An analyst who continues to build a following with timely crypto calls says he has his radar locked on three altcoins.

Pseudonymous trader The Crypto Dog tells his 776,300 followers on the social media platform X that he’s bullish on an Ethereum (ETH) challenger and a pair of memecoins as the digital asset market bounces.

“Seems NEAR, WIF and PEPE are my golden tickets right now.”

On Near (NEAR), the crypto analyst says that he unloaded some of his Bitcoin (BTC) and Ethereum holdings to accumulate the ETH rival.

“You might have seen me try NEAR long last month. Didn’t work out with the whole market pullback, but kept my hunch it would outperform when we bottom.

I moved a chunk of spot ETH and BTC into NEAR earlier to ride into new yearly highs. Longed as well but closed too early.”

At time of writing, NEAR is trading for $6.84.

Looking at Pepe (PEPE),  the trader says the memecoin looks strong on the three-day chart.

“One hell of a chart.”

At time of writing, PEPE is worth $0.0000086, up over 6% in the last 24 hours.

As for Floki (FLOKI), the trader says the memecoin looks very bullish on the higher time frame.

“Maybe I should look at FLOKI too, that chart is a monster zoomed out.”

At time of writing, Floki is worth $0.00019, up over 9% in the past day.

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Featured Image: Shutterstock/Rattanamanee Patpong

The cryptocurrency market has been battered by recent storms, with many altcoins experiencing significant price drops. XRP, however, seems to be weathering the tempest with a hint of defiance. While its price has dipped, on-chain data reveals intriguing trends that suggest a potential silver lining for XRP investors.

XRP Accumulation On The Rise: Diamond Hands Or Whale Whispers?

Despite the price decline, a surprising trend has emerged. The number of investors holding between a thousand and 1 million XRP tokens has actually grown by 0.20% over the past month, according to data from Santiment. This could signify a growing population of “diamond hands” – investors who hold onto their XRP despite market volatility, believing in its long-term potential.

However, another possibility exists. The decrease in the number of whales holding between 1,000 and 1 million XRP tokens could indicate these larger investors are consolidating their holdings, potentially accumulating even greater amounts of XRP. This consolidation could be a precursor to future market moves by these whales.

Source: Santiment

Technical Indicators Whisper Of A Price Reversal: Bullish Undercurrents?

Technical analysis paints a cautiously optimistic picture for XRP. The Chaikin Money Flow (CMF), an indicator that tracks the flow of money into and out of an asset, has been trending upwards despite the price decline.

This “bullish divergence” suggests that even as the price falls, there might be a hidden buying force accumulating XRP. Investors might be interpreting the price drop as a buying opportunity, anticipating a future upswing.

Total crypto market cap currently at $2.29 trillion. Chart: TradingView

A Sea Of Uncertainty: Legal Battles And Market Headwinds

While the on-chain data and technical indicators offer some positive signs, it’s crucial to acknowledge the storm clouds still lingering over XRP. The ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC) continues to cast a shadow. The outcome of this case could significantly impact XRP’s price and overall market perception.

Furthermore, the general health of the cryptocurrency market remains a significant factor. If the broader market continues its downward trend, it could drag XRP down with it, regardless of any positive on-chain developments.

A Coin To Watch?

XRP’s current situation is a curious mix of resilience and vulnerability. The uptick in smaller investors and potential whale consolidation suggest some underlying belief in XRP’s future. The technical indicators hint at a possible price reversal, but the legal battle and broader market uncertainties create a complex landscape.

Featured image from VitalMTB, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Cardano (ADA) might be going through a lackluster price action at the moment, but analyst Ali Martinez believes the crypto might be gearing up for a parabolic run. While taking to social media platform X, Martinez talked about an intricate price analysis that ADA investors might find appealing.

Particularly, the analyst noted that the cryptocurrency’s current price formation is showing signs of a comeback, according to its price history.  

Cardano Price History Shows Signs Of Comeback

The price of Cardano has been on a correction path since the middle of March when it peaked at $0.79. Interestingly, current price levels means that the cryptocurrency has corrected over 40% from this peak.

This has led to concerns from some investors about the ADA’s price trajectory for the rest of the years, particularly considering different inactivity concerns and others surrounding the cryptocurrency. However, according to Martinez, this cycle is normal for the cryptocurrency.

The renowned analyst’s take on ADA is based on its historical trend. According to the 1M ADA/USD timeframe chart shared by Martinez, the 50% price drop ADA recorded in the past month could be a golden opportunity for crypto investors to position themselves for a price surge. 

Looking at ADA’s price history shows this may just be a temporary setback before the next rally. A similar price action played out between 2019 and 2020 before the surge to new all-time highs in 2021.

Total crypto market cap currently at $2.29 trillion. Chart: TradingView

After breaking out of a consolidating channel in 2020, ADA went on a 75% surge and then corrected by 56% over three months. This correction was soon forgotten as ADA bounced up and went on an impressive 4,095% bull run to reach its current all-time high of $3.09.

As Martinez noted, a similar price action seems to be playing out. ADA recently broke out of a consolidating channel which played out for almost the entirety of 2023. This break above the channel saw ADA performing a 72% surge before its recent correction.

If history were to repeat itself, ADA might kickstart a parabolic run in May and push up to new highs in the coming months. Martinez predicted a 2,480% price surge to $9.98 within the next nine months. 

History doesn’t repeat itself, but it often rhymes!

If that is the case for #Cardano, we should be positioning ourselves for what’s coming, understanding that the recent price correction might just be one of the last buy-the-dip opportunities $ADA will give you. pic.twitter.com/wlKs7fNhb8

— Ali (@ali_charts) May 3, 2024

What To Expect In Cardano’s Next Bull Run

It is important to note that the crypto market has evolved significantly since 2021 and crypto assets have become less volatile, especially during uptrends. Many things have to be put in place in order for a $9 ADA price to become a reality.

For instance, there needs to be a wider inflow and mainstream adoption of cryptocurrencies. According to crypto prediction website Telegaon, Cardano could reach the $9 price level by the end of the decade. 

Martinez believes the recent price correction might actually be one of the last buy-the-dip opportunities for investors to get on ADA. At the time of writing, ADA is trading at $0.4638 and is down by 1% in the past 24 hours.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.