Altcoins
Analyst Predicts Major Gains for These Altcoins But Warns Against XRP and ADA
Analyst Predicts Major Gains for These Altcoins But Warns Against XRP and ADA
Amid the recent downturn in the global cryptocurrency market, a recent Crypto Banter Dylan’s Trading Show session attracted attention with bold statements regarding what lies ahead for Solana and Ethereum and negative sentiment on XRP and ADA.
Over the past few years, crypto analysts in the industry have been discovering and analyzing market trends as this could help them predict future directions. So far, a decrease BitcoinDominance is considered good for altcoins.
According to the Crypto Banter Show analyst, this move could potentially signal more diversified investment in altcoins and market optimism towards lesser-known chains.
Focus on growth: Altcoins to watch
Despite warning against investing in so-called “dead coins” like XRP and ADA, the Dylan’s Trading Show analyst expressed a more bullish outlook for coins like Solana and Ethereum.
The analyst noted that if Bitcoin loses its dominance, a series of massive upward moves could be in store for these altcoins.
In particular, it provides that Solana could find support levels around $137-139 if the market continues its current momentum without breaking key technical barriers.
As for EthereumThe analyst reveals that ETH is approaching a critical point at the 200-day moving average (MA). If Ethereum breaks and holds this level, it will trigger a domino effect to the upside, positively impacting small-cap altcoins.
Should You Avoid XRP and ADA?
Although the analyst referred to XRP and ADA as “dead coins” – meaning they might not have much growth potential in the short term – it is worth noting that these assets still enjoy their share of optimism and bullishness from their respective communities.
Earlier today, an analyst revealed the potential for XRP to see a massive rally due to the emergence of “one of the tightest monthly Bollinger Band squeezes in its history.” According to the analyst, the last time this indicator was seen, “XRP has climbed 60,000%.”
On the other hand, ADA is about to see a new development with the upcoming Chang Hard Fork. States“before its previous hard fork in 2021, ADA The price of ADA has increased by 130%, from $1.35 to $3.10 in just one month. This signals a possible price rally for ADA, reminiscent of past gains following major blockchain upgrades or forks.
Overall, the above asset updates suggest potential upcoming volatility and price increases for XRP and ADA, contradicting the analyst’s view that they are “dead coins.”
Featured image created with DALL-E, chart by TradingView