2022 – Could These 3 Altcoins Rise After The Big Drop?
Neo, the leading smart contract platform, has a market cap of $930 million. Recently, Binance got involved in Neo’s staking solution. Also, Ethereum Classic’s price bottomed out in mid-June, after which the bulls took the initiative back. Meanwhile, along with the Bitcoin price, the Bitcoin Cash price also rose. Crypto analyst Anurag looks at the technical outlook for these three altcoin projects and is trying to see if there is any light.
The first altcoin Bitcoin Cash (BCH)
Critics of the morality and future of cryptocurrencies also call Bitcoin Cash “Bcash”. Despite being arguably the most outspoken BCH proponent, Roger Ver hasn’t stopped arguing that BCH is superior to Bitcoin. Ver sparked controversy when it was revealed that he owed $47 million in stablecoin USD Coin (USDC) to cryptocurrency investment platform CoinFLEX.
Roger Ver disputes the allegations that ignited the ongoing social media turmoil this week. Whatever the outcome, it had a noticeable impact on BCH. BCH/BTC fell 98.83% below its 2017 peak on June 29. It hit a new record low of just 0.005.
If BCH fails to overcome the $129.0 resistance, it is possible to reverse course. In this case, a return to the critical support level of $111.40 is possible. In the medium term, BCH must surpass the $129.0 resistance level to continue higher once again. Altcoin price must stay above the $129.0 resistance level to reach the key $148.9 resistance level.
In second place is NEO (NEO)
NEO’s great presence in Asian markets is a success for this trading platform. Its developers are constantly updating the platform with NEO3. Also, NEO’s on-chain technology will be regulation-friendly from the start. The altcoin was designed to have a centralized process that is very different from many other cryptocurrencies.
NEO tested the $8.47 support level after breaking the $10.93 resistance level. However, it failed to break the key $13.10 resistance level. It is likely to reach the $8.47 support level once again. NEO is likely to target key resistance levels at $13.10 and $15.74 if the bulls break above the $10.93 resistance level and close above it.
Latest altcoin Ethereum Classic (ETC)
There was also a significant increase in the price of Ethereum Classic last week. cryptocoin.comThis week, the ETC token has started to rise rapidly. The Merge announcement has spurred the bulls in addition to the lift from the recent Bitcoin relief.
When Ethereum moves from Proo-of-Work (PoW) to Proo-of-Stake (PoS) in September, it’s possible for assets like ETC to take advantage of it. Only minimal changes are required to start mining on Ethereum Classic. So, ETC in particular has the potential to transfer Ethereum employees.
Since May 2021, the price of ETC has been falling. As of now it is worth $24.50. About 90% less than the all-time high of $167.09. It is swinging between the $25.70 weekly resistance level and the $19.35 weekly support level.
Because of the overall bearish picture in the longer term, the bulls need to push the price above $25.70. The bears will try to prevent it from falling below $19.35. The downtrend will not occur if ETC breaks below the $25.70 mark. If this level is broken, a rally to $33.12 is possible. For a bullish breakout in the interim, ETC’s daily or weekly price candle must close above $33.12.
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