A recent analysis by a Crypto Banter new notable price levels for prominent altcoins such as XRP, Solana (SOL), Chainlink (LINK), Fantom (FTM), and Polygon (MATIC).
These insights provide a fresh perspective on potential entry points for bullish positions in the current market.Altcoins At Crossroads: Key Price Levels To Watch
In this analysis, Crypto Banter singles out Solana (SOL) and notes that $48 is an “intriguing” level to watch for any pullback. Additionally, historical data consolidating around this price point on the SOL/USD weekly chart indicates it could be an “optimal” buying zone should prices drop to this mark.
In the case of Chainlink (LINK), Crypto Banter identifies $13.3 down to $12.2 as a “hot zone.” A drop below this range might shift focus to the $9 level as a critical reversal point.
Polygon (MATIC) also comes under scrutiny, with the analyst observing a break in the 200-day moving average on its weekly chart timeframe. According to the host, this development suggests a potential bounce back at the $0.68 zone, possibly preluding a rally. For clarity, “moving average,” or MA, is a widely used indicator in technical analysis that helps unravel price data by creating a constantly updated average price. This average is typically calculated over a specific period, like 10 days, 20 minutes, 30 weeks; in the case of the Crypto Banter analysis, they based their analysis on the 200-day MA.Fantom’s Surge And XRP’s Pivotal Turnaround
On the other hand, Fantom (FTM), Crypto Banter, revealed that the altcoin has shown a significant pump of over 50% since late October. Yet, the analyst suggests a possible retraction towards the 200-day moving average, making the $0.25 region attractive, particularly for those employing a dollar-cost averaging (DCA) strategy.XRP is not left out of this analytical purview. The host points out that XRP is nearing a critical juncture from a technical standpoint.
Contrastingly, XRP, LINK, and MATIC have experienced declines during the same period. XRP’s price fell by 5.5%, LINK by 5.6%, and MATIC by 6.6%, signaling a diverse performance landscape among these notable altcoins.
Featured image from iStock, Chart from TradingView