The price of Bitcoin and altcoin projects has not experienced a serious price change since we entered 2023. However, investors are eagerly waiting for the time when cryptocurrencies will take action. For this, they follow altcoin comments from various analysts. In this article, we will provide important forecasts for four altcoins. Here are the details…
Cardano whales movement could be bullish for ADA
Cardano (ADA) has seen some pretty tragic price action in the last few months that has driven its price to two-year lows. It is now barely moving like the rest of the crypto market, but some developments among major ADA investors may see some bullish momentum for crypto. Towards the end of 2022, there was some selling from major ADA investors as momentum in the crypto market waned. Cardano whales had sold over 569 million ADAs during this time.
According to Santiment, the total assets of the whales also fell. However, this class of investors seems to have entered the new year with new vigor as they have started to buy back tokens. Santiment shows that in the first five days of 2023, these major investors have already added more than 217 million ADA to their stash. The price of ADA is already reacting to the number of coins these Cardano whales are buying. In the past 24 hours, the cryptocurrency has turned green again and its price has once again climbed above $0.27.
Continuing the accumulation trend could lead to a much bigger boom for the crypto asset, especially now that investor sentiment is much better. If that happens, the price of ADA could rise to $0.3, according to analyst Best Owie. Perhaps more importantly, the bulls have already gathered support at the $0.26 level. However, there is still a threat of the ADA price going down. Another drop below $0.25 will likely bring the price of ADA to pre-2021 levels.
NEAR up 20 percent: What’s next for altcoin?
Near Protocol (NEAR) finished 2022 on a low note. Because, as we reported as Kriptokoin.com, the sales in crypto accelerated in November 2022 after the FTX collapse. But as 2023 begins, investors are hoarding Near Protocol tokens. NEAR is one of the top-earning cryptocurrencies, up nearly 20 percent last week. According to analyst Motiur Rahman, this is highlighted by the increase in purchase volume. The spike ended with NEAR reaching $1.65.
The daily chart shows the descending trendline for NEAR. Crypto is trading with lower lows and lower highs. The token is back on the descending trendline with volume indicators showing the entry of the bears. There are no clear indications for the recent increase in NEAR price, according to the analyst. This may be because investors seize an opportunity as the price plummets following the collapse of FTX. According to price action and analyst technical indicators, NEAR is still bearish and may not be able to sustain gains.
50 percent rise expectation for Polygon
On the other hand, analyst Rudy Fares shared his thoughts for Polygon (MATIC). Cryptocurrency had a rough year last year. MATIC price dropped to 33 cents after hitting an all-time high of $2.9. Last year, MATIC was down more than 70 percent. However, this decline was also observed in most cryptocurrencies. But the analyst expects an even higher price recovery, especially as it uses Polygon’s Blockchain to enter the web3 space of traditional businesses. The analyst shares his expectation of a 50 percent increase.
Predictions for leading altcoin Ethereum
The impulse to buy seems to be strengthening today and Ethereum’s price analysis points to a bullish run. The price has welcomed a growing move as more buyers invest in cryptocurrencies. The coin value is currently at a high of $1,263 and the uptrend is highly likely to continue, according to analyst Lisa Walter. A few key support levels are keeping ETH afloat. The most important of these is the $1,251 support level, which prevents the price from falling further. The current bullish momentum was also significantly affected by the $1,270 resistance level.
According to the 24-hour review of Ethereum price, the market is bullish from the start of trading today. It pushed prices as high as $1,266 after seeing bulls, bears and bulls battle for control of the market. The Chaikin Money Flow (CMF) indicator went sideways and stayed close to neutral after breaking above zero. It showed that while buyers had the advantage, they lacked significant leverage to rein in sellers.
Therefore, sellers can lower ETH to retest the $1,250 support level or the 26-period moving average of $1,248.39. On the other hand, if BTC moves in the other direction, the bearish target of $1,234.15 could be reached with a burst of ETH. An upside move, however, will target $1,265, but the bulls need to overcome a number of challenges.