In a recent one analysis from Cheeky Crypto’s renowned technical analyst JB, the focus was on five altcoins that were primed for potentially lucrative moves or declines in the short term. Let’s take a look at the altcoins JB has his eye on:
Cardano’s ADA
While ADA’s price trajectory looks promising on the SPOC BitGet exchange, JB is seeing signs of potential resistance. Using historical data, he highlighted previous support and resistance zones, indicating a possible downturn. His predictions, rooted in wave theory, indicate a possible decline ranging from 9% to a worrying 14.45% in the short term. ADA, which was worth $0.25 at the time of writing, is facing a downturn, with the chart in red.
Polkadot’s DOT
JB shifts focus to Polkadot and identifies an Elliott Wave pattern that suggests a potential downside. Analyzing momentum and juxtaposing it with potential areas of resistance, he postulates a decline between 9.8% and 12%. Against the trend, DOT is at $4.21, showing positive growth and showing a green indicator.
The SAND of the Sandbox
The popular gaming token, The Sandbox, showed a well-known trend on the Binance platform. After an impulsive downward move, JB predicts another decline. His targets for SAND range between $0.36 and $0.41. From a broad perspective, a 9.79% decline could be in store, offering potential trading prospects. The upward trend continues and SAND has a price of $0.309 at the time of writing.
Solana’s SOL
Solana, a promising prospect in the crypto space, is showing intriguing patterns. With a potential higher resistance at $21.38, JB predicts a possible decline between 10% and almost 16%. The scenario is unfolding as a diagonal pattern, implying an impending fifth wave decline, which traders may want to brace for. SOL, currently priced at $19.23, is experiencing a downturn and is still reeling from the FTX debacle.
SHIB from Shiba Inu
The meme token that took the market by storm, Shiba Inu, has its own mysteries. While a short-term bullish run to a range of $0.0000078 to $0.0000082 is possible, the aftermath could mean a significant downturn, JB says. Defying market expectations, SHIB is in an uptrend, trading at $0.000007529 at the time of writing.