A widely followed crypto analyst is breaking down his predictions for Ethereum (ETH) and a handful of popular altcoins.
The pseudonymous crypto analyst Cheds says in a new interview with Scott Melker that ETH has a “clean trigger level” around $1,420-$1,430, the price point it will have cleared both the prior support level and the 200-day moving average (MA).
ETH is trading at $1,252 at time of writing.
Cheds also notes that XRP is at a critical price point right now.
“You need follow-through. It’s like the beginning. And so if the bulls don’t bounce here [at $0.3416], that’s no bueno. That’s a great start to some type of a small-to-medium-type of a move. Maybe up to like $0.38 to $0.39. And if it doesn’t, then you’re in real trouble, because look at the long lower shadow. That’s buyers jumping in, rejecting lower prices, getting back up above lost support.”
XRP is changing hands at $0.346 at time of writing.
Cheds also says top memecoin Dogecoin (DOGE) is not looking good.
“It’s the classic rocket ship slow bleed. Losing the MA-200, losing support here. I mean I think it’s going to about [$0.05] or [$0.057, $0.058]. Probably range lows.”
DOGE is trading at $0.072 at time of writing.
The trader says he doesn’t have any immediate plans to do anything with Ethereum rival Cardano (ADA). He says it might be interesting to short it if ADA reaches the $0.30 range again. Cardano is currently trading at $0.266.
As for Solana (SOL), Cheds says that “the biggest bounces come in downtrends.” The analyst says he feels “constructive” on the asset above $11-$11.50. SOL is trading at $13.57 at time of writing.
Cheds says blockchain scaling solution Polygon (MATIC) needs to hold support “in order to build the chart and stairstep.” An important holding level for the asset is at $0.72, and the next potential level up to watch out for is around $1.06, according to the analyst.
MATIC is changing hands at $0.802 at time of writing.
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The post Top Trader Reveals Forecasts for Cardano, XRP, Dogecoin and Three Additional Altcoins As 2023 Begins appeared first on The Daily Hodl.