Altcoins Price Prediction for 2nd Quarter (Q2)
As we enter into the second quarter of 2023, we would give our insights on altcoins price prediction for this second quarter while making use of technical analysis.
Guidelines for Trading Altcoins:
If you are trading altcoins, it is crucial to prioritize tracking the price movements of Bitcoin. This is because the altcoin market tends to follow Bitcoin’s trends closely.
As of now, Bitcoin is facing a resistance level, and it might be wise to secure your profits rather than wait for the market to skyrocket. We strongly advise against gambling with your investments and instead focus on strategic trading.
While there is a possibility of the market going down in the short term, it is crucial to remain committed to your long-term investment plans. It is advisable to hold on to your investments as they are likely to yield profits in the future.
We would start our analysis with Litecoin (LTC), which is one of the longest-serving coins in the cryptocurrency market.
LTC | Litecoin
Litecoin (LTC) has been exhibiting a bullish market structure for some time now, indicating positive price movements in the near future. Based on the current trend, it is highly probable that the price of LTC will rise to $113 in Q2.
Moreover, despite experiencing a drop of around 30% in March, the selling pressure on LTC has been mostly invalidated, leading to a mere 4% decrease at present. This implies that there is a robust demand for LTC in the market.
As Bitcoin approaches the resistance level of $28,750, there is a high possibility of LTC performing well and reaching the resistance area of $113 to $145.
ADA | Cardano
In the next few weeks, ADA is projected to maintain its steady rise toward the range of $0.40-$0.4450. Despite this positive forecast, it’s important to note that ADA has been in a prolonged downtrend for precisely 574 days. Over this period, it has formed several lower highs and lower lows, indicating a significant decline in value.
Unless we witness a considerable shift in the market structures on a weekly basis, it’s highly probable that ADA will continue its downward trend throughout the second quarter.
MATIC | Polygon
Currently, MATIC is not performing at its best. In recent weeks, the cryptocurrency has displayed indecisiveness, which is apparent from the long wicks and short bodies of its candles. This indicates that MATIC’s upward movement to reach $1.30 and beyond is reliant on Bitcoin’s strong performance.
Nevertheless, this obstacle is only temporary since MATIC is presently trading in a weekly bullish market structure. As a result, it is expected that prices will increase in the second quarter, with projections of reaching $1.75 and $2.20.
In summary, while MATIC has been displaying some instability in the short term, it is anticipated to make a recovery in the coming months. As an investor, it may be worthwhile to keep an eye on Bitcoin’s performance, which could have a significant impact on MATIC’s upward trend.
SOL | Solana
Throughout Q1, SOL has remained within a range and this trend appears to be continuing. Our top priority during this quarter has been to maintain $19 as support and we have successfully accomplished this goal. As a result, the path to $30 has been paved.
However, SOL is currently experiencing a lack of trading volume. To achieve the $30 target during Q2, we will need Bitcoin to perform exceptionally well.
Looking ahead to the coming weeks, it is expected that SOL will continue to range above the $19 support level. Nevertheless, we believe that there are better investment opportunities available and SOL may not be the most promising option at this time.
DOT | Polkadot
According to technical analysis, the cryptocurrency Polkadot (DOT) has managed to maintain its support level at $6 and there’s a chance it could even surpass this level by the end of the month. This is a positive sign for investors as holding support at $6 could potentially push the value up to $7 or beyond.
However, it’s important to note that Bitcoin is currently facing resistance, and if it experiences a decline, it could lead to DOT losing its support at $6 and falling to $5.50 or lower. Therefore, it may not be the best time to purchase DOT as the risks outweigh the potential rewards.
As with any investment, it’s crucial to conduct thorough research and analysis before making a decision. Stay informed about market trends and seek guidance from reliable sources to minimize risk and maximize gains.
To stay informed on the latest developments in the cryptocurrency world, and get our weekly expert crypto market analysis, please subscribe to our email newsletter through the comment session, just enter your email and tick the box that says you want to receive updates on new posts and then hit the comment button.
Also please note that this analysis is not any form of financial advice as its strictly the opinion of the author, therefore dipprofit would not be held liable for any of your trade decisions.