4 altcoins to watch this week

While the price of Bitcoin (BTC) was above $ 57,000, it also brought movement to the cryptocurrency market in general.

Cointelegraph analyst Rakesh Upadhyay assessed which altcoin prices will stand out in the near future.

DOT / USDT – Polkadot Technical Analysis

Polkadot (DOT) price is gradually rising towards overhead resistance at $ 38.77. The Relative Strength Index (RSI) has broken the downtrend line and the 20-day exponential moving average (EMA) ($ 32.27) has started to rise, indicating an advantage for buyers.

DOT / USDT daily chart. Source: TradingView

If the bulls push the price above $ 38.77, the head-to-shoulder pattern will no longer be valid. The disruption of the bearish pattern is interpreted as a bullish signal as it can catch aggressive bears who then try to hold their positions and result in a small contraction.

If this scenario occurs, the DOT / USDT pair could start its journey towards $ 49.78. Alternatively, the pair could drop to $ 28.60 if the price breaks down from the current level or overhead resistance and falls below the moving averages.

A bounce from this support could keep the pair in range for a few days. The bears have to push the price below the neckline to gain an advantage.

UNI / USDT – Uniswap Price Analysis

Uniswap (UNI) price has been holding above the 20-day exponential moving average (EMA) ($ 24.43) for the past few days, indicating that the bulls are trying to defend support. However, the bears are not allowing the price to rise above the neckline.

UNI / USDT daily chart. Source: TradingView

Buyers should push the price above the neckline and zoom in there to complete the inverted head-to-shoulders pattern. If this rise becomes a reality, the model’s target will be $ 36.98. However, the rally may not happen all at once, as the bears will try to defend $ 31.41.

The 20-day EMA is gradually increasing and the RSI is just above the midpoint, which suggests that the bulls have a slight advantage. This advantage could be lost if the price breaks down and falls below the 20-day EMA.

In such a case, the UNI / USDT pair can drop to $ 22. This level could act as support, but if the bears sink the price below that, the pair could slide as low as $ 17.73.

LINK / USDT – Chainlink Technical Analysis

Chainlink (LINK) price broke above the downtrend line on October 1, but the bulls were unable to capitalize on this move. The altcoin has been stuck in the tight $ 25.20 to $ 26.19 range for the past few days.

LINK / USDT daily chart. Source: TradingView

Both moving averages are sideways and the RSI is trading just above the midpoint. This shows that there is a balance between supply and demand. This balance will turn in favor of buyers if the price breaks and closes above $ 28.19.

The LINK / USDT pair could rally to $ 32.11 and then challenge the strong resistance above $ 35.33.

Alternatively, if there is a breakout below $ 25.20 and a close is achieved, it will appear that supply has exceeded demand. Then the pair could decline to the $ 22 to $ 20.82 support zone.

XMR / USDT – Monero Price Analysis

Monero (XMR) price broke the 50-day simple moving average (SMA) ($ 270.3) on October 1. As of October 6, it started to move parallel to the downtrend line and fell below the 50-SMA.

XMR / USDT daily chart. Source: TradingView

The 20-day EMA ($ 263.9) is gradually increasing and the RSI is in positive territory. So there is a little advantage for buyers. A break above the psychological resistance at $ 300 and a close in that area could open the doors for a bullish move to $ 325 and then $ 339.70.

On the contrary, if the price falls and remains below the 20-day EMA, it will appear that the short-term traders have abandoned their positions. That could bring the price down to $ 250 and then $ 225.

Opinions and comments expressed here are solely those of the author. It may not reflect the views of Cointelegraph. All investment and trading involves risk. You should do your own research when making a decision.

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