Altcoin
Here is a list of the best altcoins that will lead the “Recovery Rally”
Popular analyst Jason Pizzino took his latest analysis and suggested taking a closer look at some altcoins. In recent days there have been signs indicating the presence of a significant or close to a low. He pointed out that similar discussions about significant lows took place in June 2022. Interestingly, two years later, there is another period of increased volatility and fear, coinciding with an important date around the solstice.
Jason referenced the May and June crash of 2022, marked by the collapse of DeFi projects like Luna in May, followed by further crashes in June, affecting companies like BlockFi. This period represented a significant low, although the market fell lower with the collapse of FTX. Despite the dip, buying during that downturn proved to be a good entry point.
He pointed out that current market conditions show the hallmarks of a significant bottom, with the market still in the stealth zone. By analyzing the average true range (ATR) of the bars on a weekly and daily basis, he observed a downward trend across various altcoins, Bitcoin and the total market capitalization of cryptocurrencies. Historically, a decline in ATR during a bull market suggests a period of hidden consolidation that typically leads to an upside breakout.
Jason discussed several altcoins:
Recover.ai: Bounced 40% from low versus USDT. It is necessary to return above $1.80, which was the previous low of April 13, marking the 50% retracement level.
AGIX: similar to Fetch.ai but weaker. Must exceed 1,000 and 1,200 Satoshi in strength. Maintaining the level at 63 cents against the USD is crucial.
Ocean Protocol: You have to stay above 63 cents to aim for 90 cents.
Render: Shows strength above its 50% level. Watch the $3 to $5 range for potential corrections. Even with a correction to these levels, the structure would remain bullish.
Pendel: Maintained above the 50% level and performed well despite market concerns. Currently around $5.80, it must remain above $5.70 to avoid a fake out.
Ondo Finance: Above the 50% level and previous resistance, but caution is needed as it tests short-term levels.