Cryptocurrency Analyst Sheldon Sniper He recently claimed that this is the last chance to buy altcoins, suggesting that a massive rally could be on the horizon. As part of his analysis, he mentioned which cryptocurrencies could perform well when altcoin season Returns and provide key entry points for those looking to get into these altcoins.
Top Picks for Altcoin Season
in video On his YouTube channel, Sheldon mentioned XRP, Solana, DogecoinInjective and Avalanche are altcoins he is looking to trade. He noted that now might be a good time to start accumulating these tokens as he believes the bottom is near.
Sheldon stated that XRP is showing great strength, indicating that the cryptocurrency could rise significantly from its current price level. The crypto analyst also discussed Solana’s potential, noting how it broke a significant resistance wall after Bitcoin’s July 10 rally.
He mentioned how Solana price dropped from $154 to the $120 range but recover well Since then, the stock has returned to the $140 range. He believes that Solana may soon return to the $150 range and erase all its losses caused by the recent bearish trend in the market. He also highlighted a bullish pattern on Solana’s chart, indicating that it is a long-term consolidation.
Sheldon also stated that Dogecoin It has recently exploded and is looking to retest new highs. For Injective, the crypto analyst noted that the token has broken a long trend and is now fighting a wedge. He claimed that Injective is looking “really good” and offered trading ideas for those looking to get in.
He explained that the range around $20.78 is a good entry point for the stock. Injection Trading, and the stop loss should be set at $20.36. Based on the chart shared by Sheldon, Injective stock could rise to $22 in the near term. AvalancheSheldon revealed that he will seek to trade the token at its current price level and raise it to around $32 or even $36. He also hinted that Avalanche could rise to $50 when the market fully recovers.
Bitcoin Price Action and Its Importance on Altcoins
Sheldon mentioned that Bitcoin is currently facing “tremendous” resistance In the $58,000 range. He claimed this was due to selling pressure About the leading cryptocurrency and the fact that it lost its 200-day moving average (MA) after recent downtrendSheldon noted that Bitcoin has been well above this 200-day moving average for some time, with September 2023 being the last time Bitcoin broke this moving average.
The cryptocurrency analyst said that Bitcoin could continue to trade sideways within the $50,000 range while remaining below the 200-day moving average. He noted that the positives of this price action from Bitcoin are that it could turn Interest in alternative currencies And allows them to achieve a great recovery.
Featured image created using Dall.E, chart from Tradingview.com