive selling pressure and expires after about three months. If the pattern repeats, XRP could expect a serious price drop by the end of the year. But bullish factors, such as the summary judgment on the case in December, could fight the decline. When the broader market doesn’t move too negatively, XRP may have a chance to shift gears and turn the $0.58 resistance into support.