As the week draws to a close, traders and investors are trying to identify potential trading opportunities over the next 7 days. Crypto analyst Steven Walgenbach reveals three altcoins that have the potential to generate profits for investors. Because these altcoins have managed to escape medium-term negative trends, opening up the possibility of a continuous increase in their prices.
The first altcoin on the list: Litecoin (LTC)
A bullish chart formation has formed on the daily chart of LTC over the past 2 weeks. Following this, it is possible for the altcoin price to break through a key resistance level over the next week.
Daily chart for LTC. Source: TradingViewAn ascending triangle has formed on the daily chart of LTC after the altcoin price recorded higher lows over the past 2 weeks. If this bullish pattern is confirmed, LTC could break above the bottom of the chart formation at $68.95. Going forward, it is possible that a daily candle close above this threshold will pave the way for LTC to rise to the next level at $81.50. On the other hand, if the bullish pattern is not confirmed, LTC is likely to retest the immediate support level at $62.80. The ongoing selling pressure is likely to even drop the altcoin price to its next level at $57.40.
Solana (SOL) comes in second place
It is possible that a notable bearish technical flag will form on the daily chart of SOL in the next few days. This is likely to cause the altcoin price to break out of the consolidation channel in which it has been trading in recent days. At press time, the daily RSI line was approaching the daily RSI SMA line. This suggests that buyers are losing ground after managing to push SOL’s price above the $22.20 barrier last week. Since then, the altcoin price has consolidated between $22.20 and $25.55.
Daily chart for SOL. Source: TradingViewIf the daily RSI line breaks below the RSi SMA line, SOL is likely to move below $22.20. Going forward, there is a risk that SOL will fall to the next key support level at $19.35 in the next 7 days. On the other hand, if buyers identify SOL’s current price as a buying opportunity, they may attempt to challenge the $25.55 threshold. Going forward, it is possible that ongoing buying pressure could push the SOL price towards $29.30.
Last ranked altcoin: Polygon (MATIC)
MATIC has managed to break out of a medium-term negative trend over the last 2 weeks. Following this, it is possible that the altcoin price will continue to rise over the next few days. MATIC broke out of a dominant negative trend on September 28, 2023. This pushed MATIC above the $0.5500 resistance level, where it continued to trade at press time.
If this bullish momentum continues, it is possible that the altcoin price rises to the next barrier at $0.6500 next week. Conversely, if MATIC closes a daily candle below the $0.5500 mark, it could trigger a panic selling wave. This would likely cause MATIC to drop to $0.4970 next week.
The predictions and opinions in the article belong to the analyst and are definitely not investment advice. As Kriptokoin.com, we recommend that you do your own research before investing.
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