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Cryptocurrency prices seem to be responding negatively to the recent war in Israel. CoinMarketCap data indicated that the market’s valuation dropped 0.54% over the past 24 hours. Altcoins suffered the most as Bitcoin’s (BTC) market dominance rose 0.02% during the same period.
Ethereum (ETH), Ethereum Classic (ETC), Polygon (MATIC), and Solana (SOL) are altcoins to watch in the next few days. At press time, technical indicators and chart patterns on their respective charts suggested that these altcoins could see their prices enter into strong moves soon.
Ethereum (ETH)
The altcoin market leader was rejected by a key resistance level throughout the past 2 weeks. Since then, ETH has broken through the subsequent support level, where it continued to trade at press time.
On October 2, 2023, ETH was rejected by the $1,755 resistance level. Consequently, the cryptocurrency entered into a negative trend, which led to it breaching the $1,645 support level throughout the past few days. As a result, the altcoin was at risk of continuing its descent towards the $1,555 mark in the coming 2 weeks.
If traders identify ETH’s current level as a buy opportunity, then the cryptocurrency could reclaim a position above the recently-breached $1,645 threshold. Thereafter, a daily candle close above this significant price point may be seen as a bullish development.
Subsequently, ETH’s price could attempt to challenge the $1,755 barrier as well. In an extremely bullish scenario, ETH could soar to as high as $1,880 in the coming couple of weeks.
This bullish thesis may be invalidated if ETH fails to close a daily candle above $1,645 in the next 3 days. In this more bearish scenario, ETH’s price could fall to $1,555 in the short term. Investors and traders will want to take note of the fact that the daily MACD line was attempting to cross below the MACD signal line on ETH’s chart.
This suggests that the bearish scenario may be more likely to play out in the next few days. Should these two technical indicators cross, it could signal a continuation of ETH’s negative trend.
Ethereum Classic (ETC)
ETC’s price may breakout soon given the fact that a symmetrical triangle chart pattern has formed on the altcoin’s daily chart. Although this pattern does not explicitly show which direction ETC’s price may breakout in, technical indicators suggest that the cryptocurrency may enter a strong move towards the downside.
ETC was trading at the lower level of the symmetrical triangle that was present on the altcoin’s chart. If ETC falls below this boundary, then it may plummet to as low as $14.25 in the subsequent few days. This bearish thesis may be invalidated if ETC closes a daily candle above the $15.85 resistance level in the next 48 hours.
This may then give ETC’s price the foundation needed to breakout towards the upside. In this scenario, the cryptocurrency could soar to above $17.00 before potentially continuing to rise to the next threshold at $18.45. Traders will want to note, however, that a noteworthy bearish technical flag was on the cusp of being triggered.
At press time, similar to ETH, the daily MACD line was looking to cross below the daily MACD Signal line. Should these two technical indicators cross in the next few days, it could suggest that ETC’s value may decline in the coming week.
Polygon (MATIC)
MATIC was resting on a crucial support level at press time. Furthermore, technical indicators suggested that sellers were gaining strength on the Layer-2 cryptocurrency’s chart.
MATIC was at risk of falling below the $0.5500 mark in the coming 24-48 hours. Should the cryptocurrency’s price break below this price point, it could continue to fall until its valuation reaches $0.4970. Conversely, if MATIC’s price is able to remain above the $0.5500 support for the next 3 days, then it may rebound and enter into a strong upward move.
In this bullish scenario, MATIC’s price could climb to as high as $0.6500 in the next few days. Contradicting this bullish thesis was the noteworthy bearish technical flag that was on the verge of being triggered on MATIC’s daily chart.
At press time, the RSI line was closing in on the RSI SMA line on MATIC’s daily chart. This suggested that sellers were gaining strength on the altcoin’s chart. Should these two lines cross, it could signal that bears have gained a slight upper hand on MATIC’s charts. If this technical flag is validated, then the cryptocurrency’s price may drop to the $0.4970 benchmark.
Solana (SOL)
Similar to MATIC, the RSI line on SOL’s daily chart was looking to cross the daily RSI SMA line. This bearish technical flag, if confirmed, could lead to SOL breaking out below the consolidation channel that it had been trading in over the past week.
SOL had been trading within a consolidation channel between $22.20 and $25.55 throughout the past few days. This was after SOL’s price broke above the lower level of this sideways channel on October 1, 2023. Subsequently, the cryptocurrency may enter into a strong move as this accumulation phase approaches its end.
In the event that SOL is able to break above $25.55 in the next couple of days, then it may continue to climb to as high as $29.30 if this potential bullish pressure persists. Conversely, a break below the $22.20 support could expose SOL to the risk of falling to $19.35 in the following week.
Investors and traders will want to take note of the fact that the daily RSI line was attempting to cross below the daily RSI SMA line. This suggests that buyers were losing strength. Consequently, SOL’s price may soon enter a downward move if buyers do not step in soon.
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