Market Watch: These 5 Altcoins Are Poised For Breakouts, Says Crypto Expert

By NewsBTC - 6 months ago - Reading Time: 2 minutes

Market Watch: These 5 Altcoins Are Poised For Breakouts, Says Crypto Expert

A recent analysis by a Crypto Banter pinpointed new notable price levels for prominent altcoins such as  XRP, Solana (SOL), Chainlink (LINK), Fantom (FTM), and Polygon (MATIC).

These insights provide a fresh perspective on potential entry points for bullish positions in the current market.

Altcoins At Crossroads: Key Price Levels To Watch

In this analysis, Crypto Banter singles out Solana (SOL) and notes that $48 is an “intriguing” level to watch for any pullback. Additionally, historical data consolidating around this price point on the SOL/USD weekly chart indicates it could be an “optimal” buying zone should prices drop to this mark.

In the case of Chainlink (LINK), Crypto Banter identifies $13.3 down to $12.2 as a “hot zone.” A drop below this range might shift focus to the $9 level as a critical reversal point.

Polygon (MATIC) also comes under scrutiny, with the analyst observing a break in the 200-day moving average on its weekly chart timeframe. According to the host, this development suggests a potential bounce back at the $0.68 zone, possibly preluding a rally.

For clarity, “moving average,” or MA, is a widely used indicator in technical analysis that helps unravel price data by creating a constantly updated average price. This average is typically calculated over a specific period, like 10 days, 20 minutes, 30 weeks; in the case of the Crypto Banter analysis, they based their analysis on the 200-day MA.

Fantom’s Surge And XRP’s Pivotal Turnaround

On the other hand, Fantom (FTM), Crypto Banter, revealed that the altcoin has shown a significant pump of over 50% since late October.

Yet, the analyst suggests a possible retraction towards the 200-day moving average, making the $0.25 region attractive, particularly for those employing a dollar-cost averaging (DCA) strategy.

XRP is not left out of this analytical purview. The host points out that XRP is nearing a critical juncture from a technical standpoint.

The analyst reveals that the 12-hour chart for XRP shows a recent rebound off the 50-day MA. A turnaround around the $0.54 price region could occur if the ongoing pattern along the downward trendline persists.

The analyst further disclosed that this level gains importance due to the convergence of key moving averages that form a support zone around it.

Interestingly, among the altcoins highlighted by Crypto Banter as primed for a breakout, SOL and FTM stand out with significant gains. Over the past two weeks, Solana has seen a 13.8% increase, while FTM has climbed by 8.3%.

Contrastingly, XRP, LINK, and MATIC  have experienced declines during the same period. XRP’s price fell by 5.5%, LINK by 5.6%, and MATIC by 6.6%, signaling a diverse performance landscape among these notable altcoins.

Featured image from iStock, Chart from TradingView

Original source: NewsBTC