Here are 3 altcoins that could rise when Bitcoin rolls over $ 35K to support

Here are 3 altcoins that could rise when Bitcoin rolls over $ 35K to support – Mail Bonus

Bitcoin (BTC) and the broader market for cryptocurrencies are catching their breath after the May 31 rally. At the same time, most altcoins are still severely addicted, with most being between 70% and 90% below the historical high.

The total size of the altcoin index

What is clear is that fear is everywhere and there is blood in the water. Risk markets are suffering all over the world, but it is precisely these conditions that create opportunities for employment to accumulate and improve employment.

Let’s take a look at three altcoins that could be positioned for rebounding if the broader market goes into a new boom.

ADA could be setting up for an 80% increase

Cardano (ADA) has a significant bullish update that is coming very soon. The long-awaited Vasil hard fork, which increases performance and adds more Plutus accessories, is planned for June.

From the point of view of price action, the ADA is in a strong price range that will probably support a further increase experienced by a wider market. Within the Ichimoku Kinko Hyo system, ADA has maintained a significant gap between the bodies of the last three weekly candlesticks and Tenkan-Sen.

When the bodies of the candlesticks and Tenkan-Sen have conspicuous gaps, correction often occurs within three to four days. This is because the balance is not in sync, Tenkan-Sen and price action want to stay together as much as possible. It is very likely to return to Tenkan-sen when one strays too far from the other.

ADA / USD Weekly Ichimoku Kinko Hyo Chart Source: TradingView

However, if the broader cryptocurrency market experiences a big jump, the ADA price could jump past Tenkan-Sen to test Kijun-Sen. ADA has not tested weekly Kijun-Sen since the week of November 8, 2021.

The weekly Kijun-Sen is at $ 1.02 and includes the 2021 tie point and 50% Fibonacci recovery of the history maximum at a minimum of January 25, 2021.

ADA / USD Weekly (Binance) Source: TradingView

Related: Bitcoin could reach $ 14K in 2022, but buying BTC now “as good as it gets:” Expert

MATIC is aiming for $ 1

Looking at the MATIC weekly magazine, one can only notice that it looks strikingly like ADA. MATIC and ADA have both sold from $ 3 and are both stuck in the mid $ 0.50 to mid $ 0.60 price range, but that’s where the odds end.

Basically, the MATIC is still strong. Governments around the world have sought to limit or ban mining due to excessive energy costs for evidence-based blockchains, and MATIC is likely to avoid government scrutiny and attract supporters as a positive example of environmental protection.

Polygon (MATIC) Source: Twitter

Like ADA, MATIC has a significant gap between the body of the weekly candlestick and the Tenkan-Sen. However, the gaps at MATIC are more important. At the same time, the gap between prices and Kijun-Sen is much more significant.

Within the Ichimoku Kinko Hyo system, the maximum average price is to move away from Kijun-Sen before a violent return. For MATIC, this threshold is 63%.

MATIC / USD Weekly (Binance) Source: TradingView

Any renewed bullish momentum for Bitcoin will likely see MATIC move altcoins higher until it reaches the $ 1.00 to $ 1.15 range near the weekly Tenkan-Sen.

XLM is after the altcoin market, but it is known for its surprises

Sometimes it’s hard to forget that during the last big bull run from the COVID crash to November 2021, there were some big altcoins that did not reach new historical heights. Stellar (XLM) is one. In fact, it was the last time XLM reached a new historic high in the week of January 8, 2018, almost four and a half years ago!

One thing that XLM has to do that not many other weekly photos have is a very clear falling wedge pattern. Of the standard rectangular and triangular patterns in technical analysis, wedge patterns are the most powerful. What makes his wedge so powerful is the likely false break lower.

XLM / USD Weekly (Binance) Source: TradingView

The most likely direction for a falling wedge is higher – but a break below a falling wedge can provide a powerful short chance. The typical behavior that experts and traders expect to see with unsuccessful falling wedges is immediate and rapid vomiting, but so far bears have not been able or willing to do so.

Instead, the weekly magazine for XLM shows a very high probability of forgery. If bullish momentum returns to the cryptocurrency market, the XLM is likely to reach another peak of the falling wedge near the $ 0.38 range.

Classical technologists believe that technical factors are fundamental. If this is true, then altcoins like XLM, MATIC and ADA could be located in very desirable conditions if there is a new bull run.

However, the risk of danger is still a concern, but it is probably very limited. If a new upswing does not materialize before the end of June, the cryptocurrency market is likely to move aside until major rashes rise or fall in the autumn.

The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading business involves risk, you should conduct your own research when making a decision.