Rakesh Upadhyay, a professional trader, thinks that if BTC can gain $49,000, then ETH, MATIC, ALGO and EGLD could rise even higher during the “Consolidation Phase”.
A professional trader, Rakesh Upadhyay also contributes articles to hacked.com, oilprice.com and exchangerates.org.uk.
Here are Upadhyay's analysis of the leading cryptocurrencies Bitcoin (BTC) and altcoins Ethereum, Polygon, Algorand and Elrond:
Bitcoin found strong support at $54,496. According to the analyst, the strongest support is $40,000. A break and close above this level will be the first sign that a stronger recovery is possible.
As seen below, Bitcoin is trading within a descending channel. If the price breaks from the 20-EMA, it could increase the possibility of a break below the channel. If this happens, Bitcoin could drop into the strong support zone between $42,000 and $40,000.
Ethereum has spent the past few days between $4,868 and $3,900. ETH could rise to $4,326 if the bulls hold the price above $3,900. Contrary to this assumption, if the price breaks down from the current level, it marks $3,400.
Also, ETH must surpass $4,215.12 to recover. If it can push it above this price, the bulls could target $4,654.88.
As for MATIC, the price has been trading inside an ascending channel for the past few days. A break below $1.76 could trigger a drop to $1.54.
On the upside, MATIC faces selling at $2.21. On any downside, if the price can find support from the 20-day EMA, it could rally to $2.21 and $2.40. On the board of the bulls is the local top of $2.70 later.
ALGO fell from $1.50 but the bulls took the dip aggressively as seen from the long wick on the candlestick. If the price can break the resistance line of the descending triangle below, the targets are $2.36 and $2.55. A possible drop to $1.50 followed by the $0.80 support level awaits.
ALGO has also been trading between $1.60 and $2 for a while. If the price dips below $1.60, the $1.32 region could be retested.
The sharp rise in EGLD from $287 on November 17 to $544.25 with ATH on November 31 at $544.25 pushed the RSI into the overbought zone. If the price can stay above $324, it could rally to $364 and then $425. If the price breaks down from $271, EGLD could extend its decline to $200.
Also, the price failed to break the 20 EMA hurdle. If its price stays below this line, it could slide as low as $224.62. A possible rally from this level to the $425-$440 resistance area is expected.