Cryptocurrency analyst Aaryamann Shrivastava predicts a 27 percent rally for LTC. The analyst also expects a short-term rally from TON. Analyst Michael Ebiekutan says the leading altcoin Ethereum is gathering strength for bullish momentum.
LTC price forecast: What’s the target for the coming rally?
Litecoin (LTC) price can be seen breaking out of a descending triangle reversal pattern. A descending triangle reversal pattern is a bullish chart pattern characterized by a horizontal support line and a descending trend line. When the price breaks above the trendline, it indicates a potential trend reversal from bearish to bullish. This is also the case for LTC. The altcoin is trading at $81 at the time of writing. Under the circumstances, it’s possible that LTC could reach the $102 target set by the pattern. This implies a potential 27% rally for the token. However, it needs to turn the $86 resistance into support first.
If this breach fails, LTC may fail to test the support at $79 and lose it, invalidating the pattern and the bullish thesis. As a result, the altcoin price is likely to fall to $76 and below.
TON price forecast: Another short rally before the bottom is possible for the altcoin!
Toncoin’s (TON) price is likely to see some upside if it closes above the $6.04 support level. It has tested this level in the past and usually witnessed an increase in price. However, the bears will likely stop this increase at the $6.50 resistance level. This is because by then, TON will confirm the market top. Also, the MVRV ratio will enter the danger zone. Conclusion Toncoin’s price will probably drop to $6.0 or $5.4.
However, if TON holders choose to HODL, the altcoin price is likely to exceed $6.5. This would invalidate the bearish thesis. Therefore, this will allow Toncoin’s price to gain more.
ETH price prediction: The leading altcoin is gaining momentum for a rise!
The market was a bit quiet as Ethereum continued to trade around $3,000. Despite the quiet market, the volume of ETH derivatives increased by close to 60% in May compared to Bitcoin, according to QCP. According to QCP, this increase could be due to pricing in market volatility in anticipation of the Securities and Exchange Commission’s (SEC) May 23 decision on Van Ecks’ spot ETH ETF application. Many expect the SEC to reject spot ETH ETF applications. This would also explain why the market is moving slightly lower.
The current price action suggests that ETH will likely remain sideways in the coming weeks. However, historical data suggests that the price of the leading altcoin could gain momentum for an uptrend. Considering that ETH has remained in the $2,852 to $3,300 range for nearly a month, a sustained break above the top of the range is possible if it sees a mild bullish trigger.
Onchain data also shows that most whales are accumulating ETH in this range in anticipation of a price rally. A bearish event could briefly break below the bottom of the range, providing a buying opportunity.
The views and predictions in the article are those of analysts and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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