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.
1. Ripple(XRP)
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.
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Ripple Labs is hopeful of winning the case for several reasons.
- Earlier, SEC Chief Hinman had called for cryptocurrencies like Ethereum could not to be classified as securities.
- XRP does not qualify Howey Test.
- The SEC fails to show how “investment” was solicited from buyers.
- The case SEC cited and won was based on a legal misjudgment of the advisor. However, XRP does not come under the category of equity or security, either.
Moreover, on-chain data shows that Whales have already started accumulating XRP.
🚨 30,700,000 #XRP (15,116,999 USD) transferred from #Bitso to unknown wallethttps://t.co/c1epIrL7Qx
— Whale Alert (@whale_alert) April 19, 2023
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21,000,000 #XRP (9,950,524 USD) transferred from unknown wallet to #Bitstamphttps://t.co/mFgGyRMuQR
— Whale Alert (@whale_alert) April 20, 2023
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XRP Technical Analysis
Technical indicators on daily charts show that XRP is getting ready for another bull rally.
- XRP price has bounced back from its 50-DMA, showing strong support there.
- RSI has also bounced back from lows of 40 and is now at 45.
- MACD might have reached the widest point of its bearish divergence(the gap between the orange and blue lines).
Target and Stoploss
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
2. Tron(TRX)
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.
TRX Technical Analysis
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:
- RSI is growing strong from moderate levels and is heading towards a bullish zone.
- MACD is about to show a positive crossover in daily charts.
- Trading volumes are fairly neutral.
Target and Stoploss
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
3. Polygon(MATIC)
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.
🚨 🚨 40,000,000 #MATIC (43,715,778 USD) transferred from Polygon Staking to #Binancehttps://t.co/Y8lXzOnXOW
— Whale Alert (@whale_alert) April 10, 2023
MATIC Technical Analysis
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.
- RSI is falling and showing weak price momentum.
- MACD is inside a negative crossover zone.
- Price is about to break critical support.
Target and Stoploss
Target: $0.75, over a period of 2-4 weeks
Stoploss: $1.1
4. Polkadot(DOT)
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.
DOT Technical Analysis
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:
- RSI is showing a weak price momentum.
- MACD is in the zone of a negative crossover.
- Volumes are more on the sell side.
Target and Stoploss
Bearish Target: $4.29
Stoploss: $6
4. Cardano(ADA)
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:
- RSI is weak and declining.
- MACD is in a negative crossover zone.
- Volumes are more on the sell side.
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.
Targets
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.
