Analyst: Altcoin Rally is at the Door! Check Out RNDR Coin and These 3

Analist: Altcoin Rallisi Kapıda! RNDR Coin ve Bu 3’üne Bakın
Analist: Altcoin Rallisi Kapıda! RNDR Coin ve Bu 3’üne Bakın

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Bitcoin has been dominant in the cryptocurrency markets for a long time. However, analysts point out that this situation may change in the near future and altcoins may rise. An analyst particularly draws attention to cryptocurrencies such as RNDR coin and DOGE. Here are the details…

What is expected in the market?

Evaluating the markets in the Discover Crypto podcast, analyst Kelly Kellam stated that Bitcoin dominance may break soon and this will be an important signal for altcoins. Kellam predicts that as Bitcoin dominance declines, altcoins will begin to outperform Bitcoin and a broad market rally may occur. The analyst stated that he detected a “bearish divergence” and a broken trend line turning from support to resistance on the chart showing Bitcoin’s dominance rate. This broken trend line intersects with a multi-year resistance point that the market is currently hovering right above.

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Kellam adds that it may take 5-6 weeks for the formation on the weekly chart to reach its peak, but there may be a retreat before the peak. He emphasized that in such stuck formations, price movements usually break at any point after the 70% level.

Focus should be on RNDR coin and these cryptos

Participating in The Sniper Trading program, Kellam explained that one of the most powerful tools in buying altcoins is the normalized strength index (RSI) on the weekly chart. Periods when the RSI value drops below 40% have historically been known as the best time to buy certain altcoins. For example, the best buy zones for Thorchain in 2021 were around $3. After this level, Thorchain rose to $15 and provided investors with a 45-fold return.

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The analyst stated that, in addition to Thorchain, Render is one of the altcoins that have successfully proven this method. The last time Render entered the 40% RSI zone, its price was around $1.4 and later rose as high as $12. Kellam said that Dogecoin and Cardano have entered similar phases, which could indicate significant movements in the near future. He recommended that investors check whether more than one altcoin is in the “best time to buy” zone according to their RSI levels during the decision-making process.

As a result, it is predicted that Bitcoin’s dominance will break down soon and this may be the beginning of a new rise period for altcoins. Analyst Kelly Kellam emphasizes that investors can evaluate altcoin buying opportunities by following the RSI values ​​on weekly charts. However, as always, investment decisions should be made based on personal analysis and market conditions. This news is not investment advice.

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Analyst: Altcoin Rally is at the Door! Check Out RNDR Coin and These 3