A closely followed crypto analyst believes that two altcoins have the potential to skyrocket by as much as 5x before this cycle is over.

Pseudonymous analyst Altcoin Sherpa tells his 228,100 followers on the social media platform X that he’s extremely bullish on the altcoin market.

According to the analyst, even average altcoins will see massive price rallies if conditions turn bullish for crypto.

Specifically, the trader sees the decentralized oracle network Chainlink (LINK) and the layer-1 protocol Algorand (ALGO) printing gains between 400% and 600% before the current cycle comes to a close.

“Market average for sh*tcoins from here on out: probably about 3-5x for this cycle on the low end and 5-10x for prices on the high end.

Meaning: If you buy pretty much anything at this point in time, I expect it to go 3-5x.

Here are two examples with LINK [and] ALGO.” 

Looking at the trader’s chart, he seems to predict that LINK will surge by over 350% to revisit all-time high levels. As for ALGO, Altcoin Sherpa shares a chart suggesting that an over 300% move will not even take the coin close to its all-time high of $3.56.

Turning to the top memecoin Dogecoin (DOGE), Altcoin Sherpa thinks the altcoin is taking a breather before sparking a new leg up.

“This is the bottom you want to see for DOGE in my opinion.

Lots of volatility and a range forming.” 

At time of writing, DOGE is trading for $0.159.

Altcoin Sherpa also names other coins that he thinks will do well once the market enters full-bull territory.

“Mid-cap memes are taking a lot of mindshare and I still think stuff like BONK/PEPE/WIF probably outperforms a great percentage of utility coins. But if you’re looking for utility, I would prob go:

-New coins like EIGEN
-High float/older coins like FTM (+rebrand)
-new infra coming out like monad/berachain
-new coins that came out and down only (never pumped) aka REZ, ZK and those types

Lots of different ways to play the upcoming alt pump; be flexible and prepared.” 

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The cryptocurrency market is witnessing a notable correction ahead of the U.S. presidential election of 2024. As Bitcoin price plunged below the $70,000 mark, the altcoin market is experiencing renewed selling pressure. While the Dogecoin price follows the same momentum, a renowned crypto analyst identified a possible bottom formation for most major altcoins. Currently trading at $0.15, the DOGE hovers at a crucial support zone to regain its bullish momentum for a $0.2 rally.

Dogecoin Price Targets $0.2 as Analyst Spots ‘Bottom Formation’

In a recent tweet, Italian crypto analyst Eliz shares an optimistic yet cautious outlook for the crypto market in the coming week. He believes that most major altcoins are starting to form a temporary bottom after the recent market.

However, Investors are advised to remain patient and vigilant, especially with macroeconomic factors like the upcoming election influencing market sentiment. His analysis highlights a range setup for Dogecoin price, with the potential for a robust entry point if a “mega range” solidifies.

By press time, Dogecoin had traded at $0.15, seeking support from the ascending trendline and $0.14.  If the buyers manage to recuperate the exhausted bullish momentum at $0.143, the price of DOGE could initiate its next recovery leap.

The post-reversal rally could drive a rally to price to $0.02, accounting for a potential gain of 30%.

Large Holders Accumulate Aggressively as 30-Day MVRV Drops to 5.5%

According to santiment data, the large holders with wallet sizes of 10 million to 100 million coins have significantly raised their accumulation from 14.66 billion to 18.97 billion coins, reaching a 30% growth. The aggressive accumulation by large holders often indicates expectations of price appreciation, which could fuel further positive sentiment and attract additional interest from the broader market.

Historical data shows that whale accumulation has often coincided with a major market bottom and bolstered a long-term uptrend.

On the contrary,  If sellers defended the $0.18-$.15 supply region, the Dogecoin price could witness a stalled rally

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.