Altcoins Like XRP And ADA Are Dead; Analyst Says Focus On These Coins (2024)

Anjali Belgaumkar

Anjali Belgaumkar
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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 11, 2024 14:03 UTC
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Technical Analysis: Solana and Ethereum

The perfect scenario involves a further drop in dominance in the next 24 hours into the Consumer Price Index (CPI) announcement, followed by a strong recovery in dominance. This could trigger significant bullish moves in altcoins, breaking trends, and establishing new highs. However, he added that “Don’t get trapped in dead coins like XRP and ADA.”

He discussed Solana (SOL) and said that the support level for Solana is between $137 and $139. If there’s weakness, the trend must hold; losing this would indicate a break below the 200-day MA, the 382 Fibonacci level, and key horizontal supports, which would not be favorable.

Regarding Ethereum (ETH), the analyst observed that Bitcoin recently rejected off the 200-day MA. He is watching ETH approach this same level on a 3-day chart, which could trigger significant moves in altcoins. The analyst is targeting $3350 and $3500 for ETH if it can break and hold above the 200-day MA.

Analyzing Specific Altcoins: Fantom, Stacks, and More

He is looking for a bullish breakout, a retest, and if this scenario plays out, it could trigger a significant move in altcoins. However, a rejection could lead to more pain for altcoins. If Ethereum becomes very aggressive, he expects PEPE to follow suit. The plan is to wait for ETH to break the 200-day MA, which could trigger a rise in PEPE.

For Bonk, he noted that it’s sitting at a major resistance zone similar to ETH. He will monitor for a pullback into the 382 Fibonacci level if there’s weakness, especially with CPI data on the horizon. Talking about Fantom (FTM), he discussed a recent pump and retracement, bringing to attention a major resistance. He’s watching for a potential bullish move if market sentiment improves. Key entry points are around $0.45 and $0.42.

Stacks (STX) has been breaking trends and showing signs of a bullish pullback. The suggested entry is around $1.437, with stops covering further weakness down to the 618 Fibonacci level.

Also Read : List Of Top Four Undervalued Altcoins Worth Looking Into