Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
The cryptocurrency market is entering a period of uncertainty. There is no clear trend as to whether the market will witness the altcoin season or not. As a result, altcoins lean more towards external developments and drivers to determine the course of price action.
BeInCrypto analyzed three altcoins that are expected to see notable developments this week.
Sponsored
Sponsored
File Coin (FIL)
Filecoin is gearing up for a big announcement this week, and the lack of details has heightened anticipation in the market. The news is expected to be impactful, putting FIL at a crossroads where the token could recover sharply or continue its continuous decline, depending on the reaction of investors.
FIL is trading at $1.99 after a 41% decline in the last 10 days. The price temporarily fell below $2.00, indicating intense selling pressure. If the announcement raises positive sentiment, FIL may recover from the $2.00 level and climb beyond $2.26 and $2.63, signaling the start of a recovery phase.
Want more currency insights? Subscribe to Harsh Notariya’s digital newsletter here.
If sentiment turns negative, FIL may continue to decline towards $1.68, negating any positive short-term outlook. A break below that could expose the symbol to a deeper decline towards $1.46.
Sponsored
Sponsored
Zilliqa (ZIL)
ZIL is trading at $0.0069 after a 13% weekly decline, and is below key resistance. The parabolic SAR pattern indicates strength in an emerging trend, indicating that Zilliqa may try to recover if buying pressure increases and sentiment in the broader market improves.
The upcoming Mainnet 0.19.0 update for Zilliqa offers more flexibility to exploit and improve network activity. These improvements can support the price action towards $0.0074, and if the momentum holds, it can rise to $0.0082 as traders respond to strengthening the fundamentals of the network.
If the bullish response fails, ZIL may fall to $0.0063, extending the recent decline. A break below this level reveals that the coin is exposed to further losses towards $0.0058, eliminating the bullish outlook and increasing… Downside risks for the guards
Avalanche (AVAX)
AVAX is trading at $15.61 following a long-term trend, but the MACD is showing Light momentum on ascent. The indicator has blocked a bearish crossover, indicating that sellers are losing steam as Avalanche tries to stabilize above key support levels.
The next update of Avalanche relies on Granite as a major step to improve network performance. This release could attract renewed interest and push AVAX above $16.25. Continued momentum could allow a move towards $18.27, breaking the trend line and signaling a stronger recovery.
If market conditions weaken and AVAX falls to the $14.89 support, the bearish sentiment may intensify. A fall to $13.40 will invalidate the bullish outlook and increase downside risks, especially if the upgrade fails to boost demand sentiment.
