The cryptocurrency market is preparing for a very stressful week. The US elections have the potential to affect the future of the market and thus the prices of tokens. According to experienced technical analyst Rakesh Upadhyay, short-term investor sentiment could improve if Bitcoin rises above $70,000. The analyst states that this is likely to increase purchases in certain altcoins. In this context, the analyst discusses 4 altcoin projects with a strong outlook on the charts with Bitcoin.
BTC price analysis: If the bulls break out, they have $ 93.5 thousand ahead of them!
Bitcoin’s (BTC) retracement has reached the 20-day exponential moving average ($68,194), an important support to watch out for in the near term. If the price rebounds from the 20-day EMA and breaks above $70,000, it will signal the return of buyers. It is possible for BTC to rise as high as $72,000 and then $73,777. Sellers will fiercely defend the area between $72,000 and $73,777. But if the bulls prevail, BTC is likely to start a new uptrend towards the $93,554 target. The bears will have to pull and protect the price below the 20-day EMA to disrupt the bullish view. BTC is then likely to fall to the 50-day simple moving average ($65,002).
ETH price analysis: $3,400 is the target for the leading altcoin!
Ethereum (ETH) fell to the support line of the symmetrical triangle pattern, which is likely to attract buyers. If the altcoin price turns up from the support line and breaks above the 20-day EMA ($2,540), it will signal a rise to the resistance line of the triangle. This is an important level to pay attention to. Because it is possible that a close above it could start a movement towards $ 3,400. Probably the level of $ 2,850 will act as resistance. But it will probably exceed it. If the price breaks and closes below the support line, the triangle will be resolved in favour of the bears. It is possible that this will initiate a decline to $2,150 and eventually to $2,111.
DOGE price analysis: Meme coin running to $0.21?
Dogecoin (DOGE) started to decline from $0.18 on 30 October. Thus, it reached the 20-day EMA ($0.14) on 3 November. In an upward movement, traders usually buy the decline up to the 20-day EMA. If the price rebounds from the 20-day EMA, bulls will try to push DOGE back above the $0.18 resistance. If they do so, it is possible for the altcoin price to rise to $0.21. Conversely, if the price falls and stays below the 20-day EMA, it will indicate that the bulls have given up. DOGE is then likely to fall to the 50-day SMA ($0.12). However, this will probably attract buyers.
LTC price analysis: This move opens the door to a rally for the altcoin!
Litecoin (LTC) is rising within an ascending channel pattern. It also signals a slight advantage for buyers. Traders buy the dip up to the support line. Also, it sells near the resistance line in an ascending channel. If the altcoin price turns up from the support line and breaks above the 20-day EMA ($69.65), it will open the doors for a rally towards the resistance line around $77. This level is likely to attract selling by the bears. On the downside, the price breaking the support line and closing below it will signal a short-term trend change. LTC is likely to fall to $62 and then to $59.
XMR price analysis: $180 on course for the altcoin!
Monero (XMR) has been trading in a wide range between $ 135 and $ 180 for several days. This indicates buying on dips and selling on rallies. The altcoin price fell below the moving averages on 31 October. However, the bulls did not leave much ground for the bears. This shows that sales are decreasing at lower levels. Buyers are trying to push the price back above the moving averages. If they succeed, it is possible that XMR could rise as high as $ 166. With a break above this level, XMR continues its journey towards $180. This optimistic view will be negatively affected in the near term if the price falls and drops below $150. This is likely to pull the price to $ 144 and then to $ 135.
The opinions and forecasts in the article belong to the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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