• 29 May, 2024
Market News News

14 Altcoins Nearing the Ultimate Trade Zone; Analyst

Kyle du Plessis, the host of Crypto Banter, the live crypto streaming channel covering Bitcoin and crypto stories shared 14 altcoins nearing their ultimate trade zone, adding that it is time to prepare for profits. The mentioned altcoins include PEPE, STX, SOL, AVAX, LINK, RUNE, GNS, GMX, OP, AR, DOGE, Atom, Vulcan Forged (PYR), and NEAR.

PEPE

Memecoin PEPE has created history by soaring over 501% in the last fourteen days, as per CoinGecko (CG). Kyle believes coins like PEPE are gambles, but opined the probability exists that this uptrend might continue given that Bitcoin (BTC) is selling-off and even when BTC does reverse.

Kyle suggested that while purchasing PEPE, do it bit by bit with caution and dollar cost averaging (DCA) into the position. He advised investors to put the stop loss below the previous day’s open price and every single day the stop can be raised. PEPE is trading at $0.00000109 at press time, per CG data.

Stacks (STX)

On the normal head and shoulders trading pattern of STX, Kyle noted while the right shoulder was small, the pattern was still playing out. At press time, STX is trading at $0.701629 with an all-time high (ATH) of $3.39, as per CG. Its 24-hour trading volume is $41,808,794 with a market capitalization (MCAP) of $968,064,580.

Solana (SOL)

Kyle said Solana (SOL) is following a strong downtrend with horizontal levels but touching the support level is expected for an ensuing upswing. Kyle technically suggested longing SOL with a stop-loss below the $20.27 wick, upon losing which the $18 and $16 levels are expected. SOL is trading at $22.30 on CG with an MCAP of $8,699,228,462 and a 24-hour trading volume of $372,620,401.

Avalanche (AVAX)

Having previously identified and communicated the huge amount of resistance with AVAX, Kyle believes it is still range-bound. AVAX is trading at $16.84 on CG with an MCAP of $5,539,859,223 and a 24-hour trading volume of $139,286,611.

ChainLink (LINK)

Kyle noted that LINK is targeting the bottom range of $5.45. LINK is trading at $6.91 on CG with an MCAP of $3,570,605,599 and a 24-hour trading volume of $161,452,536.

THORChain (RUNE)

While RUNE is following a strong downtrend, it is still at an interesting level, Kyle noted. He said RUNE is holding below the previous range low and might enter a diagonal trend line (which, if lost, could lead to a catastrophic uncapitulation en route for RUNE). RUNE is trading at $1.31 on CG with an MCAP of $395,903,316 and a 24-hour trading volume of $22,401,954.

Gains Network (GNS)

While previously GNS held a diagonal pattern, it looked like it could break that zone but straight rejection ensued taking it below the range at $4.25. GNS is trading at $5.56 on CG with an MCAP of $170,128,920 and a 24-hour trading volume of $11,932,655.

GMX

Quite similar to GNS, GMX is also approaching below the range level at around the $60 zone, said Kyle. GMX is trading at $70.05 on CG with an MCAP of $608,095,849 and a 24-hour trading volume of $15,428,580.

Optimism (OP)

Kyle said OP is in a bad condition. He reasoned that OP deviated quite considerably from its primary range to form a complacency bounce only to get back into its range, upon breaking which, it could accelerate downwards very quickly. OP is trading at $2.13 on CG with an MCAP of $670,054,006 and a 24-hour trading volume of $86,963,811.

Arweave (AR)

As per Kyle, AR is all the way below its range lows as it couldn’t show strength to hold and is now approaching the diagonal. He further opined that the more times AR hits the resistance levels or support levels the more likely it would be to crack through those zones. AR is trading at $7.57 on CG with an MCAP of $379,293,878 and a 24-hour trading volume of $7,766,406.

Dogecoin (DOGE)

DOGE lost the mid-range after which a big push-up and pump followed coupled with a selling-off to precisely reach the range lows at the $0.067 level, said Kyle. DOGE is trading at $0.078849 on CG with an MCAP of $10,958,888,596 and a 24-hour trading volume of $308,551,185.

Cosmos (ATOM)

Kyle said ATOM looks okay but it is unsure if it would be able to hold up against the market. While ATOM is holding the diagonal trend line it is coming towards the horizontal resistance as it entered into a long trade. ATOM is trading at $11.03 on CG with an MCAP of $3,228,674,511 and a 24-hour trading volume of $106,005,958.

Vulcan Forged (PYR)

Approaching a diagonal trend line right at the bottom of the range, Kyle said PYR is potentially coming toward the $2.90 price level. PYR is trading at $3.36 on CG with an MCAP of $80,261,212 and a 24-hour trading volume of $3,827,050.

NEAR Protocol

As per Kyle, NEAR is also nearing the range lows which could hold up for a long time in an accumulation (oscillating) phase. NEAR could give investors (not traders) an opportunity to long if it comes below the range low and does not break the previous range lows, Kyle noted. NEAR is trading at $1.85 on CG with an MCAP of $1,646,468,024 and a 24-hour trading volume of $54,204,114.

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