Altcoins
ADA and XRP are Dead! Check Out These 4 Altcoins
An analysis of great interest for altcoin investors in the cryptocurrency markets came from Dylan’s Trading Show on the Crypto Banter platform. In the program, the analyst emphasized that monitoring market dominance in altcoin investing is of paramount importance. According to the analyst, there is currently a downward trend in market dominance and this is a positive sign for altcoins. This downward trend is manifested in lower highs, with the ideal scenario of a decline of around 54%.
Analyst Surprised by Altcoin Comment: Don’t Fixate on Dead Investments Like ADA, XRP
The ideal scenario mentioned by the analyst is that there will be a decline in market dominance in the next 24 hours until the announcement of the Consumer Price Index (CPI), followed by a strong recovery. This situation could trigger significant upward movements in altcoins, breaking existing trends and creating new peaks. However, the analyst warns investors not to get stuck in dead investments like Exchange rate risk and ADA. The analysis focuses specifically on Solana (SOL). It states that the support level for Solana is in the range of $137-139. If there is weakness at this level, it highlights the importance of maintaining the trend.
Losing this support means that the 200-day moving average (MA), the 382 Fibonacci level and the critical horizontal supports will be breached, which will not be good at all. The analysis takes a closer look Ethereal (ETH). According to the analyst, Bitcoin has recently rejected from the 200-day moving average. He notes that ETH is approaching this level on the 3-day chart and says that this situation could lead to serious movements in altcoins. If ETH manages to break above this level and stay above it, the analyst is targeting the $3350 and $3500 levels.
CPI data is crucial for the market
The expected scenario on the horizon is a break in the upside direction, followed by a short-term pullback and, if this scenario occurs, a significant upward move in altcoins. However, a rejection could announce tough times for altcoins. The analyst expects PEPE to follow a similar path if Ethereum starts an aggressive increase. The plan is to wait and see ETH to break above the 200-day moving average and hope that this will also trigger a PEPE increase. The analysis indicates that Bonk is in a similar situation as ETH, remaining at a significant resistance level.
In particular, as we have reported as Kriptokoin.comUS inflation data is awaited. The analyst says that since CPI data is on the horizon, he will watch a pullback to the 382 Fibonacci level in case of weakness. Referring to Fantom (FTM), the analyst points out that there is significant resistance mentioning a recent increase and a pullback. The analyst is watching FTM for a possible increase if the market moves in a positive direction. The critical entry points for this investment are around $0.45 and $0.42.
pile (STX), on the other hand, is breaking trends and showing signs of bullish pullbacks. The analyst recommends entering this investment around $1,437, but advises placing stop orders for possible weakness down to the 618 Fibonacci level. Overall, although the analyst’s message to altcoin investors is positive, one should not forget that market dynamics can change instantly. This analysis is not investment advice; investors should always make their own investment decisions by doing their own research.
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