In a recent analysis from Cheeky Cryptoโs renowned technical analyst JB, the focus was on five altcoins primed for potentially lucrative moves or declines in the short term. Letโs break down into the altcoins JB has his eye on:
Cardanoโs ADA
While ADAโs price trajectory seems promising on the SPOC BitGet exchange, JB notices signs of potential resistance. Using historical data, he highlighted previous support and resistance zones, hinting at a potential downturn. His predictions, rooted in wave theory, hint at a possible drop ranging from 9% to an unsettling 14.45% in the near term. Priced at $0.25 at press time, ADA is facing a downturn, with its chart in the red.
Polkadotโs DOT
Shifting focus to Polkadot, JB identifies an Elliott Wave pattern suggesting a possible downside. By analyzing the momentum and juxtaposing it with potential areas of resistance, he postulates a drop ranging between 9.8% and 12%. Bucking the trend, DOT stands at $4.21, showing positive growth and displaying a green indicator.ย
The Sandboxโs SAND
The popular gaming token, The Sandbox, displayed a familiar trend on Binanceโs platform. After an impulsive move downwards, JB foresees another decline. His targets for SAND range between $0.36 and $0.41. Taking a broad view, there might be a 9.79% drop on the horizon, presenting potential trading prospects. Continuing the upward trend, SAND is priced at $0.309 at the time of writing.
Solanaโs SOL
Solana, a promising candidate in the crypto sphere, shows intriguing patterns. With potential upper resistance at $21.38, JB predicts a possible drop between 10% to almost 16%. The scenario unfolds as a diagonal pattern, implying an impending 5th wave downturn, which traders might want to brace for. Currently priced at $19.23, SOL is experiencing a downturn, still reeling from the FTX debacle.
Shiba Inuโs SHIB
The meme token that took the market by storm, Shiba Inu, holds its own mysteries. While a short-term bullish run to the range of $0.0000078 to $0.0000082 is possible, the aftermath might see a significant downturn, says JB. Defying market expectations, SHIB is in an upward trend, priced at $0.000007529 at press time.
