Altcoins
Altcoins set to surge this week, 40% gains on charts for top coins
Are altcoins really doomed, or will Bitcoin and Ethereum steal the show, leaving altcoins underperforming? Bitcoin is trading between $62,500 and $63,000 and according to one analyst, this has marked a bull fight over the past 24 hours and also the formation of a “pin bar candle.” This pattern suggests a possible bullish reversal. On Crypto Banter’s The Sniper trade show, The analyst pointed out that the bulls pushed the price higher during the weekly and monthly close.
Strong momentum ahead: altcoin performance
He believes that there is strong momentum ahead and said that altcoins are also performing well, with notable moves in coins like Solana (SOL). Talking about the Ethereum (ETH) vs Bitcoin chart, he suggested a potential breakout of trends and a resurgence in Ethereum. The analyst added that many altcoins on longer time frames are poised to outperform Ethereum and Bitcoin, showing strength in their RSIs. According to him, the RSI has reset to the low and a bullish divergence is in play.
Altcoins set to hit new all-time highs
The analyst expects altcoins to surge this week, which could lead to new all-time highs. He also noted that USDT dominance has maintained its trend, which is a positive sign, and if it breaks the current trend, it could signal that the bottom has been reached.
He explains the importance of a “pin bar candle” as a reversal indicator, citing previous examples where such candles have led to a market rise. The analyst highlights the bearish divergence in the USDT dominance chart, indicating a potential push lower and a market rise.
Positive signs in several altcoins
Citing the fading interest in meme coins, he expects a shift toward larger altcoins. He predicts a second wave of meme coins in a few months, fueled by retail interest and celebrity endorsements, which will bring more people into the market.
The analyst notes that several altcoins are showing positive signs, including Cardano (ADA), RUNE, Injective (INJ), Chainlink (LINK), Fantom (FTM), Solana (SOL), and Polkadot (DOT), with many forming bullish patterns.
He expects a strong week for altcoins, with potential gains of 20% to 40%. He also remains cautious on Bitcoin, predicting it could rise slowly, but doesn’t expect a dramatic move toward $70,000 right away.