Forecasts: 4 Altcoins to watch this week

(ORDO NEWS) — Even if Bitcoin consolidates, analyst Rakesh Upadhyay thinks that DOT, LUNA, AVAX and EGLD can continue their bullish journey. Also, according to a popular analyst’s Twitter poll, investors are expecting Bitcoin prices well above $100,000 in 2020. Let’s start with the latest news from the general market, technical analysis of the above altcoin projects will be our next stops.

What happened in the Bitcoin and altcoin market?

The overall crypto market capitalization continued to move upward, as the dominance of Bitcoin ( BTC .D) fell from around 48% on October 20 to 42.3% on November 7. According to analysts, this indicates that the price movement has shifted from Bitcoin to altcoin projects. 

According to CryptoQuant CEO Ki Young Ju, despite the Bitcoin whales selling, it did not break the strong support at $60,000. Young Ju also points out that Bitcoin reserves on exchanges continue to dwindle, indicating strong appetites from buyers.

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A survey by popular analyst PlanB revealed that crypto investors expect a sharp rally from Bitcoin to $288,000 at the beginning of 2022. Real Vision founder Raoul Pal predicted a bullish picture for cryptocurrencies in an interview on Nov. Pal says the current bull run is unlikely to peak in December of this year and could extend into March and June next year. He also predicts the possible launch of Ethereum 2.0 and the green light of an Ethereum (ETH) exchange-traded fund in the first half of 2022 will attract institutional investors and trigger a massive rally. In this bullish environment, let’s analyze the charts of the top 5 cryptocurrencies that can stay focused and outperform in the short term.

Bitcoin (BTC) technical analysis

Bitcoin broke above the bull flag formation on November 2, but buyers failed to capitalize on this move and the price paused after reaching $64,854 above the overhead resistance zone at $67,000. This shows that the bears have not given up yet and are trying to stop the upside move. 

However, a positive sign is when the bulls are aggressively defending the 20-day EMA ($60,794). Buyers will make another attempt to push the price above the overhead resistance zone. If they can achieve this, the bullish momentum could increase and BTC could rise towards the $89,476.12 formation target.

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This bullish view will be invalidated if the price breaks and returns to the flag pattern. BTC could then drop to the 50-day SMA ($54,883). The zone between the 50-day SMA and $52,920 is likely to attract strong buying support from the bulls.

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On the 4-hour chart, BTC was trading between $63,732.39 and $59,500. Flat MAs and the RSI just above the midpoint indicate a balance between supply and demand. The bulls could retest the ATH level after gaining momentum between $63,723.39 and $64,270. Conversely, a break below the MAs could push BTC price back into the strong support zone between $59,500 and $58,000. If this zone is breached, the bears will gain the upper hand and then the BTC price could drop to $55,267.61.

Altcoin DOT bulls prepare for $63 resistance

Polkadot ( DOT ) price climbed above the $49.78 resistance on Nov. The RSI broke above the downtrend line, invalidating the negative divergence. This indicates the resumption of the uptrend. The bears then tried to push the price below the breakout level on November 6, but the long wick on the candlestick indicates that the bulls are buying on the lows. 

The ascending MAs and the RSI near the overbought zone suggest the path of least resistance to the upside. If the bulls push the price above $55.09, the DOT price could rally to $63.08. The bears may have other plans as they will try to push the price below the breakout level at $49.78. Such a move would indicate a lack of buyers at higher levels.

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On the other hand, a break and close below $46.82 will be the first sign that the bulls are losing control. The DOT could drop to $38.54 later on. On the 4-hour chart, DOT appears to be rising within a channel. Even though the bulls pushed the price above the channel, they failed to develop the advantage. This shows that the bears are vigorously defending this resistance. A bounce from this level could solidify the uptrend, but a break below it will signal a possible change in trend.

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Terra (LUNA) technical analysis

LUNA broke above the overhead resistance at $49.54 on Nov. 4 and closed. This indicates that the bulls are buying on the dips. If the bulls propel the price above $53.18, LUNA price could rally towards the resistance line of the wedge where the bears are expected to form stiff resistance. The bullish momentum could increase if the bulls push the price above the wedge. 

Alternatively, if the price breaks from the current level or overhead resistance, the LUNA could decline to the support line of the wedge. A break and close below this support will signal a possible change in trend. LUNA could face $35 later.

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Altcoin bulls stated that they had overcome the resistance of the bears, pushing the price above the resistance line of the triangle. Sellers tried to push the price back to the triangle but the bulls aggressively defended the breakout level. Both MAs on the 4-hour chart are rising and the RSI is in the positive territory, giving buyers an advantage. If the bulls push the price above $53.18, the LUNA could rise to its dormancy target at $62.59.

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Avalanche (AVAX) technical analysis

Avalanche ( AVAX ) has reached above the overhead resistance after trading at $79.80 for the past three days. According to the analyst, this signals a possible resumption of the uptrend. On the technical side, the rising MAs and the RSI in the overbought zone indicate that the bulls are in control. If the price stays above $79.80, AVAX price could reach $93.04 and then $100. 

Contrary to this assumption, if the price drops from the current level and dips below $79.80, it will indicate that the markets are rejecting the higher highs. According to the analyst, AVAX could drop to $69.51 later.

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The 4-hour chart shows a rolling bottom formation completed with a breakout and closing above $79.80. If the bulls hold the price above $79.80, AVAX could start an upside walk towards the pattern target at $108.56. The first important level to watch on the downside is $79.80. 

A bounce from this level will indicate that the bulls are buying aggressively on the dips, increasing the likelihood of a resumption of the uptrend. Conversely, a break below $79.80 could drop AVAX to $72. A break below this support will indicate the bears are back in the game.

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Elrond (EGLD) technical analysis

We share the analysis as Elrond ( EGLD), broke above the previous ATH level at $303.03 on Nov. 3. The bears tried to push the price below the breakout level on November 5 and 6 but failed. This shows that the bulls are trying to defend the breakout level and turn it into support. A break and close above $329 will signal a resumption of the uptrend.

The rising 20-day EMA ($281) and the RSI near the overbought zone suggest the path of least resistance to the upside. Contrary to this assumption, if EGLD turns down from the current level and breaks below $303.03, the next stop could be the 20-day EMA. A strong rebound of this support will keep the uptrend intact, but a break below it could open the doors for a deeper correction at the 50-day SMA ($249).

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On the 4-hour chart, we can see the formation of an ascending triangle formation, which completed with a break and closed above $303.03. This positive setup has a formation target of $427, but the rally may not be linear as the bears are likely to pose a tough challenge at $355. 

A break below the 20-day EMA in altcoin EGLD would be the first sign of weakness. This could push the price of $303 to the breakout level, which is an important support for the bulls’ defense. If this support is broken, the EGLD could drop to the 50-day SMA and then to the trendline of the triangle.

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