Altcoin
Altcoin Rally is upon us! Check out RNDR Coin and these 3
Bitcoin has been dominant in the cryptocurrency markets for a long time. However, analysts point out that this situation could change in the near future and altcoins could rise. One analyst draws particular attention to cryptocurrencies such as RNDR coin and DOGE. Here are the details…
What do we expect from the market?
Assessing the markets on the Discover Crypto podcast, analyst Kelly Kellam said that Bitcoin dominance could break soon and this will be a major signal for altcoins. Kellam predicts that as Bitcoin’s dominance declines, altcoins will start to outperform Bitcoin and a broad market rally could occur. The analyst said that he has detected a “bearish divergence” and a broken trend line that is changing from support to resistance on the chart showing Bitcoin’s dominance rate. This broken trend line intersects with a multi-year resistance point that the market is currently trading above.
Kellam added that it could take 5-6 weeks for the formation on the weekly chart to peak, but there could be a pullback before the peak. He pointed out that in such stuck formations, price Movements usually stop anytime after the 70% level.
Attention should be paid to the RNDR coin and these cryptocurrencies
Taking part in The Sniper Trading program, Kellam explained that one of the most powerful tools for buying altcoins is the normalized strength index (RSI) on the weekly chart. Periods where the RSI value drops below 40% are historically known as the best time to buy certain altcoins. For example, the best buy zones for Thorchain in 2021 were around $3. After this level, Thor’s Chain it rose to $15 and offered investors a 45x return.
The analyst said that, in addition to Thorchain, Render is one of the altcoins that have successfully demonstrated this method. The last time Render entered the 40% RSI zone, its price was around $1.4 and later rose up to $12. Kellam said that Dogecoin and Cardano have entered similar phases, which could indicate significant movements in the near future. He recommended investors to check if more than one altcoin is in the “best time to buy” zone based on their RSI levels during the decision-making process.
As a result, Bitcoin’s dominance is expected to collapse soon and this could be the beginning of a new period of growth for altcoins. Analyst Kelly Kellam points out that investors can evaluate altcoins buying opportunities by following the RSI values on the weekly charts. However, as always, investment decisions should be made based on personal analysis and market conditions. This news is not investment advice.
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