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- Rekt Capital makes a series of projections on what to expect from some leading altcoins.
- The analyst mentions that assets such as BNB may trade within a narrow range.
- However, other assets such as MATIC and ADA are poised for a rally.
In a series of posts on X (formerly Twitter), crypto analyst Rekt Capital made a series of predictions on the price performance of leading altcoins, including Binance Coin (BNB), Polygon (MATIC), Avalanche (AVAX), Cardano (ADA), Chainlink (LINK) and Uniswap (UNI).
BNB Coin
According to Rekt Capital, BNB Coin, which currently trades at $318.95, is potentially in a long-term upward trend. With a minor surge in demand in the last week, BNB’s price has risen by 8% in the last week, according to data from CoinMarketCap.
This comes after the fourth-ranked crypto asset faced short-term selling pressure at the $340 resistance level.
However, the price might consolidate within a specific range before a sustained rally occurs.
BNB may be forming a new range here (black-red). In no man’s land, between black Range Low support ($283) and red Range High resistance ($340), ” the analyst opined.
BNB Coin/USDT (Source: Rekt Capital)
Avalanche (AVAX)
Regarding AVAX, Rekt Capital noted that the coin retested its long-term downtrend line, which resulted in a 36% surge in value.
However, this rally was followed by a dip, which has now brought AVAX back within the retest zone.
In its current phase, the coin is “trying to stabilize above its final Macro Downtrend to ensure continuation.” If successful, it could pave the way for further upward movement.
AVAX/USDT (Source: Rekt Capital)
Polygon (MATIC)
In its current phase, MATIC has broken through a key resistance level and has entered a new phase of growth. Since this retest happened, the alt’s price has already climbed 37%, following a clear “green path.”
As of this writing, MATIC exchanged hands at $0.98, according to CoinMarketCap.
MATIC/ USDT (Source: Rekt Capital)
Cardano (ADA)
According to the analyst, ADA’s price movements showed that the coin has formed a new trading range, where it has oscillated within a specific price range.
This sideways movement could be interpreted as a period of re-accumulation, where buyers are slowly building up their holdings before a potential breakout.
Rekt Capital found that ADA’s current price is hovering around the top of the range, which previously acted as resistance. If ADA can successfully push through and hold this level as support, it could be a strong signal for further upward momentum.
ADA/ USDT (Source: Rekt Capital)
Chainlink (LINK)
As for LINK, Rekt Capital found that the token continues to move within a range. Described as the “Blue Structure,” the chart added by the analyst showed that LINK’s price has repeatedly found resistance at the upper channel line and support at the lower one.
This suggests that both buyers and sellers are comfortable within this range, with neither side strong enough to break the established boundaries decisively.
However, there exists a “Red Area” within the Blue Structure where the token’s price has revisited frequently in the past. Should this repeat itself, this zone can offer support or resistance.
LINK/ USDT (Source: Rekt Capital)
Uniswap (UNI)
After breaking out of a macro uptrend, UNI’s price has witnessed a dip. After peaking at $8.2 on December 28, the alt’s value has since declined by 10%. At press time, it exchanged hands at $7.34, according to data from CoinMarketCap.
Rekt Capital noted that the current dip is targeting two potential support levels: $6.96 and $6.53, after which an uptrend may occur.
UNI/ USDT (Source: Rekt Capital)
The post The Rekt Capital Report: Top 6 Altcoins to Watch in 2024 appeared first on Coin Edition.