Altcoins
This Is Your Last Chance to Buy Altcoins, Says Crypto Analyst. Here Are the Best Picks
Crypto Analyst Sheldon The Sniper recently said that this is the last chance to buy altcoins, suggesting that a massive rally could be on the horizon. As part of his analysis, he mentioned crypto tokens that could do well when the altcoin season key returns and entry points provided for those looking to enter these altcoins.
Top Picks for Altcoin Season
In a video On his YouTube channel, Sheldon mentioned XRP, Solana, DogecoinInjective and Avalanche are altcoins he is interested in trading. He suggested that now might be a good time to start accumulating these tokens, as he believes the bottom is almost reached.
Sheldon said that XRP is showing great strength, suggesting that the crypto token could rebound significantly from its current price level. The crypto analyst also discussed the potential of Solana, noting how it broke a major resistance wall after Bitcoin surged on July 10.
He mentioned how Solana went from $154 to $120, but has recovered well Since then, Solana price has returned to the $140 range. He believes that Solana could soon return to the $150 range and erase all of its losses from the recent market downtrend. He also pointed out a bullish trend on Solana’s chart, suggesting that this is a long-term hold.
Sheldon also mentioned that Dogecoin The Injective token recently broke out and is looking to retest new highs. For Injective, the crypto analyst noted that the token has broken out of a long trend and is now battling a wedge. He claimed that Injective looks “really good” and provided trading ideas for those who want to get in.
He said the range around $20.78 is a good entry point for the Injective and the stop loss should be set at $20.36. Based on the chart shared by Sheldon, Injective could reach as high as $22 in the near term. avalancheSheldon revealed that he would look to trade the token at its current price level and push it up to around $32 or even $36. He also hinted that Avalanche could reach $50 when the market fully recovers.
Bitcoin Price Evolution and Its Importance on Altcoins
Sheldon mentioned that Bitcoin is currently facing “Massive” resistance in the $58,000 range. He claimed this was due to the sales pressure on the flagship cryptocurrency and the fact that it lost the 200-day moving average (MA) after its recent downtrendSheldon noted that Bitcoin has been well above this 200-day MA for some time, as September 2023 was the last time Bitcoin lost this MA.
The crypto analyst said that Bitcoin could continue to move sideways in the $50,000 range while remaining below the 200-day moving average. He noted that the upside to this Bitcoin price action is that it could change beware of altcoins and enable them to achieve a significant rebound.
Featured image created with Dall.E, chart by Tradingview.com