Altcoins
Here is a list of the top Altcoins that will lead the “recovery rally”
Popular Analyst Jason Pizzino took note of his latest analysis and suggested taking a closer look at some altcoins. In recent days, signs indicate the presence of a significant minimum or close to it. He pointed out that similar discussions of significant lows took place in June 2022. Interestingly, two years later there is another period of increased volatility and fear, coinciding with an important date around the solstice.
Jason referred to the collapse of May and June 2022, marked by the fall of DeFi projects like Luna in May, followed by further collapses in June, affecting companies like BlockFi. This period represented a significant low point, although the market declined with the FTX collapse. Despite the economic slowdown, buying during this slow period has proven to be a good entry point.
He highlighted that current market conditions are showing signs of a significant bottom, with the market still in a stealth zone. By analyzing the average true range (ATR) of the bars on a weekly and daily basis, it observed a downward trend on various altcoins, Bitcoin and the total market cap of cryptocurrencies. Historically, a decline in ATR during a bull market suggests a stealthy period of consolidation that usually leads to an upward breakout.
Jason discussed several altcoins:
Recover.ai: Rebounded 40% from its low against USDT. It needs to get back above $1.80, which was a previous low on April 13, marking the 50% retracement level.
AGIX: Similar to Fetch.ai but weaker. Must exceed 1000 and 1200 Satoshi for strength. It is crucial to stay at 63 cents against the US dollar.
Ocean Protocol: You have to stay above 63 cents to aim for 90 cents.
Give back: Showing strength above his level of 50%. Monitor the $3-$5 range for potential corrections. Even with a correction at these levels, the structure would remain bullish.
Pendle: Maintained above the 50% level and good performance despite market fear. Currently around $5.80, it must stay above $5.70 to avoid counterfeiting.
Ondo Finance: Above the 50% level and previous resistance, but caution is advised as it tests near-term levels.
Read also: Analyst Advises Against Stacking Stagnant Altcoins Like XRP and ADA