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Analyst Names Two Altcoins That Can Soar About 600% This Cycle, Updates Outlook on Dogecoin

Published

4 months ago

November 4, 2024

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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Analyst Says Top-10 Altcoin Has a Massively Bullish Setup, Maps Path Forward for Polygon, Ethena and Algorand

Published

2 months ago

January 17, 2025

admin

A closely followed crypto analyst says that one top-10 altcoin is forming one of the most bullish digital asset market structures around.

In a new strategy session, crypto trader Ali Martinez tells his 108,000 followers on the social media platform X that payments altcoin XRP is forming a bull pennant pattern.

A bull pennant pattern is a continuation pattern where a period of consolidation is often followed by a breakout.

“XRP has one of the most bullish setups in crypto right now after the recent retest of the breakout zone!”

He also says XRP may soar to $10, an increase of more than 217% from its current value, as crypto whales are buying massive amounts of the token.

“XRP is in the middle of a massive bullish breakout… On-chain data reveals that whales have been heavily accumulating XRP. In the last week alone, they’ve purchased over 1.10 billion XRP. This buying pressure is building momentum. XRP has broken out of a bull pennant, a classic bullish pattern. If the buying pressure continues, it could help propel XRP to $10.”

XRP is trading for $3.15 at time of writing, up 18.2% in the last 24 hours.

Next up, the analyst says that Ethereum (ETH) layer-2 scaling solution Polygon (MATIC) is gearing up for a massive move in either direction as it consolidates within a descending triangle.

“Polygon is on the verge of a 40% move! All we have to do is wait for a sustained close outside of the $0.47 to $0.41 range to determine the direction of the breakout.”

MATIC is trading for $0.48 at time of writing, up 7.1% in the last 24 hours.

Next, he suggests Ethena (ENA), a synthetic dollar protocol built on Ethereum, may have avoided a severe correction after surging to reclaim a key support level within a trading range with $1.03 as the upper bound and $0.85 as the lower bound.

“Ethena appears to have broken out of a parallel channel! Failing to reclaim $0.86 as support could trigger a price correction toward $0.69 or $0.57.”

Ethena is trading for $0.94 at time of writing, up 14.1% in the last 24 hours.

Lastly, he suggests layer-1 protocol Algorand (ALGO) is now in a bullish trend after breaking out of the upper trendline of a symmetrical triangle on the four-hour chart.

Symmetrical triangle patterns can either be bullish or bearish – bullish if the price breaks out above the upper trend line and bearish if the price breaks down below the lower trend line.

“ALGO is poised for a potential 60% breakout! A decisive close outside the $0.39-$0.32 range will set the direction of the trend.”

ALGO is trading for $0.44 at time of writing up 20.3% in the last 24 hours.

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