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- Anjali Belgaumkar
Anjali Belgaumkar
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
- Jul 25, 2024 06:41 UTC
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Analyst Recommends Holding 30-50 Altcoins for Bull Run Profits: Here’s the Top Picks
There’s been a recent market pullback despite the positive ETF inflows. Historical patterns suggest a brief pullback followed by a recovery. Bitcoin shows signs of a bullish divergence and reduced volume, suggesting a breakout. Solana and its ecosystem are performing well, with some tokens breaking weekly trends and showing strong growth potential.
On Crypto Banter’s The Sniper Trading Show, the analyst said that recent chart analyses indicate a bullish divergence in Bitcoin, pointing to a potential bounce if certain support levels are maintained. With volume tapering down, a volume breakout seems imminent, hinting at a major market move on the horizon. Additionally, it’s Bitcoin week, which could bring major announcements and further market movements.
The analyst stresses the importance of being patient and diversified, holding at least 30 to 50 altcoins. Ultimately, the analyst aims to consolidate their portfolio into major cryptocurrencies like Solana, Ethereum, and Bitcoin. The total market cap indicates that altcoins will see significant movement. Here are several coins mentioned by the analyst:
Injective
He said that Injective (INJ) as a token that has broken previous all-time highs and is now retesting, similar to Bitcoin’s historical performance. The analyst sees Injective (INJ) potentially entering a significant upward trend, expecting it to mirror Bitcoin’s previous performance of retesting and then reaching new highs.
Solana
He brought to attention a bullish cup and handle pattern on Solana (SOL) and projects it could reach $800 to $1,000 in the long term, though advises taking profits during significant price increases.
XRP
The analyst believes XRP is in a massive accumulation phase, yet to start its first significant leg up. He suggests it could see substantial gains, although it’s not considered as strong fundamentally as Solana or Injective.
Dogecoin
He said that Dogecoin has broken out of its previous range. Short-term target is around $0.50, based on high time frame Fibonacci retracement. It may rise significantly, but it’s prudent to take profits at resistance levels and leave some for potential further gains.
Other Altcoins
Ethereum is strong for long-term holding, with short-term targets between $3250-$3300 and potential dips to $3100. Altcoins like AVAX, FTM, ADA, LINK, and NEAR are also in favorable zones.
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