As the cryptocurrency market battles growing pessimism, market leaders - Bitcoin and Ethereum - find themselves in periods of stagnation or decline. Despite this indecision, several established coins continue to show signs of strength based on their technical chart patterns. These Altcoin have the ability to rebound quickly if market participants regain recovery sentiment. Here are the cryptocurrencies that potential investors can use to find opportunities
XRP
XRP price shows a cup-and-handle formation forming on the weekly time frame. This bullish reversal pattern at a market bottom is an early sign of a trend reversal, offering traders an opportunity to enter a long position.
After more than a year of accumulation at the bottom of $0.298, XRP price rose sharply on July 10, reaching a high of $0.9288. Currently, the fourth-largest cryptocurrency is in a corrective formation trying to shape the handle of the pattern.
If the token price shows sustainability at the local support levels of $0.67 or $0.567, token buyers may replenish the bullish momentum and re-challenge the $0.928 neckline. A potential breakout above this barrier would take XRP price towards the $1.56 mark.
ADA
Within a year, the Cardano token price has bounced off the $2.4 support twice. These two reversals show the formation of a Double Botto pattern on the weekly time frame. Chart setups often occur at market bottoms, showing buyers accumulating heavily at lower prices.
ADA price has surged 42% in the past two months to reach its current price of $0.31. Under the influence of this pattern, the token price could rise by 46% and challenge the neckline resistance of $0.462. A break above this hurdle will intensify buying pressure and could push Cardano price to $0.69.
DOT
Polkadot coin price is showing the formation of a descending triangle pattern on the weekly time frame chart. The coin’s price bounced off the pattern’s downtrend line twice, with the neckline at $4.22 suggesting that the chart pattern had a significant impact on traders’ behavior.
DOT prices have surged 22% over the past two months to reach a current trading price of $5.2. With continued buying, buyers could push shares up 14% to challenge the pattern's neckline resistance. Additionally, the momentum indicator RSI is reflecting a clear uptick in opposition to lower high formations in price action. This bullish divergence suggests a more likely break of the upper trendline. This potential breakout could strengthen the bullish momentum and send the price surging to $9.7.
DOGE
As many times before, Elon Musk recently tweeted an image referencing Dogecoin (DOGE) and added the Dogecoin (DOGE) logo to his Twitter bio, leading to a Meme The value of the token has increased by 10%. However, the uptrend for Dogecoin (DOGE) lasted only two days, and Dogecoin (DOGE) is currently trading at $0.07888. Additionally, Dogecoin (DOGE) trading volume has dropped by 41.42% since yesterday.
Bears see this as another sign of Dogecoin’s (DOGE) high volatility and inability to sustain an uptrend in the long term. Therefore, the bears believe that unless Dogecoin (DOGE) introduces new developments and utilities to its platform, it will not be able to sustain a significant uptrend.
Bulls, on the other hand, are confident that Dogecoin (DOGE) still has time to surge, saying that if Elon Musk makes DOGE a payment method for Twitter Blue, as he As promised repeatedly, the value of the token will skyrocket.
LINK
Chainlink is a decentralized oracle network. It is designed to facilitate secure and reliable communication between smart contracts and external off-chain data sources. With Chainlink, smart contract applications unlock a wide range of possibilities.
Chainlink is currently being adopted by more and more projects and enterprises. Additionally, continued innovation means Chainlink plans to stay ahead of the competition. With bullish momentum and indicators, Chainlink is poised to rise.
In the end, there are still many things that have not been included, such as specific opportunities and specific decisions. These things are often beyond the scope of an article.
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