Ethereum and other top altcoins land in favourable zones; check out the list!
The post Ethereum and other top altcoins land in favourable zones; check out the list! appeared first on Coinpedia Fintech News
On Crypto Banter’s The Sniper Trading Show, the analyst made strong statements about focusing on Bitcoin and Ethereum’s recent movements rather than dwelling on past data. Specifically, he said that Ethereum showed a strong upward movement recently, suggesting potential entry around $3,300 if it reaches that level again.
Regarding Ethereum’s dynamics relative to Bitcoin, the analyst suggested Bitcoin might continue to outperform Ethereum for the next week or two before potentially seeing a reversal. This assessment considers various factors like market sentiment, technical levels such as Fibonacci retracements, and broader market trends.
Keep an eye on these altcoins
He continued by discussing several tokens currently in favorable buying zones, starting with Fantom (FTM), which is approaching the 61.8% Fibonacci retracement level at around 55 to 60 cents. Despite current market redness, this presents an ideal opportunity to accumulate Fantom due to its significant price drop from previous highs and its alignment with key technical indicators like the RSI at oversold levels.
The analyst further projected, “If Bitcoin breaks its all-time high and market conditions improve, my targets for Fantom could see gains of 1.6 to 1.7 times from current levels.
Moving on to Chainlink (LINK), he said that its bounce from the 61.8% retracement level, demonstrating strong support at this level after recent volatility. This indicates a strategic entry point, especially if there’s any further pullback, with suggested investment entries around $14 and potentially $12 if Bitcoin shows weakness.
Regarding Polkadot (DOT), he noted it is currently at the 61.8% retracement level, suggesting it’s a good time to consider buying DOT tokens. He also hinted at the possibility of additional buying opportunities if Bitcoin experiences a temporary dip.
Turning to Matic, the analyst asserted, “Matic is currently sitting at range lows. It seems like a no-brainer to buy Matic here, especially if it aligns with your portfolio strategy.”