Ethereum and other leading alternative cryptocurrencies find themselves in positive territories see the full list
During the latest episode of Crypto Banter’s The Sniper Trading Show, the analyst emphasized the importance of focusing on the current movements of Bitcoin and Ethereum rather than dwelling on historical data. Specifically, he highlighted Ethereum’s recent strong upward trend, indicating a potential entry point around $3,300 if it reaches that level again.
In terms of Ethereum’s performance compared to Bitcoin, the analyst suggested that Bitcoin may continue to outperform Ethereum in the coming week or two before a possible reversal. This assessment takes into account factors such as market sentiment, technical levels like Fibonacci retracements, and overall market trends.
The analyst then shifted focus to several altcoins that are currently in favorable buying zones, starting with Fantom (FTM). With Fantom nearing the 61.8% Fibonacci retracement level at approximately 55 to 60 cents, despite the current market downturn, it presents a good opportunity to accumulate Fantom due to its substantial price drop from previous highs and alignment with key technical indicators like the oversold RSI.
Looking ahead, the analyst projected potential gains of 1.6 to 1.7 times from current levels if Bitcoin surpasses its all-time high and market conditions improve for Fantom.
Moving on to Chainlink (LINK), he noted its bounce from the 61.8% retracement level, showcasing strong support at this point following recent volatility. This suggests a strategic entry opportunity, particularly in the event of further pullback, with recommended investment entries around $14 and possibly $12 in case of Bitcoin weakness.
Regarding Polkadot (DOT), the analyst pointed out that it is currently at the 61.8% retracement level, indicating a favorable time to consider purchasing DOT tokens. He also hinted at potential additional buying opportunities if Bitcoin experiences a temporary decline.
As for Matic, the analyst stated, “Matic is currently at range lows. It appears to be a wise decision to buy Matic at this point, especially if it aligns with your portfolio strategy.”
In conclusion, the analyst’s insights shed light on the current market dynamics of these altcoins, offering strategic entry points and considerations for potential gains in the future.