Price Analysis of Few High Potential Altcoins | BNB, UNI, DOGE
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Bitcoin’s (BTC) bull run faces significant resistance and is struggling to make a higher high. The price action broke the nearest resistance but failed to hold above that level, indicating a lack in demand for the world’s biggest crypto at prices above $55k. In this article, let’s ignore Bitcoin and discuss the price aspects of few altcoins with high potential. Note that these analyses have been done based on the higher times so please don’t apply them for intraday or scalp trading.
Dogecoin (DOGE)
We have seen the hopes of Dogecoin holders getting shattered after the latest ‘Saturday Night Live’ got aired. Hosting a TV show for the first time, Elon Musk jokingly referred the Dogecoin – a ‘hustle’ that resulted in an instant 30% fall in the price of this crypto. The expectation was to see a pump stunt which could lead DOGE’s price to $1. Contrarily, the price of Doge fell from ~$0.7 to under $0.4. However, Dogecoin saw a quick 20% recovery as Elon continues to talk about DOGE on Twitter. Below are his exact words.
FYI, currently, Bitcoin consumes 707 kilowatt-hours of electricity for a single transaction which is way too higher than that of the 0.12 kilowatt consumed by Dogecoin.
Currently, the price of one DOGE is hovering around $0.53 on the Binance exchange and is all set to make a brand new higher high.
The immediate support levels for the DOGE/USDT pair is at $0.40, and the price could reach this level to take support before shooting up to the north. If any adverse selling pressure, we should be looking at the $0.26 level, which is the significant weekly support area.
The DOGE’s price action could face some resistance at the $0.64 and at the $0.72, which is its current all-time high value. We can see both the 20-period Exponential Moving Average and the 50-period Moving Average being under the price action supporting the bullish momentum in this pair.
Expect analysis forecast a range-bound movement for this crypto, and its price could move with the $0.40 – $0.72 range for the next few days. Looking to take advantage of this price movement before DOGE makes a brand new ATH? Perfect! You can buy Dogecoin and other major altcoins at the cheapest prices by visiting our well-curated list of most popular exchanges in the world.
Binance Coin (BNB)
Binance coin has recorded a prominent growth since the beginning of 2021. The value of this crypto surged by over 1750% from the first week of February till today. Currently, the price of the BNB/USDT pair is just under $600 and is just 17% away from its all-time high value. Crypto experts are voicing out pretty optimistic forecasts for this crypto in the upcoming months. One such prediction from a credible source says that BNB could easily reach $1100 – $1200 by the end of 2021.
The above predictions are based on the fundamentals of this crypto. But Technical Analysis suggest an even optimistic outlook on BNB’s price action. On the weekly timeframe, we can see the price action in a steady uptrend. Sellers started to come in, but the tail under the last candle indicates the buyer strength on this pair. The 10-period moving average under the price action supports our bullish opinion on BNB. Also, we can see the RSI (Relative Strength Index) in the over-bought indicate that bulls are in control.
If you are an intraday trader, make sure to be careful while taking long positions as we can see the sellers strength in the lower timeframe. If you are an investor or swing trader, this could be the right time to buy and hold Binance Coin.
Uniswap (UNI)
Uniswap has been trading in an ascending channel for the past few weeks. The fundamentals of this crypto are strong, and experts predict a decent price surge for this crypto shortly. We can see the wicks touching the lower line of the channel, indicating sellers entry, but bulls managed to keep the price above the channel’s support level. Expert predictions say that Uniswap (UNI) could break and go beyond the $68 in the upcoming months.
Currently, the price of the UNI/USDT pair is around $41. This is just a dollar below its all-time high value. Profits are being booked, but still, a strong bull sentiment is prevailing in the market. If the price manages to break its current all-time high value, the next stop for its bull run would be at $53 or $55. If any adverse selling pressure, the price could reach the $35 or $27 support zones before making a higher high. Supporting this sentiment, RSI is in the overbought area indicating the buyer market in this crypto.
Many other altcoins are poised for exponential growth this year, such a Litecoin (LTC), Polkadot (DOT), Cardano (ADA), etc. In fact, many experts suggest that the altcoin season is yet to begin in 2021. Therefore, keep an eye on all of these altcoins to take advantage of their price movements. Cheers!
Disclaimer: Please note that the predictions and forecasts presented in this article are just the writer’s opinions, and they shouldn’t be considered an investment decision. Make sure to perform robust due diligence before making any investments in the crypto market.
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