Real Vision CEO Raoul Pal suggested that the altcoin market could outperform Bitcoin in the upcoming rally. The famous economist says that this forecast is supported by technical and fundamental resources.
These altcoin projects may outperform Bitcoin in the next cycle
According to Raoul Pal, the technical fundamentals of Ethereum (ETH) indicate that it can outperform Bitcoin (BTC) in the next bull market. In a new interview with crypto-focused YouTube channel Altcoin Daily, Pal said that his eye is on the Ethereum chart against Bitcoin (ETH/BTC). According to the macro expert, the ETH/BTC pair is spiraling in a wedge and a breakout could send ETH to a rally that leaves Bitcoin in a backseat.
If that happens, we could see ETH multiply Bitcoin by 2x, 3x, 4x [or] 5x in the next rally. ETH probably won’t be the best performing crypto either.
According to Pal, the ETH/BTC pair needs resistance at around 0.077 BTC ($2.115) to confirm a breakout. At the time of writing, ETH/BTC was trading at 0.0639 BTC ($1,755). In terms of BTC price performance, Ethereum outpaces Ethereum by 3%.
What catalysts does Ethereum have for change?
As for the fundamentals of Ethereum, the Real Vision executive states that the total number of wallets of the leading smart contract platform is much larger than that of Bitcoin. According to Pal, the real use case will be the main catalyst pushing Ethereum ahead of Bitcoin:
Ethereum is a broader-based architectural protocol on which we can build more. Bitcoin doesn’t do that. It has a different use case. So it is unlikely to be large. Is the internet more valuable than gold? Yes, it’s that simple and that’s basically the argument here.
These 3 altcoins may have 5x potential on cards
cryptocoin.com In the environment of the banking crisis in the last few weeks, cryptocurrencies have started to be widely accepted. In a recent list compiled by analyst Rudy Fares, Solana emerges as one of the best altcoins in this category. Solana was oversold due to its relationship with FTX, which collapsed in November 2022. But Solana’s operations are still on track; SOL token may gradually regain its original market value.
Currently, Solana’s price remains stable above the $22 support level, signaling efforts to break higher. However, it is expected to remain stagnant above the stated support level for a few weeks before breaking the $28 resistance. During this accumulation period, investors can buy Solana at a fairly low price, which will ultimately result in a notable uptrend.
Stellar (XLM)
XLM’s price is in a downtrend and is currently reflecting short red candles on the monthly chart. However, it has been stabilizing around the key $0.07 support level recently, which indicates that the bearish momentum is waning.
This price action implies that XLM is entering an accumulation phase that will attract new buyers to enter the market. As a result, after a period of consolidation above $0.08, XLM price should start an uptrend towards the ATH level.
Ripple (XRP)
XRP price has been consolidating above the critical support level of $0.31 for the past nine months. With the altcoin market currently in a rebound, if the price bounces back from this support level, a double bottom pattern will be seen on the monthly chart. In case of a potential bullish breakout of the $0.55 neckline resistance of the bullish reversal pattern, XRP could initiate a bullish cycle.
