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The rally of bitcoin, which began on May 31, caused great hopes among traders – the entire community is preparing for a gradual recovery of the market. Analysts conducted their own study on this matter, as a result of which they were able to identify three altcoins, which, based on all the signs, should soar sharply in price. We are talking about such quite popular assets as ADA, MATIC and XLM. Experts added that the rise in price of these coins will occur only if bitcoin still manages to break through the resistance level of $ 35,000.
Altcoin ADA predicts 80 percent rise in price
The ADA cryptocurrency has not left the headlines of various business publications in recent days. Such a high interest in this coin is justified, because in the period from May 30 to June 1, the asset managed to both soar in price by 45% and decrease after a while by 13%. Experts call this behavior of the digital currency attempts to break through the level of resistance and embark on the path of recovery.
In the event that bitcoin can grow above $ 35,000, the ADA, like a number of other altcoins, will also go up, analysts are sure. In addition, according to the Cointelegraph study, the ADA coin may be prompted by an increase in the value of the ADA coin by the imminent “bullish update” – the Vasil hard fork, which is scheduled for June 2022. Thus, it is possible that by the end of the month the cryptocurrency may rise strongly up the price ladder.
MATIC cryptocurrency can reach $1
The behavior of the digital asset of the Polygon project recently resembles price jumps in the Carnado ecosystem. MATIC, like the ADA, has been trading in the range of $0.50 to $0.60 for quite some time. On this, analysts say, all the similarities between the coins end, because the MATIC cryptocurrency is a much stronger, more stable and promising asset, compared to its other “colleagues”.
Analysts note that in addition to the dependence of MATIC on the general mood in the market, including on BTC, this altcoin has its own predisposition to a sharp increase in the short term.
So, recently, the authorities of many countries of the world are very concerned about the high costs of electricity by mining companies. In this regard, a number of states even began to introduce a number of restrictions, or even completely prohibit mining companies from carrying out activities for the extraction of cryptocurrencies. According to experts, if such pressure from the government continues, some blockchains that use too much electricity for mining may cease to exist. In turn, the production of MATIC will continue with any outcome of the situation, experts say, because the blockchain on which the coin operates is considered one of the most economical in terms of energy consumption. This will be just the moment when the cost of MATIC against the background of attracting new users will go up sharply.
Excessive price stability of the XLM cryptocurrency may be deceptive
The digital asset of the Stellar project, XLM, is considered one of the most stable cryptocurrencies in terms of the absence of sharp and strong price jumps. Most holders of the coin have long used it as part of active trading for short-term gains. The thing is that this altcoin last reached its historical maximum in January 2018, more than 4 years ago. Because of this, many traders have become disillusioned with cryptocurrency, ceasing to consider it as an investment tool to increase their savings.
As for the analysts’ forecasts for XLM, they believe that the price of the coin has recently been suspiciously evenly moving down. If the charts of other cryptocurrencies show how they test different levels, lose and resume their previous value again, then XLM demonstrates a very “flat model of a falling wedge”. Experts suggest that such behavior of a digital asset may turn out to be fake, falsified bulls who are making every effort to “raise” XLM.
In addition, analysts added that throughout the history of XLM, the coin has repeatedly shown its susceptibility to events in the market. Thus, according to experienced investors, there are only two ways for XLM – a fall in the event of a mass sale of the top five cryptocurrencies, or an increase in price in the case of strengthening of leading virtual assets.
In conclusion, it is worth emphasizing that according to analysts, it is now quite difficult to make any forecasts regarding the digital currency market, they say, the situation will become more clear only towards the end of the month of July. Also, experts believe that the turning point for the crypto community will be the middle of autumn, it is during this period, as the analysis shows, that either the market will collapse or its growth to new highs.
Recall, earlier we reported that analysts have identified 5 cryptocurrencies, the cost of which may increase greatly in the near future.
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