Consolidation continues in the cryptocurrency market. Leading crypto Bitcoin fluctuates between $61,000 and $63,000. Except for exceptions, altcoins generally exhibit similar movements. However, analysts say some tokens are positioned for explosive growth. Astronomical gains are on the horizon for an altcoin, according to a crypto analyst who follows the market closely. The analyst also shares two tokens he is bullish on.
“This altcoin will experience potentially explosive growth!”
cryptokoin.comAs you follow from , the crypto market has lost its upward momentum for now. There are tokens that see a strong increase due to some specific events. However, these moves lose their effect before they spread throughout the market. But analysts are still hopeful. Veteran crypto analyst Ali Martinez says the local presence of VeChain (VET), a supply chain management project, mirrors the market structure of its previous cycle. If VET continues to follow the scenario, Martinez predicts the altcoin price will post staggering gains of over 1,660% before the end of the year. In this context, the analyst says:
Fractals show that VeChain (VET) is poised for a recovery this summer and will experience potentially explosive growth in the fall.
According to his chart, the analyst predicts VET will rise to $0.60 by the end of 2024. Meanwhile, at the time of writing, VET was trading at $0.0339, up about 1% on a daily basis. However, the altcoin saw a 3.5% loss on its weekly chart.
Analyst predicts a 20% rally for SHIB in the short term!
The market has been following the recent meme coin craze with interest. Naturally, Ali Martinez also has a meme coin on his radar. This is the Shiba Inu (SHIB) trying to push himself beyond this area. The analyst says SHIB is poised for a breakout rally. In this regard, Ali Martinez points out the following levels for the altcoin:
If the Shiba Inu breaks the upper boundary of this descending parallel channel at $0.00002444, SHIB could rise 20% to $0.00002954!
A descending parallel channel is a downward structure that typically indicates that an asset is in a downtrend. At the time of writing, SHIB was changing hands at $0.0000238, up 1% on a daily basis. The altcoin saw a 4.7% increase on its weekly chart.
Ali Martinez: Tom DeMark is bullish on LINK!
Finally, Ali Martinez has the decentralized oracle network Chainlink (LINK) on his radar. According to the analyst, the Tom DeMark (TD) Sequential Indicator is bullish for LINK. Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of the previous 13 bars or candles. The analyst makes the following statement for LINK:
TD Sequential is providing a buy signal on the Chainlink weekly chart, indicating that LINK could experience a rally that will last one to four weeks.
Meanwhile, at the time of writing, LINK was trading at $13.07, down 2.3% on a daily basis. Additionally, the altcoin lost approximately 5.5% on its weekly chart.
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