Altcoins
Cryptocurrency analyst says this is your last chance to buy altcoins. Here are the top picks
Cryptocurrency Analyst Sheldon The Sniper recently said that this is the last chance to buy altcoins, suggesting that a massive rally could be on the horizon. As part of his analysis, he mentioned crypto tokens that could perform well when the altcoin season returns and provided key entry points for those looking to invest in these altcoins.
Top Picks for Altcoin Season
In a video On his YouTube channel, Sheldon mentioned XRP, Solana, DogecoinInjective and Avalanche as altcoins he is looking to trade. He suggested that now might be a good time to start accumulating these tokens, as he believes the bottom is almost reached.
Sheldon said that XRP is showing great strength, suggesting that the cryptocurrency could rebound significantly from its current price level. The crypto analyst also discussed Solana’s potential, noting how it broke a major resistance wall after Bitcoin’s July 10 surge.
He mentioned how Solana dropped from a high of $154 to a high of $120, but he he recovered well since then, returning to the $140 range. He believes Solana could soon return to the $150 range and erase all the losses from the recent downtrend in the market. He also highlighted a bullish pattern on Solana’s chart, suggesting that it is a long-term hold.
Sheldon also said that Dogecoin has recently broken out and is looking to retest new highs. For Injective, the cryptocurrency analyst noted that the token has broken a long trend and is now fighting a wedge. He said that Injective is looking “really good” and provided trading ideas for those who want to get in.
He said that the range around $20.78 is a good entry point for the Injective trading, and the stop loss should be set at $20.36. Based on the chart shared by Sheldon, Injective could rise to $22 in the near term. For AvalancheSheldon revealed that he will look to trade the token at its current price level and take it up to around $32 or even $36. He also hinted that Avalanche could rise to $50 once the market fully recovers.
Bitcoin Price Trend and Its Importance on Altcoins
Sheldon said that Bitcoin is currently facing “massive” resistance in the $58,000 price range. He said this is due to the selling pressure on the flagship cryptocurrency and the fact that it has lost its 200-day moving average (MA) following its recent downward trendSheldon noted that Bitcoin had been well above this 200-day MA for a while, as September 2023 was the last time Bitcoin missed this MA.
The cryptocurrency analyst said that Bitcoin could continue to trade sideways in the $50,000 range while it remains below the 200-day MA. He noted that the pros of this Bitcoin price action are that it could move beware of altcoins and enable them to achieve a significant recovery.
Featured image created with Dall.E, chart from Tradingview.com