Master analysts continue to share some altcoin projects that crypto investors can follow. Especially with the current upward momentum, investors are trying to find the next altcoin to explode. Here are some coins that analysts drew attention to…
TechDev points out ETH and LTC
Anonymous analyst TechDev says several different metrics show that crypto markets have bottomed out and set the stage for the next uptrend. TechDev is sharing a chart that shows Litecoin forming bullish structures with the market cap in the Bitcoin (BTC) pair, while the US dollar index (DXY) and Bitcoin dominance show weakness at the same time.
The popular analyst also argues that Ethereum is showing strength against Bitcoin, also suggesting an incoming bullish period for altcoins. He shares an ETH/BTC chart with three-week candles showing that the relative strength index (RSI) is potentially breaking out of a downtrend. TechDev says there is a potential drop in Tether (USDT) dominance.
USDT dominance is often inversely related to altcoin market movements because traders can sell their stablecoins for riskier crypto assets during bull runs and buy back during bear markets. According to the analyst, stablecoin dominance is “on the abyss,” suggesting that the crypto market value may see an influx of buying pressure.
Cantering Clark calls “bullish” for three altcoins
Another widely followed analyst, Cantering Clark, shared his views on altcoins prepared for big rallies. The analyst specifically highlighted Decentraland (MANA), Apecoin (APE) and Frax (FXS) in his tweets. His analysis states that MANA is leading the current rise spreading between GameFi and metaverse tokens. Cantering Clark noted that MANA has the potential to reverse even more drastically.
Gamifi and metaverse pumping.
If I had to guess, $MANA has the potential to get even more violent to the upside given that OI is nearly double what it normally was, before a bunch of Barry related shorts and hedges were tagged on.
This squeeze has more fuel. pic.twitter.com/OWnPPCTAXV
— Clark (@CanteringClark) January 8, 2023
This is because of the short squeeze that occurs in the token market. Short squeeze has nearly doubled the open position (OI) than it normally used to, and it looks like it has more fuel. Similarly, the analyst stated that if GameFi and metaverse tokens continue to rise, APE will “catching the wind”. At the time, the Bored Apes Yacht Club (BAYC) community noted that its native token was already building bullish momentum on its weekly timeframe. APE is currently trading around $4.88, up 0.40 percent on the daily chart.
Meanwhile, Cantering Clark is not only observing bullish momentum in the GameFi and metaverse crypto market sector. Noting the rise in the FXS market, the analyst stated that the token is expected to catch an offer again. The detective also pointed out that FXS’ 3-day chart is “bottom”. Therefore, he is betting that it will break and position accordingly.
Uptrend for BNB, SOL and MATIC
Meanwhile, some popular altcoins such as Polygon (MATIC), Solana (SOL), and Binance Coin (BNB) managed to rise massively. MATIC price is currently showing some strength as it is about to perform a parabolic recovery to reach the neckline of consolidation. After reaching resistance, the price could witness a significant pullback towards the lower support near $0.84 and ignite a notable rise towards the temporary resistance of $0.91. Here, the bulls need to maintain their strength, which could push the price above the critical resistance of $0.95 and point to $1.
On the other hand, Solana price somehow managed to regain its bullish momentum after the dire drop fueled by the collapse of the FTX stock market. After rebounding from lows around $8, SOL price is trading in an ascending parallel channel and is heading towards the next resistance at $20.
Finally, Binance Coin price seems to be poised for massive price action as it is steadily building up strength within the decisive symmetrical pennant. The price could fluctuate significantly for a few more days or weeks until it reaches the tip of the triangle where a breakout may be imminent. Therefore, it is believed that the price will break the upper resistance and move above $300 to reach one of the key resistance zones near $323 by mid-February.
