Altcoin
Top Altcoins Positioned for Recovery Rally in 2024, Analyst Jason Pizzino Predicts
- Jason Pizzino suggests that current market conditions indicate a significant bottom for altcoins, similar to the lows seen in June 2022.
- Key altcoins such as Fetch.ai, AGIX, and Ocean Protocol have critical support and resistance levels, suggesting recovery potential.
In a recent analysis, popular cryptocurrency analyst Jason Pizzino highlighted the emergence of significant lows in the altcoin market. Pizzino drew a parallel between current market conditions and those observed in June 2022, a period marked by significant downturns in the cryptocurrency sector. He pointed out that similar market behavior could signal a substantial bottom or an imminent recovery.
Pizzino referred to the significant events of May and June 2022, characterized by the collapse of several decentralized finance (DeFi) projects, most notably Luna in May, followed by the collapse of companies such as BlockFi in June. Despite the subsequent decline following FTX’s collapse, the period saw a notable low, serving as a strategic entry point for investors.
In his latest analysis, Pizzino noted that current market conditions show signs reminiscent of this significant low, with the market currently in a phase of under-the-radar consolidation. Examining the average true range (ATR) of various altcoins, Bitcoin and the overall market capitalization of cryptocurrencies on a weekly and daily scale, identified a downtrend in the ATR, indicating potential consolidation. Historically, such declines during a bull market suggest an accumulation phase that often precedes an upward breakout.
Altcoin Performance: Key Levels and Market Sentiment
Pizzino’s analysis included several altcoins, noting their critical support and resistance levels:
Fetch.ai: The altcoin has bounced 40% from its recent low against USDT. Pizzino highlighted the importance of breaking above $1.80, a previous low marked on April 13, corresponding to the 50% retracement level. Maintaining this position is key to continuing the bullish momentum.
AGIX: While similar to Fetch.ai, AGIX demonstrated weaker performance. For AGIX to show strength, it needs to get above 1,000 and 1,200 Satoshi. Remaining stable at 63 cents against the USD is essential to avoid further declines.
Ocean Protocol: Ocean Protocol must remain above 63 cents to aim for a rise towards 90 cents. Maintaining this level is key to sustaining bullish momentum in the near term.
Render: Showing resilience above the 50% retracement level, Render is monitored in the $3 to $5 range for potential corrections. Even with a correction, Pizzino noted that the overall bullish structure would remain intact.
Pendle: Despite the prevailing market fear, Pendle is holding above the 50% retracement level and performing well. Currently priced at around $5.80, it needs to stay above $5.70 to avoid a false breakout, thus maintaining its bullish trajectory.
Ondo Finance: Ondo Finance is above the 50% level and previous resistance points. However, caution is advised as it tests short-term levels to ensure it does not fall into a bearish trap.
Upside Potential in a Stealth Market
Pizzino’s analysis suggests that the current market conditions, characterized by a low ATR and ongoing consolidation, it could set the stage for an upside breakout. The recent performance of the altcoin market indicates a potential recovery amid volatility. The focus on altcoins holding higher lows suggests that these assets have inherent strength and are better positioned to lead the market during the next recovery phase.
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