Altcoins Like XRP And ADA Are Dead; Analyst Says Focus On These Coins
Release: 2024/07/11 16:33 Reading: 930
Altcoins Like XRP and ADA Deemed Unfavorable While Analyst Recommends Focusing on Emerging Trends
During Crypto Banter's Dylan's Trading Show, an analyst emphasized the importance of monitoring market dominance when trading altcoins. The analyst noted that the current downward trend in market dominance supports altcoins.
However, the analyst advised against investing in "dead coins" like XRP and ADA. Instead, the analyst highlighted promising altcoins, including:
- Solana (SOL): The analyst suggests a support level between $137 and $139. Losing this level would indicate a bearish trend.
- Ethereum (ETH): The analyst predicts significant price action if ETH breaks above the 200-day Moving Average (MA), with targets at $3350 and $3500.
- PEPE: The analyst expects PEPE to follow Ethereum's price movements.
- Bonk: The analyst identifies a resistance zone and recommends monitoring for a pullback to the 382 Fibonacci level.
- Fantom (FTM): The analyst observes a potential bullish move with key entry points around $0.45 and $0.42.
- Stacks (STX): The analyst suggests an entry around $1.437 with stops covering further weakness to the 618 Fibonacci level.
The analyst stressed that a further decline in dominance followed by a strong recovery could trigger significant bullish momentum in altcoins, potentially leading to new highs. However, the analyst cautioned against overextending in altcoins during bearish market conditions.
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