Altcoins
Trader Predicts 1,660% Rally for Under-the-Radar Altcoin, Updates Outlook on Shiba Inu and Chainlink
A closely followed crypto strategist believes astronomical gains are on the horizon for an altcoin originally built on Ethereum (ETH) blockchain.
Analyst Ali Martinez tells his 62,100 followers on social media platformVETERINARIAN) appears to reflect the market structure of its previous cycle.
If VET continues to follow the script, Martinez predicts that the altcoin will post staggering gains of over 1,660% before the end of the year.
“Fractals indicate that VeChain (VET) is poised to rebound this summer, with potentially explosive growth in the fall.”
Source: Ali Martinez/X
Looking at the trader’s chart, he seems to predict that VET will reach $0.60 towards the end of 2024. At the time of writing, VET is worth $0.0339.
Next, Martinez says that the Shiba Inu memecoin (SHIB) looks ready for a small group rally.
“If Shiba Inu breaks the upper limit of this descending parallel channel at $0.00002444, SHIB could witness a 20% upside to $0.00002954!
Source: Ali Martinez/X
A descending parallel channel is generally a bearish structure indicating that an asset is in a downtrend. At the time of writing, SHIB is worth $0.0000233.
The latest altcoin on Martinez’s radar is decentralized oracle network Chainlink (LINK). According to the trader, the Tom DeMark Sequential Indicator (TD) has turned bullish for LINK.
Traders use the TD Sequential Indicator to predict potential trend reversals of tokens based on the closing prices of their previous 13 bars or candles.
Said Martinez,
“The TD Sequential is showing a buy signal on the weekly Chainlink chart, indicating that LINK could see a one-to-four-week recovery.”
Source: Ali Martinez/X
At the time of writing, LINK is trading at $13.43.
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