Altcoins
With Altcoins at First-Ever ‘Weekly Gold Cross,’ This Prominent Trader Remains ‘Heavily Allocated’
May 8, 2024 11:03 a.m. | 2 minutes of reading |
Pseudonymous crypto trader Kevin sees altcoins likely in trouble ahead of a significant price move.
What happened: The merchant took X to share his analysis of the top 150, noting that these altcoins are struggling to get back above the Golden Pocket macro.
He also highlighted that we are about to witness the first ever weekly golden crossover of the 50 simple moving average (SMA) crossing the 200 moving average SMA. This phenomenon, according to Kevin, could trigger sharp declines and periods of consolidation before any significant movement occurs.
The trader expressed his belief that the most explosive part of the crypto market is yet to come. Its predictions are based solely on graphical analysis, without any personal bias.
Read also: Is Now the Time to Buy Altcoins? Crypto Researcher Sees These “Top 2 Options”
Why is this important: Kevin’s analysis provides valuable insights into the current state of the altcoin market. He explicitly mentions Dogecoin (CRYPTO: DOGE), Ripple (CRYPTO: XRP), Solana (CRYPTO: GROUND) And avalanche (CRYPTO: AVAX) in his message.
However, the looming Golden Cross could signal a potential turning point. Historically, these crossovers have often preceded significant market movements. Therefore, Kevin’s prediction of an impending explosive phase in the crypto market could be a crucial development for investors and traders to watch out for.
In another tweet, a prominent trader Michael van de Poppe declared that it is still heavily allocated to altcoins, although it is not able to time the exact bottom. He adds: “You will be assigned to a position and you will have to be patient until the situation reverses, that’s how things happen.”
And after: The influence of Bitcoin as an institutional asset class should be explored in depth in the next The future of digital assets event on November 19.
Read next: Is it time for Altcoins to shine? Expert predicts rise for DOGE as BTC finds solid ground
Image: Shutterstock
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