Renowned cryptocurrency expert Scott Melker shared his insights on the upcoming altcoin bull run in a recent video on his “Wolf of All Streets” Youtube channel. Melker predicts that altcoins will experience a surge in value once Bitcoin (BTC) establishes $28,600 as a solid support level. In the video, Melker highlights several promising altcoins that investors should keep an eye on during this anticipated market upswing. Stay ahead of the game and heed Melker’s expert advice to maximize your investment potential.
Ethereum (ETH)
Melker’s video highlighted ETH as the top altcoin, and currently, its value has decreased by 0.93% to trade at $1,870.46, as per CoinMarketCap. However, despite the 24-hour loss, ETH’s weekly price performance is still positive, standing at +4.15%.
According to the weekly chart analysis of ETH/USDT, the 9-week EMA has recently made a bullish crossover above the 20-week EMA, indicating a medium-term bull cycle for ETH. Furthermore, the weekly RSI for ETH also signals bullish, with the RSI line sloping positively towards the overbought territory. These technical indicators suggest a positive outlook for ETH shortly.
Binance Coin (BNB)
The video highlighted Binance’s BNB token as the next altcoin to watch. Despite facing negative press during this bearish market, Binance has risen above the fear and uncertainty surrounding its exchange platform and BNB. BNB has experienced a slight dip of 0.55% in the past 24 hours, bringing its current value to $311.76.
In line with ETH’s weekly chart, BNB’s 9 and 20 EMA lines have recently intersected. Unfortunately, the current FUD surrounding the Binance ecosystem is having a negative impact on BNB’s price, with bears attempting to push it down. This could lead to a bearish cross between the EMA above lines shortly.
Cardano (ADA)
ADA has successfully secured a spot on the list, joining the ranks of BNB and ETH. However, like its counterparts, ADA has experienced a 24-hour loss in value, as reported by CoinMarketCap. Presently, ADA is trading at $0.3816, reflecting a 1.95% decrease in price. Nevertheless, the altcoin’s weekly performance remains positive, with a growth rate of +0.82%.
As the weekly chart hints at a potential bullish flag, exciting developments are in store for ADA investors and traders. The 9-week EMA line is poised to cross above the longer 20-week EMA line, signaling a promising uptrend. While this is certainly encouraging news, it may be wise for ADA traders and investors to exercise patience and wait for the cross before considering a medium-term long position. By staying vigilant and strategic, investors can position themselves for success in the dynamic world of cryptocurrency trading.
Polkadot (DOT)
Despite its efforts, DOT’s price could not withstand the selling pressure in the volatile crypto market within the past 24 hours, resulting in a slight decline. Presently, DOT is trading at $6.21, down by 2.45%. Consequently, the altcoin’s weekly performance has been reduced to a modest +0.48%.
DOT’s weekly chart is poised to activate a bullish flag, much like ADA’s weekly chart. The 9 EMA line is on the verge of crossing the 20 EMA line, indicating a potential uptrend. However, the current flat movement of these two lines suggests that any medium-term gains may be insignificant.
Chainlink (LINK)
In Melker’s video, the highly regarded oracle data platform, Chainlink (LINK), was given a notable mention. Currently holding the 19th spot in terms of market cap, LINK experienced a slight 1.18% dip in price over the last 24 hours. As of press time, LINK’s price stands at $7.19.
The weekly chart of LINK is poised for a bullish breakout, as its price has successfully breached the 9 and 20 EMA lines on the same chart. This development indicates a positive trend for cryptocurrency, and investors may want to keep a close eye on its performance in the coming weeks.
XRP (XRP)
XRP has garnered a bullish sentiment among investors and traders in recent weeks, thanks to the latest developments in the ongoing legal battle between Ripple Labs and the Securities and Exchange Commission (SEC). As a result, XRP’s price has surged by 1.22% over the last 24 hours, currently trading at $0.5097 at press time.
While XRP’s recent surge above its 9 and 20 EMA lines may raise suspicions of an artificial pump, its weekly chart indicates a bullish trend for the remittance token. However, caution is advised as the weekly RSI indicator shows a peak, suggesting a potential retracement in XRP’s price. As always, it’s important to approach market movements with a professional and analytical mindset.
Stellar (XLM)
XLM, which holds the 25th spot on CoinMarketCap’s roster of top crypto projects based on market capitalization, is presently trading at $0.1053, having registered a 0.20% dip in the last 24 hours. This has caused its weekly price performance to slide further into negative territory, with XLM’s value plummeting by over 5% in the past seven days.
The bullish trend of XLM’s chart has recently been highlighted as the altcoin’s price surpassed the 9 and 20 EMA lines on its weekly chart. Nevertheless, similar to XRP, a peak has emerged in XLM’s weekly RSI indicator, indicating a possible mini-retracement in the next two weeks before another upward movement.
Dogecoin (DOGE)
The video highlighted DOGE as a promising altcoin to keep an eye on in the upcoming altcoin market. DOGE experienced a significant surge of approximately 30% in value when Twitter adopted its icon as its logo. However, the social media giant reverted to its original Bluebird logo, causing DOGE’s value to plummet by 9.85% in the last 24 hours. Presently, DOGE’s value stands at $0.0829.
The price of DOGE surged beyond the 9 and 20-week EMA lines, only to undergo a slight retracement soon after. Despite this setback, the weekly chart for this meme-inspired cryptocurrency remains bullish, with the weekly RSI line crossing over the weekly RSI SMA line. This indicates a positive trend for DOGE and suggests that it may continue to perform well shortly.
VeChain (VET)
VET, a prominent altcoin, has distinguished itself from the crowded crypto market by registering a 2.05% surge in the past 24 hours, as per CoinMarketCap. This impressive feat has further bolstered its already impressive weekly performance, with VET’s total weekly gain standing at +6.68%. Currently trading at $0.02445, VET’s upward trajectory is a testament to its growing popularity and potential.
The VET chart has recently shown a bullish trend, as indicated by the weekly RSI line positioned above the weekly RSI SMA line. The altcoin’s price has also surpassed the 9 and 20-week EMA lines in the latest weekly candle. To make a medium-term long position for VET, traders must wait for the price to break the resistance level at $0.03.
Theta Network (THETA)
THETA, the final contender on our list, has experienced a 1.52% dip in the past 24 hours, resulting in a current price of $1.07. Despite this setback, THETA’s weekly performance remains positive, with a total gain of 5.60%. This trend is consistent with many other altcoins on our list.
Despite the recent bullish signal on THETA’s chart, marked by the 9-week EMA line crossing above the 20-week EMA line, the technical analysis still doubts whether the cryptocurrency has entered a medium-term bullish cycle. A cautious approach is warranted when assessing THETA’s potential for sustained growth.
The rationale lies in the delicate balance between the weekly RSI and weekly RSI SMA indicators, leaving little room for error. Additionally, THETA’s 9-week EMA and 20-week EMA lines maintain a narrow gap, further emphasizing the need for precision in analysis.
A strong indication of THETA’s shift towards a bullish cycle would be the breach of its weekly resistance level, currently hovering at approximately $1.303.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
