The post A Top Analyst Not Bullish on These Altcoins-Will a Fresh Bearish Wave Be Triggered? appeared first on Coinpedia Fintech News
A while ago, very unexpected US CPI rates were announced, wherein the rates were lowered to 3% from the previous 4%. The drop in CPI rates is considered a huge bullish indicator for the crypto space. However, the Bitcoin price continues to stick around $30,500, while some of the altcoins remain largely stagnant.
The Ethereum price also remained less impacted by the recent developments, as it continues to struggle just below $1900. Besides, some of the altcoins are failing to show any major movement and hence fail to attract liquidity. This has compelled the price to linger around the lower support with fewer chances of a bullish breakout.
A popular analyst, Altcoin Sherpa, believes that until Chainlink (LINK) and Polkadot (DOT) do not move around, there is no point in jumping in.
Chainlink is trading within a pre-defined range for over a year and, hence, has lost the trader’s attention. This has hindered the progress of the rally, and hence the analyst believes that the price is required to break out of the range to trigger a decent upswing.
“ 400+ days in a range, I am not buying this one until it breaks the range high. It should be a consistently solid token but it’s going to be a while until this one leads the market,”
Secondly, the analyst speaks about Polkadot (DOT) and believes that the price may remain under the bearish influence as the volume has dropped off from the peak.
“ DOT: I dont think this is a long or a short.
It’s an area that has a lot of volume/trading and it’s fallen so far from the peak that I don’t know if a short has the best R:R.
That said, market structure still v.bearish and this prob underperforms most of the market,”