Former Goldman Sachs executive Raoul Pal says those who want to invest in the cryptocurrency market should waste no more time. The fund manager relies on several projects on altcoins…
Raoul Pal rings the investment bell for these altcoins
Former Goldman Sachs executive Pal, who is currently the CEO of Real Vision, says it’s a good time to start buying cryptocurrencies. Pal predicts that the advent of what he calls the Exponential Age will explode artificial intelligence (AI) and other innovative technology stocks rising with cryptocurrencies.
He also mentioned that the Fed, which has been raising interest rates rapidly since last year to reduce inflation, should start injecting more liquidity into the markets to stimulate the economy. Such a situation has historically driven crypto prices higher.
Which altcoins will be at the forefront?
Pal also predicts a boom for Ethereum and new 2023 highs for the crypto market as a whole. The seasoned investor predicts that tech stocks will surpass other stock markets and cryptocurrencies will succeed tech stocks. According to Pal, Ethereum is on the verge of confirming his prediction as it threatens to break the resistance level near $1,890.
My thesis is crypto will outperform tech and tech will outperform all other equities.
BTC is up 75% YTD pic.twitter.com/jcPGPkovnJ
— Raoul Pal (@RaoulGMI) June 21, 2023
Pal notes that other aspects of the tech industry are on the rise, including Tesla (TSLA), which is up over 160% year-on-year, and VanEck’s Semiconductor exchange-traded fund SMH, which has risen nearly 60% to date.
IntoTheBlock signals bullish for Litecoin
Crypto analytics firm IntoTheBlock revealed that Litecoin has outperformed on-chain metrics over the past week. The firm reported that Litecoin has recorded a 28% increase in daily active addresses over the past seven days. He states that he saw a 54.6% increase in new addresses in the same time period.
Litecoin’s surge in activity was linked to the third halving cycle, which will coincide with August. Litecoinblockhalf.com states that the upcoming halving is currently expected to occur on August 2, but that date could change.
Crazy comeback in altcoin market: new targets for SHIB, DOGE, PEPE
As quoted by Kriptokoin.com, BTC is seeking new local highs above $30,000 on June 22. Meanwhile, PEPE price broke the descending parallel channel. It then surpassed the critical resistance of $0.00000107 at the 100-D EMA. The token is currently facing a minor bearish move as the RSI turns bearish after marking highs in the overbought zone.
The MACD is still bullish and showing rising buying volume, which could keep the rally higher. Although the price could trigger a thin rally, it would be logical to wait for a break of $0.00000206.
Shiba Inu (SHIB)
SHIB recently fell below the critical support of $0.0000077 as great uncertainty looms over the crypto space. However, over the past few days, the bulls have displayed tremendous bullish momentum and kept the rally high. The price is now back on the uptrend after falling from the downside descending triangle. Therefore, after the pullback, a bullish bullish seems imperative. However, securing levels above $0.00000945 will confirm a recovery. This will push the price above $0.00001.
Dogecoin (DOGE)
Dogecoin has been trading in a descending trend since the year’s peak met rejection at $0.105. Also, the recent bullish pressure pushed the price above the critical falling wedge. The bulls are working hard to test the 0.236 FIB level at $0.07. Unfortunately, the bulls seem to be exhausted at the moment. Therefore, the rise to the next FIB levels is delayed for a while.
Also, the bulls need to maintain their strength at $0.08. Because here the trend is reversing as it has done many times before. Successfully surpassing these levels will pave the way to reach $0.1 in a short time.
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