In the last 24 hours, XRP, Monero and Polkadot have valued between 5% and 10%, following the rise of Bitcoin, which remains above US$48,000. This upward movement may only be at the beginning, as analysts project increases of up to 60% for these cryptocurrencies.
In graphical analyses, specialists pointed out the resistance to be overcome by each of the cryptoactives.
XRP: price forecast
The analyst who designed the high for XRP was Crispus Nyaga. According to him, the Ripple token, like other cryptoactives, has recovered substantially in recent weeks. Last month, for example, XRP has risen by 140%.
For Nyaga, there was no direct catalyst for the digital asset price rally. Rather, the high is part of the overall correlation between the token and other altcoins. At the time of writing this article, XRP is trading at US$1.26 (R$6.80).
According to the analyst, the cryptoactive chart shows that its price has risen to the 38.2% Fibonacci retracement level.
In addition, it surpassed US$0.78 and US$1.07, the lowest level and the highest level, respectively, in May and June. At this time, the price is also supported by the 25-day and 50-day moving averages. Based on this, the analyst’s expectations are positive:
“So I think the token will likely continue to rise as bulls are targeting the highest all-time high at $1.95. As a result, there is a possibility that the currency will rise to $2 [R$ 10,80] in the short term”, he stated.
In this case, it would be an increase of almost 60%, considering the current price.
Monero (XMR): price forecast
Analyst Alejandro Zambrano shared his projections for Monero (XMR). As he noted, privacy-focused digital currency is advancing more slowly than other altcoins.
Even so, in the last 30 days, the price of XMR has already advanced nearly 50%. At the moment, the cryptocurrency is costing US$ 273, that is, R$ 14.73, in reais.
According to the analyst, Monero’s price is trapped in a so-called ascending triangle pattern and faces strong resistance around $285.
However, there is a trend line pointing up on the chart pattern from the May 20th low of $156 and the June 20th low of $179.
“Taking the difference between the June low and the horizontal resistance level, we get the target price target at around $399. For the pattern to trigger, the price would need to trade above $285, which could happen now this weekend.”
If Zambrano’s optimistic forecast is confirmed, XMR will see a jump of more than 46%.
Polkadot (DOT): price forecast
Lastly, upside forecasts for Polkadot (DOT) are from analyst Elliott Laybourne. He said the rebound in the Polkadot price is facing a crucial level of resistance, after rising 170% in one month to the current US$27.
This rally caused DOT to trade above the 200-day moving average for the first time since June.
“Given that the Polkadot price was trading at $10.35 in July, its latest valuation is mind-boggling,” he said. “And if the renewed enthusiasm for cryptocurrencies continues, Polkadot could reach a record valuation at some point in the future. But a correction can come first”, he pondered.
Based on this, Laybourne pointed out that cryptocurrency can go back to the 100-day average at $20.40.
On the other hand, if Polkadot managed to break $27.54, bulls (buying forces) could boost the price of the cryptocurrency.
In this case, the targets are: $32 and then $40. If this is confirmed, it will be an increase of almost 50% for Polkadot.
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