- Bitcoin expected to reach $36-$37K in coming weeks.
- Polygon (MATIC) identified as a promising long-term investment opportunity.
- No technical indicators suggest an imminent price surge for Cardano (ADA).
According to CryptoBusy, a prominent crypto market analysis channel, Bitcoin (BTC) is poised to reach an impressive $36-$37K in the coming weeks. The channel’s expert analyst also identified Polygon (MATIC) as a promising long-term investment opportunity within the Layer-2 crypto space. However, despite thorough chart analysis, no technical indicators suggested an imminent price surge for Cardano (ADA).
Bitcoin (BTC)
As per the analysis conducted by CryptoBusy, Bitcoin’s price underwent a retest of a significant support and resistance zone in the past week. Nevertheless, cryptocurrency managed to rebound from this critical area. If Bitcoin’s price surpasses the $28K threshold, it could indicate a positive trend for the market leader’s value.
As per CryptoBusy’s analysis, the upward trajectory of BTC’s price post its $28K breakthrough is expected to propel it to the $36K-$37K range. However, the analyst cautions that the journey may be challenging, as BTC will need to surmount the resistance levels at $32K and $34K. This feat is anticipated to take a few weeks to accomplish.
According to CoinMarketCap, the dominant player in the market has successfully breached the $28k threshold in the last 24 hours of trading, thanks to an impressive 8% surge in price. As of now, BTC is valued at approximately $28,920.
Fantom (FTM)
The analyst has observed that FTM has successfully broken out of a potential wedge pattern on its daily chart in the past week. The altcoin’s price is currently hovering on a critical support level that it has tested multiple times. CryptoBusy has identified a prime buying opportunity for FTM at $0.30. If this occurs, the analyst predicts that the altcoin’s value will surge to $0.50 in the subsequent weeks.
At the time of publication, FTM was hovering slightly below the $0.30 mark, settling at $0.29. This followed a respectable surge of 11.71% in the altcoin’s value over the past 24 hours, leading to a weekly performance increase of more than 9%.
Cardano (ADA)
The analyst expressed a cautious outlook on ADA, citing a lack of significant buying activity on the charts of this Ethereum competitor. However, CryptoBusy predicted that a breach of the $0.3 threshold could trigger a price surge for ADA, potentially driving it up to around $0.35.
The analyst cautioned that ADA’s price might encounter a formidable obstacle at the $0.30 threshold in the coming weeks. As a result, the analyst has decided to abstain from actively acquiring ADA until it surpasses the $0.30 mark.
ADA remains below the $0.30 mark as of publication, currently trading at $0.279. Nevertheless, the altcoin has secured a 7% increase in value over the past 24 hours. Additionally, ADA’s trading volume has experienced a significant surge of 77.34%, reaching approximately $283 million.
Polygon (MATIC)
According to CryptoBusy’s esteemed analyst, MATIC is a promising investment with a bright future. The expert suggests keeping a close eye on the $0.95 level, which could be a crucial turning point for the cryptocurrency’s trajectory. However, it’s important to note that MATIC’s price may dip as low as $0.40 shortly. As with any investment, caution and careful consideration are key.
To minimize the potential for significant financial setbacks, the analyst has opted to implement a Dollar Cost Averaging (DCA) strategy when investing in MATIC. This prudent approach will persist until the altcoin’s charts reflect more optimistic market sentiment.
MATIC experienced a 6.93% surge in value, currently trading at $0.65. However, its weekly performance remains in negative territory at -1.03%. Since its peak in December 2021, when it reached an all-time high of $2.92, MATIC has significantly declined by over 77%.
Render Token (RNDR)
According to CryptoBusy’s latest analysis, RNDR has been deemed the most optimistic altcoin. The analyst emphasized that a crucial level and a favorable trend line currently support RNDR’s price. The projected targets for RNDR are $2.20 and $2.60, indicating a bullish outlook.
The analyst reiterated their cautionary stance, highlighting the potential for a downturn in the value of the altcoin. This risk is particularly pronounced if BTC experiences a significant decline in the coming weeks. In such a scenario, the analyst anticipates that RNDR’s price could plummet to as low as $1.70 or even $1.30. Investors must remain vigilant and consider the potential impact of market fluctuations on their portfolios.
In the last 24 hours, RNDR has successfully surpassed CryptoBusy’s bullish target of $2.20, demonstrating a remarkable 16.11% increase in value. The cryptocurrency is currently valued at approximately $2.33 as of press time. This impressive achievement showcases the potential of RNDR in the ever-evolving world of digital assets.
Aptos (APT)
The analyst has made a prudent decision to steer clear of APT shortly. He has emphasized that he will only consider monitoring APT once its price surpasses the $9.30 mark. This cautious approach reflects his commitment to making informed investment decisions.
Over the last 24 hours, APT has experienced a notable price increase of over 5%. However, despite this positive movement, the altcoin is still trading below $9.30, currently at $7.18. This surge in value has contributed to APT’s weekly performance, which now stands at an impressive +13.57% gain.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
