It is impossible not to encounter the comments of analysts while navigating the Bitcoin and altcoin universe. We take shape based on these comments. Sometimes we plan our investment strategy accordingly. At this point, crypto market analyst and co-founder of CBY Capital, Josh Moden, shared his views on 8 altcoins. Here are the details.
Altcoin highlights
Josh Moden says that Bitcoin will bounce off a key support. In a video interview uploaded to YouTube, Josh outlined altcoins that are likely to follow Bitcoin’s pattern when the rally begins. Altcoins identified by Josh include ADA, QNT, RNDR, and RPL. According to Josh, Bitcoin is at a very important point. It observed that the price is close to a key support level in the $25,000 region and a downward wedge. This suggests that Bitcoin’s price could test a lower level before it bounces off the general support level. Josh believes that altcoin ADA’s price action will follow Bitcoin’s trajectory once the rally begins. He noted that altcoin ADA is hovering around a multiple support level that could coincide with Bitcoin’s bounce from the $25,000 region. At the time of writing, ADA was trading around $0.37 with support between $0.35 and $0.36. Josh states that ADA will rise towards $0.42. Accordingly, he predicts that it will potentially reach $0.46 after the bounce.
QNT is another altcoin that Josh believes will follow the pattern of Bitcoin once the rally begins. QNT has already bounced off Josh’s market support around $98. Josh used historical data from the four-hour chart to reveal a unique pattern that confirms this region as confirmed support. Josh predicts that QNT could rise 40% from its current price to $165. The analyst added RNDR to the altcoins that Bitcoin’s rally could drag. RNDR is in an uptrend according to Josh’s analysis. However, he believes the RNDR will pull back to retest the trendline. It also emphasizes that it will eventually rise towards $3.30. This would mean a 23% gain from its current price.
Other cryptocurrencies
Josh added that the RPL, which is trading along an uptrend line, is holding up well. It points to a bearish momentum that puts RPL into a symmetrical triangle formation. According to Josh, a breakout of the triangle will indicate a rapid rally of RPL towards $65. This means a 34% gain from the current market value. Another altcoin is the Injective Token. Injective is a new forward-thinking idea with the potential to disrupt the derivatives market. Also, the INJ token has an important use case. It is supported by a sizable user base with a clear roadmap. On the other hand, Injective Protocol has a solid development team. It is also well funded.
The last group of altcoins is XRP and LTC. The level of adoption of XRP plays a vital role in price movements. While Ripple is positioning XRP as the “banker’s money” in its institutional offerings, recent developments show that reliance on XRP in some products is decreasing. As we mentioned as Kriptokoin.com, the newly launched Liquidity Hub does not benefit from XRP. In addition, Ripple’s CBDC platform also does not enforce the use of XRP. Ripple’s CTO, David Schwartz, said last month that he does not recommend using enterprise products that require XRP to work. This approach gives organizations more flexibility. Moreover, it also presents an opportunity to reduce institutional adoption by pushing XRP into the background.
Institutional adoption
XRP has an impressive individual adoption rate. However, institutional adoption can also catalyze its run. As mentioned earlier, this institutional adoption rate will depend on the decision in the SEC case. The result will either support or oppose altcoin XRP’s $10 target. Michaël van de Poppe, on the other hand, believes that both Litecoin (LTC) and Ethereum (ETH) are on the verge of sparking breakout rallies. According to him, if LTC exceeds $100, a rally is imminent. On the other hand, the analyst also expects a rise for Ethereum. If the $1,903 level is surpassed, Ethereum will start a move towards $2,800.
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