Introducing 2 altcoins that are technically in good condition
Analysts believe that if Bitcoin can stop further losses in the short term, the 2 altcoins have a good opportunity to grow.
List of titles
Summary of analysis
- Analysts believe that FCAI is in a good technical condition.
- In addition, Mantel seems to be in good condition.
According to Cointelegraph, if Bitcoin can stop its further decline in the short term; 2 Altcoins may grow relatively well.
1. Fetch AI
FET reached above its moving averages on August 23, indicating that sellers have lost control of the market.
The upward movement of FET stopped after hitting the overhead resistance of $1.51 on August 27 (September 6) and reached its moving averages. This resistance is very important for buyers.
If the price of FET AI rises after reaching the moving averages, buyers will again try to push FET above $1.51. If they succeed, the altcoin will complete a bullish inverse head and shoulders pattern. The target for this pattern is $2.32.
On the contrary, if the price of FTC falls below its moving averages, it is likely to remain in the range of $1.51 and $0.7 for a longer time.
The 4-hour FET chart shows that this digital currency has good support at the 61.8% Fibonacci retracement level, which is the $1.05 range. FET sellers have stopped its upward move at the 50-period simple moving average, but buyers are trying to make a higher floor at the $1.12 level. As a result, if the FET price breaks above the 50-day SMA, it may further test the overhead resistance at 1.51.
On the contrary, if the FET price declines after hitting the 50-day simple moving average, it indicates that its negative sentiment remains negative and its selling pressure grows at high levels. In this case, FET may reach the $1.05 level.
2. mantel
Mentel (MNT) has been near the 20-day EMA (blue wave, $0.61) for the past few days. This showed that there is a heavy battle between buyers and sellers.
If buyers place the price of this altcoin above the 20-day EMA, it indicates that its downtrend has probably started. In this case, Mantel's price may rise to the 50-day simple moving average (red wave, $0.68). However, it is likely to face a lot of selling pressure in this range.
If Mantel's price drops below $0.56 from current levels, this bullish view will be negated in the short term. In this case, the price of Mantel may reach the level of $0.47.
In the 4-hour time frame, Mantel is stuck in the range of $0.56 to $0.66. The moving averages have flattened and the RSI is just below the midpoint. This shows that Mentel's selling and buying pressure is almost equal.
If Mantel price remains below the moving averages, the downtrend is likely to continue to the $0.56 support. On the other hand, crossing the moving averages will bring this altcoin to the level of $0.66. Mentel's next move is likely to be determined by breaking the $0.66 resistance or $0.56 support.
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