May 8, 2024 11:03 AM | 2 min read |
Pseudonymous crypto trader Kevin sees altcoins likely struggling ahead of a significant price movement.
What Happened: The trader took to X to share his analysis of the top 150, noting that these altcoins find it difficult to break back above the macro Golden Pocket.
He also pointed out that we are on the brink of witnessing the first-ever weekly golden cross of the 50 Simple Moving Average (SMA) crossing the 200 SMA. This phenomenon, according to Kevin, could trigger sharp dips and periods of consolidation before a significant movement occurs.
The trader expressed his belief that the most explosive part of the crypto market is yet to come. His predictions are based solely on chart analysis, without any personal bias.
Also Read: Is This The Time To Buy Altcoins? Crypto Researcher Sees These ‘2 Main Options’
Why It Matters: Kevin’s analysis provides valuable insight into the current state of the altcoin market. He explicitly mentions Dogecoin (CRYPTO: DOGE), Ripple (CRYPTO: XRP), Solana (CRYPTO: SOL) and Avalanche (CRYPTO: AVAX) in his post.
However, the impending Golden Cross could signal a potential turning point. Historically, such crosses have often preceded significant market movements. Therefore, Kevin’s prediction of an impending explosive phase in the crypto market could be a crucial development for investors and traders to watch.
In another tweet, prominent trader Michaël van de Poppe stated that he is still heavily allocated into altcoins, despite not being able to time the exact bottom. He adds, “You’ll be allocated into a position, and you’ll need to be patient until it reverses, that’s how things go.”
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Is It Time For Altcoins To Shine? Expert Predicts Uptick For DOGE As BTC Finds Solid Ground
Image: Shutterstock
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Read More: With Altcoins At First Ever ‘Weekly Golden Cross’, This Prominent Trader Remains ‘Heavily
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