Altcoin
Altcoin rally in six weeks? Here is the list of four best Altcoins to stack now
How fast are altcoins running? 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 Bitcoin’s dominance chart brought to attention a bearish divergence on the RSI and a trend line that was broken and flipped from support to resistance. This trend line now intersects a multi-year resistance point and the market is currently hovering right on this line.
Altcoins on the Moon soon?
If altcoins are expected to rally, 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 breaks, it will indicate that altcoins are starting to outperform Bitcoin. He believes that this is exactly what is happening.
The analyst added that the weekly chart setup shows a pattern that could take five to six weeks to top out. If the market pushes into this top and then rejects, a breakdown could occur before the top is reached. Often, with these narrowing patterns, the price action can stop at any time after the 70% mark.
Which altcoins should you target?
About Crypto Banter The snipeR Trade fair, the analyst explained that the normal relative strength index (RSI) on the weekly chart is a powerful tool for buying altcoins. Whenever the RSI enters 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 huge increase to $15, marking a 45x return.
Currently, Thorchain and other altcoins are entering the 40% RSI zone again, 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, it was trading at $1.4 and later rose to $12.
He also noted that Dogecoin and Cardano are going through similar phases, which suggests that significant moves could be imminent. He recommended checking more altcoins to see if they are in a “sweet spot” for buying based on their RSI levels.
Read also: Bitcoin Price Prediction: Historical Data Suggests BTC Price to See Double Gains in July