If You’re Looking For An Altcoin To Rise Check Out These 6!

Bitcoin and altcoin prices had some positive developments over the weekend. It seems that cryptocurrencies are struggling to get out of a consolidation pattern. However, as these efforts continue, a problematic market structure remains. Traders looking for clear signals to move can’t find any. Indeed, any major decision at this time poses serious risk to investors. For this reason, market participants best save rather than spend their funds. However, some intrepid investors continue to look for ways to best spend their capital.

Analyst: “These 6 altcoins have the potential to rise”

Despite all these negatives, some altcoin projects seem to have the potential for a bull run. Accordingly, an analyst made predictions that 6 altcoins will rise in the future. AmkNews.com We have compiled these predictions for you.

Bitcoin (BTC)

Although not an altcoin, Bitcoin seems to have the strength to rise. According to a report from Bloomberg, the current volatility in Bitcoin and other cryptos is different. The reason for this is the entry/exit rates linked to virtual currency exchanges. Previously, bear market corrections triggered increased crypto deposits on exchanges, indicating selling intent. Currently BTC is moving into cold storage, possibly for long-term accumulation. That is, it is more likely than ever before that demand will increase as supply decreases. Still, it’s important to understand that rarity alone isn’t necessarily a tool that creates value. People should be willing to buy the underlying asset regardless of its rarity.

For now, the market tells us that BTC, which is priced around $20,000, is not yet an attractive discount. Most notably, stakeholders who are making money at the current price of $20,220 at the time of writing draw attention. At this level, 48% of traders are in profit and 48% in loss. The remaining 4% is neutral. If the Bitcoin price drops further, there is a risk that 48% of the gains will panic. That’s why you have to be careful.

Ethereum (ETH)

One of the interesting developments on Ethereum recently is the profitability of its stakeholders. Unlike Bitcoin, ETH is clearly bullish, with 51% of its holders in profit while only 39% are in loss. The remaining 10% is neutral. Therefore, the leading altcoin has the advantage of falling without causing much panic among investors. However, according to the data, the number of transactions above $100,000 in ETH has dropped significantly. This indicates that fewer whales are trading Ethereum and there is a wider exit from the market. Therefore, the same precautionary approach for Bitcoin applies to ETH at this point.

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Tether (USDT)

One of the main reasons digital asset investors still hold their crypto right now is because we saw a similar period of extreme negativity in the second half of July last year. At that time, Bitcoin briefly fell below the critical $30,000 level. Then, the Blockchain market revived, pushing virtual currencies higher. During this extraordinary rally, stablecoin Tether experienced extraordinary bullish instabilities in its order book. The offers (buy orders) outweighed the demands (sell orders) by roughly a quarter. But this imbalance now creates an enigma. Basically, we don’t know the details about Tether’s dollar reserves. With such fundamental questions and so many people holding Tether coins, a bank running for stablecoins could cause major cracks in crypto. It seems to me that extreme positions in USDT are asking for trouble.

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Ripple (XRP)

Since Ripple faced lawsuits by the SEC, it has been trading at low prices. However, according to the lawyers, the end of this case is near and will result in favor of Ripple. However, we will look at market data as results can come out in both directions. One of the factors I’ve been watching is that XRP saw a significant bullish imbalance in the order book in October of last year in favor of the bulls. Of course, this was when cryptos climbed to another peak in November. The problem is that XRP investors fired their arsenal prematurely (at a high price). This has resulted in less ability to impact the market at the moment. Therefore, it is prudent to be cautious.

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Solana (SOL)

Solana is the most scalable Blockchain platform in the market, trying to replace Ethereum. The altcoin enjoyed tremendous support during the 2021 wild bull run. However, this support has been visibly and has been declining since peaking in early November. At the same time, SOL has experienced a series of rising lows since bottoming on June 13 this year. Can this momentum continue to move forward?

From the order book, we can see that Solana bulls pile on their preferred cryptocurrency ahead of this mini-rally. For a few sessions, the imbalance had a ratio of 2:1 to almost 4:1, favoring the bulls over bearish orders. Therefore, the rise was not necessarily unexpected. However, after such a strong move to the SOL, there is a question as to whether the bulls are enough to continue the attack. The analyst’s main concern is that those with an optimistic outlook are declining.

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Cosmos (ATOM)

Cosmos is drawing a bullish pennant pattern on the long-term chart. However, the model ultimately failed, causing the Cosmos to appear more terrestrial than its brand name. Still, at the time of this writing, ATOM is on the rise both in the last 24 hours and in the week that followed. Surprisingly, the bulls’ optimism for Cosmos can be explained by logical arguments. According to the order book, sales have started to markedly outpace purchase orders since September last year. Also, the imbalance in favor of the bears continued until April of this year. Now, the order book has tightened. This suggests that the bears may be exhausted for the altcoin. That said, it’s worth taking a cautious approach as digital assets tend to follow wherever Bitcoin goes.

What is Cosmos ATOM

Shiba Inu (SHIB)

The Shiba Inu is a hard pill to swallow, even among cryptocurrency advocates. Other blockchain projects have serious ambitions and broader goals to disrupt centralized financial infrastructures. However, the Shiba Inu community focuses on personal enjoyment as they prepare themselves for potential upside opportunities. This is also evident in the order book. During most of its life cycle, the trading dynamics between bulls and bears are very tight. However, the edge belongs to the bulls. While there were sessions showing significant bearish activity, the bulls were willing to buy at the low price.

Shiba Inu (SHIB)

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.