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Several cryptocurrencies were able to achieve 24-hour gains throughout the past trading day. As a result, the market recorded a 0.67% increase in its collective market capitalization, according to CoinMarketCap data. This slight rebound may lead investors and traders to search for promising trade opportunities in the market this coming week.
Potential trade opportunities that traders will want to take note of are those presented by Terra Classic (LUNC), Worldcoin (WLD), Solana (SOL), and Loopring (LRC). During the past few days, noteworthy technical flags were triggered on these altcoins’ charts.
Terra Classic (LUNC)
LUNC’s price was able to overcome a significant price point over the past 48 hours but had retraced to trade back below this mark at press time. Nonetheless, a noteworthy bullish technical flag on the altcoin’s daily chart was recently triggered, which may lead to LUNC’s value rising in the upcoming few days.
During the past 48 hours, LUNC was able to break above the $0.00006420 resistance level. Although the cryptocurrency’s price had dropped back below this threshold, the 9-day EMA line recently crossed above the 20-day EMA line. This is a significant bullish technical flag that suggests that momentum has shifted in favor of bulls.
If this technical flag is validated, then LUNC may once again break above the $0.00006420 benchmark and potentially flip the level into support. This is a key level to watch, as it is also confluent with the 50-day EMA line. Therefore, a daily candle close above this price point may establish the foundation needed for LUNC to reach the next resistance at $0.00006870.
On the other hand, LUNC’s failure to close a daily candle above this price point within the next 48 hours may invalidate the bullish thesis. In this scenario, LUNC will be rejected by the 50-day EMA line and could fall to $0.00006110. Continued sell pressure may then also force the altcoin to as low as $0.00005840.
Worldcoin (WLD)
WLD had fallen out of a bearish chart pattern throughout the past week. There was still a chance that the altcoin would invalidate this chart pattern, however, as it was attempting to overcome a strong resistance level at press time.
A bearish rising wedge pattern had formed on WLD’s daily chart over the past couple of weeks. Meanwhile, during the past 7 days, WLD’s price fell out of this noteworthy chart pattern and continued to trade outside of the rising wedge at press time. If the cryptocurrency fails to close today’s daily candle above $1.855, then the chart pattern may be validated.
In this scenario, WLD could be at risk of falling to $0.970 in the following 2 weeks. Conversely, a daily candle close today above $1.855 may invalidate the bearish pattern. Subsequently, the cryptocurrency’s price could continue to climb to the next significant barrier at $2.560.
Solana (SOL)
Similar to WLD, SOL was attempting to overcome a major resistance level at press time. Should it close a daily candle above this level, it may then continue to rise to finally break out of the medium-term bearish price channel that had formed on its chart throughout the past number of weeks.
SOL had dropped below $19.35 during the past 3 days and continued to trade below this key price point at press time. This is a significant level because it was also confluent with the 9-day EMA line, which has acted as a strong resistance level for the altcoin’s price. Therefore, a daily candle close above this threshold could lead to SOL climbing to $22.20.
Should this momentum continue, the cryptocurrency’s price may even flip the $22.20 mark into support before continuing its ascent towards $25.55 in the following couple of days. A potential early indication of this bullish outlook becoming a reality will be when SOL’s price breaks above the upper level of the current descending price channel.
On the other hand, failing to close a daily candle above $19.35 within the next 48 hours may lead to SOL’s price dropping in the next few days. In this bearish scenario, the Ethereum-killer’s price could retest the immediate support level at $17.15.
Loopring (LRC)
A notable bullish technical flag was recently triggered on LRC’s daily chart. This suggests that buyers have gained the upper hand on the altcoin’s daily chart and may subsequently find it easier to boost the cryptocurrency’s price in the next few days.
Over the past 48 hours, the RSI line on LRC’s daily chart has crossed above the RSI SMA line on the cryptocurrency’s chart. This particular technical flag suggests that momentum has undergone a positive shift in the past few days. Furthermore, it may be indicative of an increase in the bulls’ collective strength.
Subsequently, LRC’s price could climb above the 20-day EMA line, which was situated around $0.1766 at press time. Thereafter, a daily candle close above this technical indicator could lead to the altcoin’s price continuing to rise to the $0.2050 resistance level in the following 7 days.
On the other hand, LRC’s price being rejected by the 20-day EMA line could result in the altcoin retesting the immediate support level at $0.1675. If traders begin to panic sell at this point, then LRC could fall all the way down to $0.1350 in the next few days.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.