Cryptocurrency analyst Rakesh Upadhyay listed five cryptocurrencies that still have upside potential this last week of the year.
The first cryptocurrency on the expert’s list is BTC itself. According to him, the BTC broke above the 20-day exponential moving average (MME) (US$49,832) on December 23rd. But the rally hit a hurdle at the 38.2% Fibonacci retracement level at $52,314.
“This indicates that bears have not given up yet and are continuing to sell higher,” he said.
However, he pointed out that if the price rebounds from its current level and exceeds $52,314, it would suggest that sentiment has turned positive and traders are seeing the declines as a buying opportunity.
“The pair could then rise to the 50% retracement level at $55,500. And, later, to the level of retraction of 61.8% at US$ 58,686”, he says.
Matic, Near, Cosmos and HNT
The second cryptocurrency on the specialist’s list is Polygon (Matic), which, according to him, has been showing a strong upward trend.
On MATIC, he pointed out that if bulls keep the price above $2.70, the crypto asset could start the next leg of the rally.
“The pair [MATIC/USD] may rise first to $3.41. And, if this level is surpassed, the upward movement could reach the psychological mark of US$ 5”, he said.
Next, the analyst highlighted the cryptocurrency Near, which gained momentum after breaking the falling wedge pattern on December 23rd.
“This carried the price above strong resistance at $13.23, signaling the resumption of the uptrend. If bulls raise the price above US$ 15.93, the pair could rise to US$ 17.95”, he says.
Fourth is Cosmo (ATOM) which closed above the resistance line of the downside channel on the 25th of December. According to Upadhyay, this indicates that the downtrend may be over.
“This suggests sentiment has turned positive and traders are buying lower. The pair could rally into the $33.60 to $34.15 zone, where bears may mount strong resistance.”
Finally, the analyst pointed to the HNT token, which he said bounced off strong support at $25 and broke above the 20-day EMA ($35.38) on Dec. 16.
“If the price recovers from its current level, buyers will try to push the HNT/USDT pair above the overload zone. If they are successful, the pair could rise to US$51.94”, he concluded.