Analyst Predicts Major Gains for These Altcoins But Warn Against XRP and ADA
12 July 2024 - 4:30AM
NEWSBTC
Amid the recent downturn in the global crypto market, a recent
Crypto Banter Dylan’s Trading Show session has caught the eye with
some bold claims regarding what comes next for Solana and Ethereum
and some negative sentiment on XRP and ADA. Over the past years,
crypto analysts in the industry have been discovering and analyzing
patterns in the market because this could help them predict future
directions. So far, a decrease in Bitcoin‘s dominance is considered
good for altcoins. According to the Crypto Banter Show analyst,
this change could potentially signal more diversified investing in
altcoins and a market bullishness towards lesser-known chains.
Related Reading: Crypto Analyst Says Bitcoin Could Reach $100,000,
But What About Altcoins? Focus on Growth: Altcoins to Watch Despite
the caution against investing in what is labeled ‘dead coins’ like
XRP and ADA, Dylan’s Trading Show analyst expressed a more
optimistic outlook for coins such as Solana and Ethereum. The
analyst noted that if Bitcoin loses dominance, a series of massive
moves upward could be in store for these altcoins. In particular,
he forecasts that Solana could find support levels around $137 to
$139 should the market continue its current momentum without
breaking key technical barriers. As for Ethereum, the analyst
discloses that ETH is approaching a critical juncture at the
200-day Moving Average (MA). If Ethereum breaks through and holds
this level, it will trigger a domino effect to the upside,
positively impacting small-cap altcoins. Should You Stay Away From
XRP and ADA? While the analyst has mentioned XRP and ADA as “dead
coins”— which means they might not have much potential for growth
in the near term, it is worth noting that these assets are
still seeing their share of optimism and bullishness from their
respective community. Earlier today, an analyst revealed the
potential for XRP to experience a massive rally due to the
emergence of “one of the tightest monthly Bollinger Band squeezes
in its history.” According to the analyst, the last time this
indicator was seen, “XRP shot up 60,000%.” On the other hand, ADA
is on the cusp of a new development with the upcoming Chang Hard
Fork. IntoTheBlock states, “before its previous hard fork in 2021,
ADA surged 130%, from $1.35 to $3.10 in just a month.” This signals
a possible price surge for ADA, reminiscent of past gains following
significant updates or forks within the blockchain. Related
Reading: XRP Set To Skyrocket 60,000% On Tightest Bollinger Bands
Ever: Analyst Overall, the updates above from the assets suggest
potential upcoming volatility and price increases for both XRP and
ADA, contradicting the analyst’s view that they are “dead coins.”
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