- Crypto analyst Aaryamann Shrivastava predicts a 27% rally for Litecoin (LTC), while also expecting a short-term rally from Toncoin (TON).
- Analyst Michael Ebiekutan suggests that leading altcoin Ethereum is gathering momentum for an upward trend.
- These predictions are based on current market trends, technical analysis, and the overall crypto market sentiment.
Analysts predict a potential rally for Litecoin and Toncoin, while Ethereum seems to be gearing up for an upward trend. This article delves into these predictions and the factors influencing them.
Litecoin Price Prediction: What’s the target in the upcoming rally?
Litecoin’s (LTC) price can be seen exiting from a descending triangle reversal formation. This bullish chart formation is characterized by a horizontal support line and a descending trend line. When the price crosses above the trend line, it indicates a potential trend reversal from bearish to bullish. This is applicable for LTC as well. At the time of writing, the altcoin is trading at $81. Under the mentioned conditions, it is possible for LTC to reach the $102 target set by the model, indicating a potential rally of 27% for this token. However, it first needs to convert the $86 resistance into support.
Toncoin Price Prediction: A short rally possible before hitting bottom!
It is likely to see a slight increase in Toncoin’s (TON) price if it closes above the $6.04 support level. It has tested this level in the past and usually witnessed a price increase. However, the bears will likely halt this increase at the $6.50 resistance level. This is because by then, TON would have confirmed the market’s peak. Also, the MVRV ratio entering the danger zone will influence this. Consequently, Toncoin’s price is likely to drop to $6.0 or $5.4.
Ethereum Price Prediction: Leading altcoin gaining momentum for a rally!
While Ethereum continues to trade around $3,000, the market remains somewhat quiet. Despite the calm market, according to QCP, the volume of ETH derivatives in May showed a nearly 60% increase compared to Bitcoin. This increase could be due to the market pricing in the volatility related to the Securities and Exchange Commission’s (SEC) decision on Van Ecks’s spot ETH ETF application on May 23. Many expect the SEC to reject spot ETH ETF applications. This situation explains why the market has slightly moved downward.
Conclusion
Given the current market conditions and analysis, Litecoin and Toncoin are predicted to experience a rally, while Ethereum is gaining momentum for an upward trend. However, these predictions are not investment advice and investors are advised to conduct their own research before making any investment decisions.
