Analyst: ADA and XRP are Dead! Check Out These 4 Altcoins

An analysis that is of great interest to altcoin investors in the cryptocurrency markets came from the Dylan’s Trading Show program of the Crypto Banter platform. In the program, the analyst emphasized that monitoring market dominance in altcoin investments is of critical importance. According to the analyst, there is currently a downward trend in market dominance and this is a positive signal for altcoins. This downward trend is manifested by lower peaks, with the ideal scenario being a decline of around 54%.

Analyst surprised with altcoin comment: Don’t get hung up on dead investments like ADA and XRP

The ideal scenario mentioned by the analyst is that there will be a decline in market dominance in the next 24 hours until the Consumer Price Index (CPI) announcement, followed by a strong recovery. This situation may trigger significant upward movements in altcoins, breaking existing trends and creating new peaks. However, the analyst warns investors by underlining not to get hung up on dead investments such as XRP and ADA. The analysis specifically focuses on Solana (SOL). He states that the support level for Solana is in the range of $137-139. If there is weakness at this level, it emphasizes the importance of maintaining the trend.

Losing this support means that the 200-day moving average (MA), 382 Fibonacci level and critical horizontal supports will be exceeded, which will not be positive at all. The analysis takes a closer look at Ethereum (ETH). According to the analyst, Bitcoin was recently rejected from the 200-day moving average. He observes that ETH is approaching this level on the 3-day chart and states that this situation may lead to serious movements in altcoins. If ETH can surpass this level and stay above it, the analyst is targeting the $3350 and $3500 levels.

CPI data is critical for the market

The expected scenario on the horizon is a break in the upward direction, followed by a short-term retreat and, if this scenario occurs, a significant upward movement in altcoins. However, a rejection could herald tough times for altcoins. The analyst expects PEPE to follow a similar path if Ethereum begins an aggressive rise. The plan is to wait for ETH to break through the 200-day moving average and hope this triggers a rise in PEPE as well. The analysis indicates that Bonk is in a similar situation to ETH, remaining at a significant resistance level.

In particular, as we reported as Kriptokoin.com, US inflation data is awaited. The analyst states that since CPI data is on the horizon, he will watch for a pullback to the 382 Fibonacci level in case of weakness. Referring to Fantom (FTM), the analyst points out the existence of a significant resistance by mentioning a recent rise and pullback. The analyst is monitoring FTM for a possible rise if the market moves in a positive direction. The critical entry points for this investment are around $0.45 and $0.42.

Stacks (STX), on the other hand, is breaking the trends and giving bullish pullback signals. The analyst recommends entry for this investment around $1,437, but recommends placing stop orders for possible weakness up to the 618 Fibonacci level. In general, although the analyst’s message to altcoin investors is positive, it should not be forgotten that market dynamics may change instantly. This analysis is not investment advice; investors should always make their investment decisions by doing their own research.

To stay up-to-date with the breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channel