A popular crypto analyst took a look at several leading altcoins versus Bitcoin (BTC) to see which assets could rally once again.
Nicholas Mertentold 511,000 YouTube subscribers in a new strategy session that the recent macroeconomic and geopolitical turmoil has caused altcoin markets to lose momentum.
However, Merten thinks that the current volatility will provide opportunities for the next bull run, which will be led by several altcoins, starting with Ethereum.
“Generally speaking, Ethereum is forming meaningful higher highs. One here in May and the other in December 2021. And higher lows (movement where price doesn’t go below the lowest point, but rise with occasional up and down price action) continue to form.”
Here’s how the DataDash server evaluates Ethereum’s position against Bitcoin (ETH/BTC):
“In almost a year, Ethereum is consolidating horizontally against Bitcoin, forming these higher highs. This is usually an uptrend.”
Binance’s native token Binance CoinThe analyst, who also reviewed , points out that BNB is a giant in the crypto space and a rapidly expanding user base that may soon be reflected in its price.
“Generally consistent resistance here is around 0.012 BTC ($496) for BNB. We can see this trend building up consistently with higher lows, signaling that it could be set for a third retest and a breakout higher.”
Data Dash server then XRPHe also examines .
“While XRP is a controversial game in the crypto space, I would like to stress here with the geopolitical issues currently going on: XRP, and thus Ripple technology, is currently unraveling. [Rusya/Ukrayna] With all the censorship going on around the SWIFT payment network regarding the crisis, it may have a place in the market…
We’ve seen bulls start buying XRP at higher prices against BTC… Even in this time of market fear, if we’re entering a bear market why are people paying higher value for altcoins versus Bitcoin? This doesn’t make sense in general. I think it’s a slight sign of confidence.”
The latest altcoin on Merten’s radar, the scalable decentralized blockchain platform cardano (ISLAND).
“For me personally, this is starting to move towards a price range where I’m looking for some key support levels to test. I’m thinking about 2000 satoshis ($0.78), this is a very important range to look at… to see what happens when the price drops and retests 2000 sato… If this level is broken, it could be a really worrying side for Cardano.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.