Altcoins
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 like Fetch.ai, AGIX, and Ocean Protocol have critical support and resistance levels, suggesting recovery potential.
In a recent analysis, popular cryptocurrency analyst Jason Pizzino Underlines the emergence of significant lows in the altcoin market. Pizzino drew parallels between current market conditions and those seen in June 2022, a period marked by significant downturns in the crypto sector. He pointed out that similar market behaviors could signal a significant bottom or an imminent recovery.
Pizzino referred to the landmark events of May and June 2022, characterized by the collapse of several decentralized finance (DeFi) projects, including Luna in May, followed by the fall of companies like BlockFi in June. Despite the decline following the FTX collapse, the period presented a notable low, serving as a strategic entry point for investors.
In his latest analysis, Pizzino observed that current market conditions show signs reminiscent of this significant bottom, with the market currently in a phase of stealth consolidation. By looking at the average true range (ATR) of various altcoins, Bitcoin and the overall cryptocurrency market capitalization on a weekly and daily scale, it identified a downward trend in the ATR, indicating potential consolidation. Historically, such declines during a bull market suggest an accumulation phase that often precedes a bullish 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 rebounded 40% from its recent low against USDT. Pizzino stressed the importance of surpassing $1.80, a previous low marked on April 13, corresponding to the 50% retracement level. Maintaining this position is crucial for continued bullish momentum.
AGIX: Although similar to Fetch.ai, AGIX demonstrated lower performance. For AGIX to show strength, it must exceed 1000 and 1200 Satoshis. It is essential to maintain the price at 63 cents against the US dollar to avoid further declines.
Ocean Protocol: Ocean Protocol must stay above 63 cents to target an increase towards 90 cents. Maintaining this level is essential to maintain bullish momentum in the short term.
Render: Showing resilience above its 50% retracement level, Render is being watched in the $3-$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 its 50% retracement level and performing well. Currently valued at around $5.80, it must stay above $5.70 to avoid a false breakout, thus maintaining its upward trajectory.
Ondo Finance: Ondo Finance is above its 50% level and previous resistance points. However, caution is advised as it tests near-term levels to ensure it does not fall into a bearish trap.
Upside potential in a stealth market
Pizzino’s analysis suggests that current market conditions, characterized by low ATR and ongoing consolidation, could pave the way for a bullish breakout. The altcoin market’s recent performance indicates a potential recovery amid volatility. The focus on altcoins holding their record lows suggests that these assets have inherent strength and are better positioned to lead the market through the next phase of recovery.
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