Last week we saw a fall in Altcoin prices due to profit booking. Most cryptocurrencies fell between 10-15%. However, this week seems bullish for several altcoins like XRP, which might conclude its legal battle with the SEC and hopefully secure a win.
We have brought you a list of the top 5 altcoins that present a good trading opportunity.
XRP might be the sole point of focus for several investors this week as the legal battle with SEC could come to an end. Recently, top law experts expressed their opinion that we might see a ruling this week.
This opinion is based on the track record of Judge Analisa Torres.
Ripple Labs is hopeful of winning the case for several reasons.
Moreover, on-chain data shows that Whales have already started accumulating XRP.
Technical indicators on daily charts show that XRP is getting ready for another bull rally.
We expect XRP to make a move toward $0.55 immediately, and if Ripple Labs wins, it could go over $0.86.
Target: $0.55, $0.86
Stoploss: $0.45
If Ripple Labs wins the case against SEC, the case against Tron Foundation would be powerless. However, trouble might not be over for Tron and its altcoin TRX, since it paid celebrities to promote its cryptocurrency, something which Ripple Labs never did.
Anyway, Tron would be a significant gainer in the event of a win by Ripple Labs.
But, if Ripple Labs loses the case, it would face a significantly emboldened SEC with a strong legal precedent.
Let us use technical charts to see if Tron has some trading opportunities.
According to technical charts, Tron might be ready for a fresh rally, if it crosses $0.068. Currently, the price is $0.067.
For the past four weeks, Tron has been moving in a narrow channel between $0.065 and $ 0.069.
Technical indicators show that:
Based on the above information, we can infer that a move beyond $0.068 will take it toward its next target of $0.081.
Target: $0.081
Stoploss: 0.065
Polygon's MATIC has lost about 20% this month and is now trading at $1.01. It lost heavily because a successful Shapella Upgrade means that Ethereum users will be less reliant on layer-2 solutions.
Further, Ethereum will launch a protocol called Proto-Dank Sharding which would increase the block size and reduce transaction costs.
On-Chain data shows that the fall could have been caused by whales selling their stake.
Currently, MATIC is at its critical support. If it falls below $1 and sustains at those price levels, the technical indicators show it can fall toward $0.75.
Looking at technical charts, we can conclude that MATIC is ready for another fall which can take its price to $0.75.
Target: $0.75, over a period of 2-4 weeks
Stoploss: $1.1
Despite having a good developmental activity, the Polkadot network suffers from a lack of adoption. The cryptocurrency is now at critical support levels, below which prices could tumble by another 25-30%. The altcoin has already lost 18% from its one-month high.
Taking a look at technical charts, we can see that DOT is ready to break $5.88 support and fall towards $4.29.
The indicators show that:
Bearish Target: $4.29
Stoploss: $6
Fundamentally, Cardano is an altcoin with one of the highest developmental activities. It has recently launched a stablecoin $DJED, and is now working towards an interoperable system for all blockchains.
Cardano has erased all the gains that it has made since April 01. However, the altcoin price is still in a bullish zone. It might go down further if it breaks its critical support at $0.38, which is also its current price.
Looking at the technical charts, we can see that:
If the altcoin breaks its current support levels at $0.38, it might drop to $0.3 within a couple of weeks. Alternatively, a bounceback from current levels can take prices toward $0.45.
Bullish Target: $0.45
Bearish Target: $0.30
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.