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Altcoins like XRP and ADA are dead; analyst says the focus should be on these coins

Altcoins like XRP and ADA are dead; analyst says the focus should be on these coins

On the Crypto Banter trading show Dylan, the analyst said that when trading altcoins, it is crucial to observe market dominance. Currently, dominance is declining, which is positive for altcoins. This downtrend is characterized by lower highs, and a further drop to around 54% would be ideal.

The perfect scenario involves a further decline in dominance in the next 24 hours after the Consumer Price Index (CPI) announcement, followed by a strong recovery in dominance. This could trigger significant upside in altcoins, breaking trends and reaching new highs. However, he added, “Don’t get caught up in dead coins like XRP and ADA.”

He spoke about Solana (SOL) and said that the support level for Solana is between $137 and $139. If there is weakness, the trend must continue; a loss of that would mean a break below the 200-day MA, the 382 Fibonacci level, and key horizontal supports, which would not be favorable.

Regarding Ethereum (ETH), the analyst noted that Bitcoin recently rejected the 200-day MA. He observes that ETH is approaching this level on a 3-day chart, which could trigger significant moves in altcoins. The analyst is targeting $3350 and $3500 for ETH if it can break the 200-day MA and stay above it.

He is hoping for a bullish breakout, a retest, and if that scenario happens, it could trigger a significant move in the altcoins. However, a rejection could lead to further pain for the altcoins. If Ethereum gets very aggressive, he expects PEPE to follow suit. The plan is to wait for ETH to break the 200-day MA, which could trigger a rise in PEPE.

Bonk noted that it is in a major resistance zone similar to ETH. He will be watching for a pullback to the 382 Fibonacci level if there is weakness, especially given the upcoming CPI data. Regarding Fantom (FTM), he talked about a recent pump and retracement that highlighted a major resistance. He is looking for a potential upside move if market sentiment improves. Key entry points are around $0.45 and $0.42.

Stacks (STX) has broken trends and shown signs of a bullish pullback. The recommended entry is around $1,437 with stops covering further weakness up to the .618 Fibonacci level.