Altcoins
Altcoins Rise This Week, 40% Gains on Major Coin Cards
Are Altcoins Really Doomed to Fail, or Will Bitcoin and Ethereum Steal the Show, Leaving Altcoins to Underperform? Bitcoin is trading between $62,500 and $63,000 and according to one analyst, this has signaled a struggle by the Bulls over the past 24 hours and also a “pin bar candle” formation. This pattern suggests a possible bullish reversal. On Crypto Banter’s The sniper trading show, The analyst pointed out that the bulls pushed the price higher on the weekly and monthly close.
Strong Momentum Ahead: Altcoin Performance
He believes there is strong momentum ahead and said that altcoins are also doing well, with notable moves in coins like Solana (SOL). Speaking about the Ethereum (ETH) vs. Bitcoin chart, he suggested a potential trend breakout and a recovery in Ethereum. The analyst added that many altcoins on higher time frames are poised to outperform Ethereum and Bitcoin, showing strength in their RSIs. According to him, the RSI has reset to zero and there is a bullish divergence in play.
Altcoins set for new all-time highs
The analyst expects altcoins to rally this week, potentially leading to new all-time highs. He also noted that USDT dominance has maintained its trend, which is a positive sign, and if it breaks the current trend, it could signal that the bottom has been reached.
Explains the meaning of a “pin bar candle” as a reversal indicator, citing previous cases where such candles led to a market upside. The analyst points out a bearish divergence in the USDT dominance chart, which indicates a potential downside push and a market upside.
Positive signals in several altcoins
Speaking about the fading hype around meme coins, he expects a shift toward more substantial altcoins. He predicts a second wave of meme coins in a few months, driven by retailer interest and celebrity endorsements, which will bring more people into the market.
The analyst notes that several altcoins are showing positive signals, including Cardano (ADA), RUNE, Injective (INJ), Chainlink (LINK), Fantom (FTM), Solana (SOL), and Polkadot (DOT), with many forming bullish patterns.
He expects a strong week for altcoins, with potential gains of 20-40%. He also remains cautious on Bitcoin, predicting it could slowly rise but not expecting a dramatic move to $70,000 immediately.