A widely followed cryptocurrency analyst and trader is leaning bullish on XRP.

The analyst pseudonymously known as CredibleCrypto tells his 450,200 followers on the social media platform X that paired against Bitcoin (BTC), XRP “looks absolutely fantastic.”

The trader says he plans to enter a long position in the coming days.

Based on the analyst’s chart on the one-hour time frame, it appears he is suggesting that XRP could first trend downwards before skyrocketing by at least 65%.

It also appears that the analyst believes XRP has formed an inverse head-and-shoulders pattern in the same time frame. An inverse head-and-shoulders pattern is considered a bullish signal in technical analysis.

“Still the most bullish-looking chart in the entire space off the lows in my opinion. Just a powder keg building pressure…”

XRP is trading at 0.00002323 BTC ($2.28) at time of writing.

Next up is Ethereum (ETH). CredibleCrypto says that ETH is likely to trade in a range of between $3,000 and $3,800 before bottoming out at around $2,800.

Based on the pseudonymous analyst’s chart on the 12-hour time frame, he suggests Ethereum could then rally to a new all-time high above $6,000.

Ethereum is trading at $3,492 at time of writing.

Turning to the Ethereum/Bitcoin pair, the widely followed analyst says he is still targeting Ethereum to drop to around the 0.02700 BTC to 0.02800 BTC level before he can enter a long position. According to CredibleCrypto, ETH/BTC is now “grinding back down” after initially rallying.

“Would be an absolutely epic entry if we get it that will probably mark this cycles pico bottom on ETH/BTC as well.”

ETH is trading at 0.03542 BTC at time of writing.

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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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A widely followed crypto analyst is identifying the downside price target for smart contract platform Cardano (ADA) if it undergoes another correction.

In a new video update, crypto strategist Benjamin Cowen tells his 849,000 YouTube subscribers that if the Federal Reserve doesn’t bring back quantitative easing (QE), then ADA could continue to slip.

“There’s also a chance [ADA] could go lower, especially if it follows what it did last cycle… If it were to drop 56%, that would actually put you below $0.60, which is right where it went last time…

There’s always a chance that it comes back down to [the $0.357 price level], because [Fed Chair Jerome] Powell just says ‘no QE, continue on playing in the sandbox and the cryptoverse and we’ll give you QE sometime later.’ There’s a chance that happens.”

Quantitative easing is when a government’s central bank purchases financial assets to increase the money supply and stimulate economic activity.

Cowen goes on to say that ADA’s technical indicators, such as its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA), are lining up with the theory that the crypto asset could see another sizeable dip.

“The other thing to look at is the bull market support band. The bull market support band for ADA to Bitcoin – you can see that first of all, it wicked below it [in mid 2023] but it had a weekly close right around the 20-week SMA. [Earlier this year] it was just above the 21-week EMA, so I would also keep an eye on that.

The 20-week SMA for ADA is around $0.56 [and] the 21-week EMA is around $0.67, so that would also correspond to [a price tag of around $0.53].”

ADA is trading for $0.89 at time of writing, a 3% increase during the last day. On December 2nd, it was valued at $1.21.

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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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The creators of the crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week’s market correction.

Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 63,400 followers that “altcoin season,” which they say began in late November, could come to an abrupt end after alts witnessed deep pullbacks over the last seven days.

According to the Glassnode co-founders, traders and investors will likely have a risk-off approach on altcoins unless Bitcoin recovers a key psychological price point.

“Is This the End of Altcoin Season?

Bitcoin dominance is surging after dipping below $100,000, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.

If BTC stabilizes above $100,00, we might see a pump in altcoins now in accumulation zones. Until then, Bitcoin appears poised to lead, leaving altcoins lagging behind.”

The Bitcoin Dominance (BTC.D) chart tracks how much of the total crypto market cap belongs to BTC. In the current state of the market, a surging BTC.D suggests that altcoins are losing value faster than Bitcoin.

At time of writing, BTC.D is hovering at 59%.

Looking at Bitcoin itself, the Glassnode executives say long-term Bitcoin holders are massively unloading their holdings as other investor cohorts pick up the slack.

“The Board Keeps Shifting. 

As BTC continues flowing out of exchanges during this dip, long-term holders are exiting forcefully, while short-term holders step in without hesitation.

Whales quietly accumulate, miners remain neutral, and selling pressure has merely reshuffled the board.

New hands are absorbing the sales.”

At time of writing, Bitcoin is worth $97,246.

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