While updating his forecast for Ethereum (ETH) and Lido DAO (LDO), an analyst forecasts a spike for an AI-driven token. A Santiment analyst reveals in PancakeSwap’s (CAKE) evaluation that the altcoin project has reached a technical price pattern. Crypto analyst Valdrin Tahiri analyzes Polygon (MATIC) price in detail.
Analyst’s list of altcoins to rally: FET, ETH and LDO
cryptocoin.com Analyst, nicknamed Altcoin Sherpa, which we have forecasted as, says that Fetch.ai (FET), a platform that aims to bring together artificial intelligence and Blockchain, is showing strength based on the 200-day exponential moving average (EMA). However, the analyst adds that he expects the FET to drop slightly before exploding. In this context, the analyst makes the following statement:
FET looks strong in the short term at the local peak. The 200-day EMA provided strong resistance. But I wouldn’t be surprised if we see a small pullback and then break it. The artificial intelligence narrative may still be ongoing.
Next, the crypto analyst predicts that Ethereum will test its EMAs as support. However, he states that the mid-term moves of the smart contract platform are uncertain. In this regard, he notes:
ETH: I’m not entirely sure, but the price is in nobody’s land. To test some EMAs, I think a small down move (i.e. 2% or something) would/would make sense for a good short-term entry. The medium-term trend is still unknown.
Finally, Altcoin Sherpa says that the uptrend for LDO will continue after the liquid staking protocol clears the resistance at $1.41. He expresses his views on this matter as follows:
Several different scenarios for LDO. Maybe a pullback before this breaks the current space. If BTC goes to bed, that goes all the way back.
Santiment is getting positive signals from this altcoin project
In a report published by analytics platform Santiment on Jan. 7, analyst alias Clementllk reveals in his assessment of PancakeSwap (CAKE) that the altcoin has reached a technical price pattern. This pattern indicates a high success rate for buying opportunities historically.
Clementllk evaluates CAKE’s move on a price chart. It also finds that the DeFi token creates a shark model. According to Clementllk, if CAKE reaches the $3.45 price mark, the model will be successfully triggered. Thus, it will create a good buying opportunity for investors.
In addition, the analyst evaluates the ratio of CAKE’s Market Value to Realized Value (MVRV) using two formulas. The first formula gives a negative MVRV rate, while the second gives a positive value. Clementllk states that this could be a ‘potential buying opportunity’ for investors looking to emulate the altcoin. According to data from Santiment, CAKEs (MVRV30d-MVRV180d) remained positive at 0.11 at the time of this writing.
“This may push the altcoin price above $1”
Crypto analyst Valdrin Tahiri analyzes Polygon (MATIC) price in depth. The MATIC price fell from the moment it hit $1.30 on Nov. On December 17, the downside move resulted in the breakout of the ascending support line that had been present since September 19. However, the downward movement was not sharp. Because, MATIC price bounced around the $0.77 horizontal support area.
Meanwhile, the daily RSI is neutral. While the indicator is up, it has not formed a bullish divergence and is still below 50. As a result, the direction of the future trend is uncertain. A break below $0.77 is likely to lead to a decline to the next support area at $0.62, while a recovery of the ascending support line could push MATIC price above $1.
Will there be a short-term MATIC tab?
Technical analysis on the six-hour timeframe is showing more bullishness. It also gives hope for a potential relief rally. The main reason for this is the double bottom formation coupled with the bullish divergence. The development of the model within a support area further increases its legitimacy. Therefore, a rise towards $0.86 is possible. However, the trend cannot be considered bullish until this line is retracted. As mentioned earlier, a close below the $0.77 support area is likely to trigger a sharp decline towards $0.62.
Is it possible for MATIC/BTC to do ATH?
The MATIC/BTC price has increased since June 2022. In the process, it barely managed to hit an all-time high in November. The price reached 66,060 Satoshis, just below the all-time high of 66,651 Satoshis. However, it soon reversed the trend and has been falling ever since. The downward move confirmed the 57,000 Satoshi area as resistance and formed a triple top (red icons) pattern on the weekly time frame. We consider the triple top as a bearish trend.
Also, the altcoin price has broken out of the ascending support line that has been present since the uptrend started in June. As a result, the most likely MATIC price analysis is a continuation of the downward move towards the 38,000 and possibly 20,000 Satoshi support levels. The weekly RSI dip below 50 will confirm the validity of the breakout and the downside move. On the other hand, a one-week close above the 57,000 Satoshi resistance area is expected to send MATIC price to an all-time high. Given the summarized bearish data, this seems highly unlikely.
As a result, the MATIC/USDT chart remains bearish until MATIC price regains the ascending support line where it broke. A close below the $0.77 zone is likely to trigger a quick and sharp decline. Due to the formation of a bearish pattern, the MATIC/BTC chart is also bearish unless the 57,000 Satoshi region is retraced.