Analyst Miles Deutscher took to his latest video and said that it was initially expected that the market would peak around November-December 2024. However, the current prediction suggests a more realistic peak in 2025 due to a recent market slowdown and pause in private funding and new launches. According to him, this slowdown has bought valuable time, which should be capitalized.
The expert categorized the altcoins into major groups, with Ethereum (ETH) and related tokens leading the discussion. Ethereum’s upcoming ETF launch on July 7th is expected to boost its market performance. As Ethereum continues to make higher lows and hold key support levels, it remains a strong candidate for long positions in the near term.
He talked about some Ethereum tokens he’s watching. Ondo is forming a flag pattern on the 4-hour chart with support around $1.15. He’s watching closely to see if it can break through this level, potentially aiming for $1.30 if it does.
Another token, Lido, tried to break out but faced resistance near key levels, influenced by regulatory news. He’s interested to see how it reacts at support levels, considering the risk of liquidation.
The analyst also brought to attention the strong performance of meme coins lately, especially cat-themed ones. He noted the growing preference for meme coins among retail investors, suggesting they might be worth considering despite any personal reservations. Despite being in a downtrend, he said that Pepe is forming an interesting pattern, suggesting a possible breakout if it surpasses critical resistance levels.
Miles added that specific sectors identified for potential growth include decentralized internet (Deepin) and artificial intelligence (AI) projects. Deepin projects like World Mobile Token (WMT) aim to democratize internet access globally, presenting promising long-term growth potential. Meanwhile, AI projects such as Aether and upcoming networks like Allora are positioned to revolutionize the decentralized AI landscape. These projects are expected to command attention and valuation in the market.
Also Read: Crypto Market Report Q2 2024: Solana and Litecoin Attract $3M Combined Inflows Last Week
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