Over the past years, crypto analysts in the industry have been discovering and analyzing patterns in the market because this could help them predict future directions. So far, a decrease in Bitcoin‘s dominance is considered good for altcoins.
According to the Crypto Banter Show analyst, this change could potentially signal more diversified investing in altcoins and a market bullishness towards lesser-known chains.Focus on Growth: Altcoins to Watch
Despite the caution against investing in what is labeled ‘dead coins’ like XRP and ADA, Dylan’s Trading Show analyst expressed a more optimistic outlook for coins such as Solana and Ethereum. The analyst noted that if Bitcoin loses dominance, a series of massive moves upward could be in store for these altcoins.In particular, he forecasts that Solana could find support levels around $137 to $139 should the market continue its current momentum without breaking key technical barriers.
As for Ethereum, the analyst discloses that ETH is approaching a critical juncture at the 200-day Moving Average (MA). If Ethereum breaks through and holds this level, it will trigger a domino effect to the upside, positively impacting small-cap altcoins.
Should You Stay Away From XRP and ADA?
While the analyst has mentioned XRP and ADA as “dead coins”— which means they might not have much potential for growth in the near term, it is worth noting that these assets are still seeing their share of optimism and bullishness from their respective community.
Earlier today, an analyst revealed the potential for XRP to experience a massive rally due to the emergence of “one of the tightest monthly Bollinger Band squeezes in its history.” According to the analyst, the last time this indicator was seen, “XRP shot up 60,000%.”
On the other hand, ADA is on the cusp of a new development with the upcoming Chang Hard Fork. IntoTheBlock , “before its previous hard fork in 2021, ADA surged 130%, from $1.35 to $3.10 in just a month.” This signals a possible price surge for ADA, reminiscent of past gains following significant updates or forks within the blockchain.
Overall, the updates above from the assets suggest potential upcoming volatility and price increases for both XRP and ADA, contradicting the analyst’s view that they are “dead coins.”