As a researcher with a background in cryptocurrency analysis, I find Sheldon The Sniper’s recent analysis intriguing, especially his predictions for the altcoin season and top picks for potential altcoin gains. Based on my understanding of the market, Sheldon’s analysis aligns with some trends I have observed.
Sheldon The Sniper, a renowned crypto analyst, has expressed his belief that this is the final opportunity to purchase altcoins before a potential massive rally ensues. In support of his assertion, he highlighted several crypto tokens expected to excel during the upcoming altcoin season and offered suggested entry points for investors aiming to capitalize on these opportunities.
Top Picks For Altcoin Season
Sheldon discussed in a YouTube video that he’s considering trading XRP, Solana, Dogecoin, Injective, and Avalanche, which are cryptocurrencies he referred to as altcoins. He expressed his belief that the prices of these tokens might be close to reaching their bottom, suggesting it could be an opportune moment for potential investors to begin purchasing them.
As a crypto analyst, I’ve observed Sheldon expressing his optimistic viewpoint regarding XRP. According to him, XRP is demonstrating robustness and could experience a substantial bounce back from its current price point. In relation to this, I’ve also taken note of Solana’s promising potential. Following Bitcoin‘s surge on July 10, Solana successfully breached an essential resistance barrier.
I’ve observed that Solana experienced a significant decline from reaching a peak of $154 down to the $120 range. However, it has managed to bounce back and currently sits around $140. The market analyst I spoke with is optimistic about Solana’s potential to regain its lost ground and reach the $150 mark once again. Furthermore, he pointed out a bullish chart pattern that indicates a long-term investment opportunity for Solana.
Sheldon pointed out that Dogecoin has recently surged past previous highs, intending to revisit these peaks once more. On the other hand, Injective’s crypto analyst indicated that the token had shattered a prolonged trendline and was now grappling with a wedge formation. He expressed optimism towards Injective, offering suggestions for those considering investment entry.
Sheldon identified $20.78 as an optimal entry point for Injective with a stop loss at $20.36 based on the chart he presented. The token could potentially reach $22 in the near future, according to his analysis. Regarding Avalanche, Sheldon expressed his intention to trade at its current price level and anticipates it climbing up to around $32 or even $36. Moreover, he suggested that a fully recovered market might push Avalanche’s price as high as $50.
Bitcoin’s Price Action And Its Significance On Altcoins
Sheldon pointed out that Bitcoin is encountering significant opposition at the $58,000 level according to him. He attributed this resistance to the substantial selling force pushing down on Bitcoin and the loss of the 200-day Moving Average (MA) following a recent decline in its price. Notably, Bitcoin had been above this MA for an extended period with September 2023 marking the last instance when it dipped below this key indicator.
As a crypto investor, I’ve noticed that Bitcoin has been trading sideways within the $50,000 range lately, and I believe this trend may continue as long as it stays below its 200-day moving average. This price action could have some advantages for Bitcoin, though.
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2024-07-12 04:41