Altcoins are forming a bad price structure, likely to create a new bottom in June 2024
#LTC #ADAAnalysis #dot
Litecoin (LTC) - The bearish flag structure is suggesting a $50 price range for the coming quarter
Cardano (ADA) – Possibility of falling to the 0.3 USD area with negative signals from the Sonic R indicator
Polkadot (DOT) – RSI broke the support trendline for nearly 2 consecutive months
Many Altcoins entered the first week of June with not very positive developments. The prices of these Altcoins did not create surprises in May, but continued to decline in early June. The following negative price structures may be common to many other Altcoins.
The following is an analysis of a few typical Altcoins with this negative price structure, which investors can use to compare with other Altcoins.
Litecoin (LTC) – The bearish flag structure is suggesting a $50 price range for the coming quarter
Litecoin (LTC) is increasingly disappointing many loyal holders when it fails to create any surprises in the second quarter. With the latest 2-day (2D) technical signal, LTC price may even decrease in June.
Cardano (ADA) – Possibility of falling to the 0.3 USD area with negative signals from the Sonic R indicator
The next altcoin on this list is Cardano (ADA). The fluctuation of the 2D frame ADA price line confirmed the negative cross from the Sonic R indicator in mid-May, but by early June, the bearish scenario became clearer when ADA just fell below the important support of 0.45 USD.
ADA has just dropped below 0.45 USD, tending to break the support trendline of the symmetrical triangle model. From here, the ADA price scenario completes the Bearish Pennant model, causing the ADA price to drop to the 0.3 USD range. During that journey, the price may show a short recovery reaction at zone 0.37 USD.
Polkadot (DOT) – RSI broke the support trendline for nearly 2 consecutive months
The 3rd altcoin on this list is Polkadot (DOT). DOT has similarities in the bearish flag structure like LTC, and also has similarities in the signal of the Sonic R indicator like ADA. Besides, DOT also added negative signals from RSI.