With a minor recovery in Bitcoin after a crash from $65K to $60K amid global market corrections, the altcoins are rising again. Amidst the relief, some quick-to-react altcoins are teasing a price jump in a bull market ahead.
Will a bull run in these altcoins result in an intense rally in the highly anticipated October rally? Find out now in our price analysis.
With a long-term declining trend in the daily chart, the ETHFI token price reveals a solid resistance trendline. However, the downfall takes a sideways shift near the $1.25 mark, reflecting a bearish exhaustion.
The altcoin shows solid resistance near the $1.80 resistance level, resulting in a consolidation range. Further, the RSI line shows a bullish divergence growing amid the consolidation range.
The recent breakout run of the 50D EMA takes a quick turnaround from the overhead trendline, resulting in another drop to the $1.25 mark. Currently, the altcoin shows a comeback run with a 6.64% jump, creating a bullish engulfing candle that completes a morning star.
Based on the Fibonacci levels, the uptrend in the ETHFI token is likely to scale to the 23.60% Fibonacci level at $2.821 with the trendline breakout. Further, with the broader market recovery, ETHFI could reach $4.58.
With a rising support trendline, Wormhole is quickly recovering in the 4-hour chart with the 50 EMA support. The uptrend shows a recovery of almost 80% in 16 days, leading to higher high formations.
Further, the 4-hour chart shows a rounding bottom reversal, failing to surpass the neckline at $0.37. Currently, the altcoin is trading at $0.3422 with a 5.69% drop in two consecutive 4H bearish candles.
Despite the bullish rally, the 4-hour RSI line shows a minor divergence, teasing a pullback to the trendline. However, based on the crucial support provided near the 50 EMA amid the market crash hints at an extended rally.
Based on the price analysis of the daily chart, the Wormhole altcoin is testing the $0.3766 resistance level. A breakout rally is likely to test the $0.51 and $0.73 levels if the broader market recovers.
Interested in Altcoins? Read our Ethereum Price Prediction to know how far the largest altcoin’s price could go in the future!
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