As the crypto market wrestles with growing pessimism, the market leaders- Bitcoin and Ethereum find themselves in periods of stagnation or decline. However, despite this indecisiveness, some well-established coins continue to show signs of strength based on their technical chart patterns. These altcoins hold the capacity of a swift bounce back if market participants restore their recovery sentiment. Here’s a list of crypto coins that the potential investor can use for opportunity hunting.
Also Read: Grayscale Releases Comment Letter On Bitcoin ETFs To US SEC
Xrp(XRP) Price Analysis: Pullback Opportunity for Higher Gains
The XRP price shows the formation of a cup and handle pattern in the weekly time frame. This bullish reversal pattern at the market bottom is an early sign of trend reversal and offers long entry opportunities to traders.
After over a year of accumulation at the $0.298 Bottom, the XRP price saw a significant rise on July 10th to reach a $0.9288 high. Currently, the fourth largest cryptocurrency is in a correction shape trying to shape the pattern’s handle formation.
If the coin price showed sustainability at local support of $0.67 or $0.567 support, the coin buyers could replenish bullish momentum and rechallenge the $0.928 neckline. A potential breakout above this barrier will set the XRP price rally for the $1.56 mark.
Cardano(ADA) Price Analysis: Chart Pattern Hints Bullish Reversal
Within a year, the Cardano coin price has bounced back twice from the $2.4 support level. This two reversal in the weekly time frame chart shows the formation of double bottom pattern. The chart setup is often spotted at the market bottom indicating strong accumulation from buyers at lower prices.
In the last two months, the ADA price surged 42% and reached the current price of $0.31. Under the influence of this pattern, the coin price is likely to rise 46% and challenge the neckline resistance of $0.462.
A breakout above this barrier will intensify the buying pressure and may push the Cardano price to $0.69.
Polkadot(DOT ) Price Analysis: Indicator Signal Upcoming Recovery
In the weekly time frame chart, the Polkadot coin price shows the formation of a descending triangle pattern. The coin price rebounded twice from the pattern’s downsloping trendline, and the $4.22 neckline indicates the chart pattern has a significant impact on traders’ behavior.
In the last two months, the DOT price surged 22% and reached the current trading price of $5.2. With sustained buying, the buyers could drive a rally 14% higher to challenge the pattern’s neckline resistance.
Moreover, the momentum indicator RSI reflects an evident rise contrary to the lower high formation of price action. This bullish divergence indicates a higher possibility of an overhead trendline breakout.
This potential breakout could intensify the bullish momentum and surge the prices to $9.7.
