Recently, valuable Analysis for the popular altcoins MATIC, XRO, ARB, DOGE, ADA and OP has come to the fore. Here are the critical, watchable levels for these six altcoins…
What’s next for MATIC and these 5 coins?
The corrective process for Ripple is coming to an end
According to analyst Valdrin Tahiri, Ripple’s XRP price recently broke through the 700-day resistance line, reaching a year-high of $0.94. The price has been bearish since then but is Trading near the midpoint between the $0.54 horizontal resistance area and the $0.90 resistance area. Due to the successful breakout, the long-term trend is in the upward direction, while the short-term trend is uncertain but soon points to a potential bottom. Positive news on the Ripple front, including increased adoption of the XRP ledger following a historic win over the SEC, adds to the positive outlook. The weekly Relative Strength Index (RSI) points to an uptrend and the RSI value is above 50 and rising, which means an advantage for the bulls in the Market.
According to the analyst, the technical analysis on the six-hour time frame shows a bullish outlook for XRP based on the Elliott Wave theory. XRP is currently in the fourth wave of a five-wave uptrend and if the corrective phase is completed, the price could accelerate towards $1.10. If it is not currently reached, the most likely area for the bottom is around $0.64, which is indicated by several support levels. However, a break below the first wave’s high of $0.56 would signal a bearish trend, leading to a potential drop to the channel’s support line of $0.50, which would represent a 25% decline.
Bullish return on the horizon for DOGE
According to analyst Valdrin Tahiri, the price of Dogecoin (DOGE) recently broke out of an important area of long-term resistance. However, the expected sharp increase has not materialized and the price is currently trading close to pre-break levels. On the weekly timeframe, DOGE has been following a downward resistance trend line since its all-time high in May 2021. It entered a recovery phase and after 805 days of being in place, it finally broke above the resistance line on July 15. While breakouts from such patterns often lead to significant price increases, the expected rise has not yet materialized.
MATIC, XRP, ARB, DOGE, ADA, OP: What’s Expected Next Week?
The weekly Relative Strength Index (RSI) value is trading just above 50, making the direction of the trend uncertain. A fall to the $0.060 support area will cause a 20% decline, while a continuation of the upside move could lead to a 100% increase to $0.150. In the DOGE/BTC pair, the weekly timeframe also shows an upward outlook. The price regained the 900 Satoshi region after previously diverting below it for 230 days. A breakout from a descending resistance line further supports the uptrend. However, it has not yet confirmed the bullish scenario as the RSI is still below 50. A close below the $230 Satoshi and $0.060 areas, respectively, would signal a downtrend with a potential drop to the long-term support of $0.060.
Cardano price loses support
Tahiri recently shared his ADA forecast. Cardano (ADA) price recently broke down from the short-term ascending support line, marking the end of the previous uptrend. The failure to sustain the breakout led to a decline that brought the price back to its pre-break levels. On the daily time frame, the Relative Strength Index (RSI) is in a bearish trend and the RSI is below 50 and is in a downtrend. On the shorter-term six-hour timeframe, the Elliott Wave count points to a completed A-B-C corrective structure that supports the downtrend.
The crossing of the short-term ascending support line on July 31 also confirms the start of a new decline. Despite the bearish outlook, a possible reversal could bring the price back to the ascending support line at $0.33, which would act as resistance. parofix.com It’s worth noting that Cardano founder Charles Hoskinson has announced a network upgrade that could positively impact the speed and efficiency of the Cardano Blockchain.
MATIC price at 13-month lows
According to analyst Aaryamann Shrivastava, the price of MATIC (Polygon) has been experiencing declines since mid-July, making it one of the worst performing cryptocurrencies in the market.brings aline. MATIC, which is currently trading at $0.661, has fallen nearly 23% since mid-July, surpassing the 50-day Exponential Moving Average (EMA) and the $0.742 support level. It is currently approaching the $0.585 support level, which was last tested in June. The waning optimism is evident in the declining activity of investors on the network. The number of active addresses measuring transacting MATIC holders fell by 60% in just two weeks, from 4.5,000 to 1.8,000.
Most MATIC investors are currently at a loss; About 88% of total addresses hold MATIC at a loss, and less than 9.5% observe any gains. Because of their losses, these investors are less likely to move their supply and are waiting for broader market cues or network Development to trigger a recovery in the Altcoin and bring back their profits. The Relative Strength Index (RSI) shows a decline below the neutral line at 50.0, indicating that the uptrend is waning. This suggests that the altcoin could potentially pull back to $0.585, but a bounce from this level could help prevent extreme losses. Overall, recovery prospects for MATIC may take some time.
Will Arbitrum price recoup losses?
Analyst Ekta Mourya shared her Arbitrum analysis. Offchain Labs, the developer of Arbitrum, has introduced a new dispute protocol called BOLD (Bounded Liquidity Delay). This protocol aims to increase the decentralization of Arbitrum by providing permissionless verification for its chains. This protocol is designed to ensure the safety and viability of the chain, minimize the delay in resolving situations, and prevent dishonest parties from increasing costs for honest ones. Arbitrum has $2.58 billion locked in different assets, which shows its popularity in the DeFi space. The release of previous features by Offchain Labs led to a rebound in the price of ARB, Arbitrum’s native token. With the launch of BOLD, investors are hopeful for another price rally, as seen in previous examples.
What’s next for Optimism?
Finally, analyst Akash Girimath mentioned Optimism’s OP token. Optimism (OP) price has been on an uptrend for several months since its start in May 2023 with six high lows and three high highs. The price bounced off the support base at the lower trendline of an ascending parallel channel, rising 63% to its current price of $1.72. Indicators such as the Wave Trend, the Relative Strength Index (RSI) and the Great Oscillator (AO) all gave buy signals, indicating a revival of bullish momentum.
With the $1.36 level currently acting as support, the Layer 2 token is likely to face resistance at the $2.07 and $2.85 hurdles, which coincide with the midpoint of the parallel channel. Traders can expect the OP to consolidate between these resistance levels. However, a more extreme bullish scenario suggests that the OP could potentially experience a 600% price action, similar to the significant rallies seen in other layer 2 Tokens such as MATIC during the 2021 bull run.
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What’s next for MATIC and these 5 coins?
The corrective process for Ripple is coming to an end
According to analyst Valdrin Tahiri, Ripple’s XRP price recently broke through the 700-day resistance line, reaching a year-high of $0.94. The price has been bearish since then but is Trading near the midpoint between the $0.54 horizontal resistance area and the $0.90 resistance area. Due to the successful breakout, the long-term trend is in the upward direction, while the short-term trend is uncertain but soon points to a potential bottom. Positive news on the Ripple front, including increased adoption of the XRP ledger following a historic win over the SEC, adds to the positive outlook. The weekly Relative Strength Index (RSI) points to an uptrend and the RSI value is above 50 and rising, which means an advantage for the bulls in the Market.
According to the analyst, the technical analysis on the six-hour time frame shows a bullish outlook for XRP based on the Elliott Wave theory. XRP is currently in the fourth wave of a five-wave uptrend and if the corrective phase is completed, the price could accelerate towards $1.10. If it is not currently reached, the most likely area for the bottom is around $0.64, which is indicated by several support levels. However, a break below the first wave’s high of $0.56 would signal a bearish trend, leading to a potential drop to the channel’s support line of $0.50, which would represent a 25% decline.
Bullish return on the horizon for DOGE
According to analyst Valdrin Tahiri, the price of Dogecoin (DOGE) recently broke out of an important area of long-term resistance. However, the expected sharp increase has not materialized and the price is currently trading close to pre-break levels. On the weekly timeframe, DOGE has been following a downward resistance trend line since its all-time high in May 2021. It entered a recovery phase and after 805 days of being in place, it finally broke above the resistance line on July 15. While breakouts from such patterns often lead to significant price increases, the expected rise has not yet materialized.
MATIC, XRP, ARB, DOGE, ADA, OP: What’s Expected Next Week?
The weekly Relative Strength Index (RSI) value is trading just above 50, making the direction of the trend uncertain. A fall to the $0.060 support area will cause a 20% decline, while a continuation of the upside move could lead to a 100% increase to $0.150. In the DOGE/BTC pair, the weekly timeframe also shows an upward outlook. The price regained the 900 Satoshi region after previously diverting below it for 230 days. A breakout from a descending resistance line further supports the uptrend. However, it has not yet confirmed the bullish scenario as the RSI is still below 50. A close below the $230 Satoshi and $0.060 areas, respectively, would signal a downtrend with a potential drop to the long-term support of $0.060.
Cardano price loses support
Tahiri recently shared his ADA forecast. Cardano (ADA) price recently broke down from the short-term ascending support line, marking the end of the previous uptrend. The failure to sustain the breakout led to a decline that brought the price back to its pre-break levels. On the daily time frame, the Relative Strength Index (RSI) is in a bearish trend and the RSI is below 50 and is in a downtrend. On the shorter-term six-hour timeframe, the Elliott Wave count points to a completed A-B-C corrective structure that supports the downtrend.
The crossing of the short-term ascending support line on July 31 also confirms the start of a new decline. Despite the bearish outlook, a possible reversal could bring the price back to the ascending support line at $0.33, which would act as resistance. parofix.com It’s worth noting that Cardano founder Charles Hoskinson has announced a network upgrade that could positively impact the speed and efficiency of the Cardano Blockchain.
MATIC price at 13-month lows
According to analyst Aaryamann Shrivastava, the price of MATIC (Polygon) has been experiencing declines since mid-July, making it one of the worst performing cryptocurrencies in the market.brings aline. MATIC, which is currently trading at $0.661, has fallen nearly 23% since mid-July, surpassing the 50-day Exponential Moving Average (EMA) and the $0.742 support level. It is currently approaching the $0.585 support level, which was last tested in June. The waning optimism is evident in the declining activity of investors on the network. The number of active addresses measuring transacting MATIC holders fell by 60% in just two weeks, from 4.5,000 to 1.8,000.
Most MATIC investors are currently at a loss; About 88% of total addresses hold MATIC at a loss, and less than 9.5% observe any gains. Because of their losses, these investors are less likely to move their supply and are waiting for broader market cues or network Development to trigger a recovery in the Altcoin and bring back their profits. The Relative Strength Index (RSI) shows a decline below the neutral line at 50.0, indicating that the uptrend is waning. This suggests that the altcoin could potentially pull back to $0.585, but a bounce from this level could help prevent extreme losses. Overall, recovery prospects for MATIC may take some time.
Will Arbitrum price recoup losses?
Analyst Ekta Mourya shared her Arbitrum analysis. Offchain Labs, the developer of Arbitrum, has introduced a new dispute protocol called BOLD (Bounded Liquidity Delay). This protocol aims to increase the decentralization of Arbitrum by providing permissionless verification for its chains. This protocol is designed to ensure the safety and viability of the chain, minimize the delay in resolving situations, and prevent dishonest parties from increasing costs for honest ones. Arbitrum has $2.58 billion locked in different assets, which shows its popularity in the DeFi space. The release of previous features by Offchain Labs led to a rebound in the price of ARB, Arbitrum’s native token. With the launch of BOLD, investors are hopeful for another price rally, as seen in previous examples.
What’s next for Optimism?
Finally, analyst Akash Girimath mentioned Optimism’s OP token. Optimism (OP) price has been on an uptrend for several months since its start in May 2023 with six high lows and three high highs. The price bounced off the support base at the lower trendline of an ascending parallel channel, rising 63% to its current price of $1.72. Indicators such as the Wave Trend, the Relative Strength Index (RSI) and the Great Oscillator (AO) all gave buy signals, indicating a revival of bullish momentum.
With the $1.36 level currently acting as support, the Layer 2 token is likely to face resistance at the $2.07 and $2.85 hurdles, which coincide with the midpoint of the parallel channel. Traders can expect the OP to consolidate between these resistance levels. However, a more extreme bullish scenario suggests that the OP could potentially experience a 600% price action, similar to the significant rallies seen in other layer 2 Tokens such as MATIC during the 2021 bull run.
Contact us to be instantly informed about breaking news Twitter’also Facebookand InstagramFollow along at . Telegram and Youtube Join our channel.
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