According to one analyst, a mini altcoin season is unfolding with Chainlink and three coins in accumulation mode.
According to Altcoin Sherpa, these coins are ready to explode
Analyst with 184,000 Twitter followers said that Bitcoin is poised to take the market to new lows. However, despite this, he predicts a scenario where some of the major altcoins start a “mini altcoin season”. Sherpa said they are in spool mode for Polkadot (DOT), Chainlink (LINK), Phantom (FTM), and Avalanche (AVAX). If the analyst’s prediction holds true, we will see altcoin prices slowly rise. Here’s how Sherpa explains his predictions:
What if most of these altcoins are in the accumulation phase? I still think it’s one step further down because I see BTC falling but… I’ll be open to a mini alt season if we see something explode and lead the market.
Polkadot (DOT)
Polkadot, on the first chart of Sherpa, is currently trading at $6.31. Accompanied by Bitcoin, it has been on the decline since November. The DOT price peaked at $55.00 on Nov. It is now trading at 88.53% discount from this level.
Chainlink (LINK)
Another project that is in the accumulation range, according to Sherpa, is Chainlink. LINK is currently trading at $7.24, down 88% from ATH,
Phantom (FTM)
Regarding FTM, its Ethereum rival is trading around $0.219, which is not far from the critical support level of Altcoin Sherpa.
Avalanche (AVAX) and Ripple (XRP)
According to altcoin Sherpa’s analysis of the AVAX chart, the smart contract protocol may be forming a double bottom pattern. The analyst also adds that given the right conditions, XRP could be the coin triggering an altcoin rally. While XRP can lead the market, a narrative is often required. The analyst also predicts an upcoming correction for Bitcoin (BTC):
EMAs (exponential moving averages) are catching the price in BTC, which is still in a range. We are still waiting for choppy price action, perhaps another drop to $18,000 soon.
cryptocoin.comAs you follow, Bitcoin remains stable and trades at $19,354.53. In his latest analysis, renowned crypto analyst Plan B reiterated that talk about BTC being dead is a farce. According to the analyst, the current $19,000 to $20,000 should not cause fear in the hearts of investors:
My first Bitcoin investment was ~$400 (yellow circle) in 2015. Most people said bitcoin is dead. My 2nd investment was ~$4000 when I released the S2F model in 2018. Most people said bitcoin is dead. My 3rd investment is currently ~$20,000. Most people say bitcoin is dead.
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