Altcoins
Altcoin rally in six weeks? Here is the list of four best Altcoins to stack now
How fast do altcoins run against Bitcoin? On the Discover Crypto podcast, analyst Kelly Kellam said that he you think Things will soon improve relatively quickly, but it is not certain that it will be explosive growth.
Examining the Bitcoin dominance chart brought to attention a bearish divergence on the RSI and a trend line that was broken down and transformed from support to resistance. This trend line now intersects with a multi-year resistance point and the market is currently hovering right around this line.
Altcoins on the Moon soon?
If altcoins are expected to recover, he said a break in Bitcoin’s dominance would be a strong signal. He expects a broad market rally soon and suggests that when Bitcoin’s dominance fades, it will indicate that altcoins are starting to overtake Bitcoin. He believes we are just on the verge of this happening.
The analyst added that the setup on the weekly chart shows a pattern that could take five to six weeks to reach the peak. If the market pushes into this apex and then pushes back, a collapse could occur before reaching the apex. Often, with these tightening patterns, the price action can stop at any time after the 70% mark.
Which Altcoins Should You Target?
About Crypto Banter The Sniper Trading show, the analyst explained that the normal relative strength index (RSI) on the weekly chart is a powerful tool for buying altcoins. Whenever the RSI drops below the 40% stage, it has historically been the best time to buy a specific altcoin. For example, in 2021, the buy zones for Thorchain were at $3, after which it saw a massive rise to $15, marking a 45x return.
Currently, Thorchain and other altcoins are once again entering the 40% RSI zone, signaling potential buying opportunities. He said Render is another example where this method has proven effective. The last time Render was in the 40% RSI zone, its price was $1.4 and later rose to $12.
He also noted that Dogecoin and Cardano are going through similar phases, suggesting that significant movements could be imminent. She recommended checking multiple altcoins to see if they are in a good position to buy based on their RSI levels.