YEREVAN (CoinChapter.com) – The risk-on assets are not yet out of the bearish woods, albeit printing a mild uptick on the charts. Meanwhile, the altcoin market followed Bitcoin’s lead throughout the year, losing double digits.
Price predictions of Safemoon(SFM), Ethereum(ETH), Polygon (MATIC), Algorand(ALGO), Terra Classic (LUNC) Coin
#1 Safemoon (SFM) Crypto Price Prediction
Safemoon (SFM) coin mimicked the undecisive bias on the market and flatlined along significant support since mid-October. As a result, the SFM/USD exchange rate stood at $0.00028 in the Asian-Pacific session on Oct 28.
Even though the SFM coin conquered a descending resistance line on Oct 26, as seen on the chart above. However, the rally wasn’t convincing, as the price subsided hours after reaching $0.0003. Additionally, the trading volumes on the daily chart declined for the previous six weeks, reflecting the traders’ unwillingness to take risks.
#2 Ethereum (ETH) Coin Price Analysis
Ethereum coin Ether (ETH) price traded at $1,500 on Oct 28. The digital asset recoiled from a significant resistance on Thursday, trading within a formation dubbed the ‘symmetrical triangle.’ The setup entails two converging trendlines with a similar slope.
The symmetrical triangle is a continuation pattern, i.e., it suggests a continuation of the bias preceding the formation. ETH price dropped over 30% before consolidation. Thus, traders can expect an equal downtrend after the token confirms the triangle and drops below the support.
If the bearish scenario pans out, ETH/USD target rate would stand below $500. Meanwhile, Ethereum investors anticipate Bitcoin moves, as is the rest of the altcoin market. If the flagship crypto continues the rally, altcoins are likely to follow. The same is true for the possible BTC price drop.
#3 Polygon (MATIC) Crypto Price Prediction
Polygon (MATIC) crypto did not veer from the ubiquitous trend and jumped over 15% Oct 23-26. However, the lack of weight behind the rally resulted in a downward correction. As a result, the MATIC/USDT price stood at $0.91 in the European session on Oct 28.
The trading volumes on the MATIC crypto chart also declined, suggesting more pain ahead. However, the altcoin’s future bias heavily depends on the broader market conditions.
#4 Algorand (ALGO) Crypto Price Chart
Algorand (ALGO) consolidated sideways since mid-June and traded at $0.32. Additionally, the ALGO crypto has not been able to break the resistance at $0.41 since May 25. Thus, if the token manages a rally in the upcoming sessions, it will face the said resistance once more and possibly retest it.
ALGO coin trading volumes also followed the trend and declined in the previous month, suggesting a downturn ahead.
#5 Terra Classic (LUNC) Coin Price Prediction
Terra Classic (LUNC) coin, the resurrected version of the infamous Terra platform, inexplicably rallied in early September, reaching $0.00059 on Sep 8. However, the coin adhered to the bearish trend after the peak and traded at $0.00028 on Oct 28.
LUNC coin holders are unlikely to pull off a rally soon, as the trading volumes are not convincing.
Thus, watching the broader market and the dynamic between Bitcoin and the stock market would pay off for altcoin investors and give more cues to the future bias of all mentioned digital assets.
