Altcoins
ADA, FTM and other altcoins to recover soon; indicators turn green
Bitcoin is currently up 4% and many altcoins are printing gains. According to The Sniper Trading Show analyst, this suggests that when the market is in a state of extreme fear, it can be a good time to take risks. To maximize gains, he recommends categorizing coins into low, medium, high, and very high risk. As the market rises, gradually sell riskier assets and consolidate them into safer ones like Bitcoin, Solana, or Ethereum.
He also warned of potential profit-taking on altcoins if they fail to break above these levels in the coming weeks, while advising a cautious approach with Bitcoin. As the market peaks, it is crucial to move from a large altcoin portfolio to a more concentrated portfolio of safer assets. The Stochastic RSI does not provide a specific price point to sell, but rather a sentiment-based signal that indicates when the market is overbought.
He also spoke about Ethereum’s strength, noting its reclamation of a key trendline and moving average. Bitcoin dominance is also a key indicator, with shifts suggesting when to move between Bitcoin and altcoins.
The analyst discussed the trading potential of altcoins such as ADA, FTM, AVAX, and LINK, highlighting specific price levels. Talking about projects such as Injective and Cardano as primary targets, he said there are chances of them breaking current resistance levels.
He then spoke about expectations for significant gains, noting targets such as Fantom returning to the 60-70 cent range and Solana maintaining its strength, probably reaching all-time highs first. He also spoke about AVAX approaching critical areas.
What about Bitcoin?
The analyst began by analyzing the short-term outlook for Bitcoin, noting a recent trend breakout and strong resistance around 64,000. The analyst outlined two scenarios: a potential pullback to support zones near $59,000-$60,000, including significant Fibonacci levels. He predicted a possible rally toward $66,000-$68,000, looking for signs of bullish momentum, such as an inverse Head and Shoulders pattern.