Analyst Announces Altcoin Projects That He Expects to Rise This Week!

Altcoin: The past week has been eventful in the crypto space, with altcoin projects taking charge after a long time. Bitcoin oscillated around $22,000. Ethereum and its layer-1 rivals outperformed the broader market. Here are the details…

Altcoin market slightly rises

Altcoins have dominated the crypto market last week, adding nearly $50 billion in total market cap. The world’s second largest cryptocurrency, Ethereum (ETH), surpassed the $1,400 levels last weekend. Its weekly earnings are over 22 percent as of now. The ETH price rose as developers confirmed that they should launch the much anticipated Merge upgrade on the Ethereum mainnet during the week of September 19. This upgrade improves network scalability. It reduces network congestion and transaction costs.

Master Economist: If Your Money Is In That Altcoin, You May Not Get It Back!

Ethereum layer-1 competitors

Along with Ethereum, other Tier-1 competitors performed strongly last week. Solana (SOL) rally strong 14 percent. She has surpassed $40 levels as of now. On technical charts, the SOL is trying to surpass the 50-day exponential moving average (EMA). Lark Davis used the following statements on this subject:

It could reach $48 if it breaks some key resistances. Avalanche (AVAX) is another layer-1 competitor that has yielded about 18 percent last week and crossed $21. AVAX had a performance last quarter amid the wider crypto meltdown. The cryptocurrency has already corrected more than 80 percent of its all-time high.

Polygon rose hard

Another altcoin that performed extremely well last week is MATIC by Polygon, Ethereum’s own Layer-2 scalability platform. The MATIC price has skyrocketed an astonishing 45 percent last week. It exceeded $0.80. Last week, Polygon became the only Blockchain selected for Disney’s accelerator program this year. On the technical charts, MATIC appears to be overbought as of now. On the upside, MATIC could touch the $1 levels. For MATIC, Davis said the “100-day EMA has been exceeded.” On the other hand, it is stated that the RSI is oversold. He says the next target for Polygon is $1 at the 200-day EMA.

Ethereum network performance and competitors

While the ETH price faced a 75% meltdown from the top, it was resilient in terms of network performance and user activity compared to its competitors. Similarly, “the number of daily active addresses on BNB Chain and Ethereum has decreased by 68.8 percent and 27.2 percent, respectively, since November 2021”. On the other hand, Solana witnessed a 20% increase in its daily active addresses.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.