Crypto Banter, a popular trader among crypto enthusiasts online, recently posted a video on Youtube sharing his outlook on the crypto market. According to the trader/influencer, altcoins were poised for a rally following the hike in Bitcoin’s price over the past 24 hours.
During his live stream earlier today, Crypto Banter performed technical analysis on dozens of altcoins to determine which of them may begin an uptrend in the near future. According to the crypto trader, the 2.3% rise in Bitcoin’s price could trigger an Altcoin rally.
Data from CoinMarketCap showed that several altcoins had already seen a considerable hike in their price. Solana (SOL) rose more than 7% over the past 24 hours. Polkadot (DOT) gained 2% while Bitcoin Cash (BCH) gained 3.7%. Meanwhile, the native tokens of decentralized protocols CurveDAO and Maker added 5% and 4.1% respectively.
Crypto Banter’s technical analysis of Fantom’s native token FTM revealed that the altcoin was poised for a rally in the short term. Data from Coinglass showed that the long positions outweighed the short positions over the past 24 hours, revealing traders’ confidence in FTM.
The altcoin’s bull case was further strengthened by its On Balance Volume (OBV) at the time of writing, which had a reading of 19.02 million. A positive OBV is usually indicative of a rally shortly. At the time of writing, FTM was trading at $0.30, with a 43% increase in its daily trading volume.
Crypto Banter also performed technical analysis on Chainlink’s native token LINK, which gained more than 6% over the past 24 hours. According to the crypto trader, LINK was in a strong position and looked poised for an uptrend in the short term.
However, technical data gathered from TradingView showed that LINK had a negative On Balance Volume of 4.5 million, which indicated downward movement in the short term. The bear case was strengthened by the put positions that crypto traders had lined up for the altcoin.
