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Altseason is here, whether you’re ready or not!
Bitcoin’s dominance is on the decline as the Ethereum Shapella/Shanghai upgrade has kickstarted the long-awaited altcoin season. With top meme coins already showing signs of decoupling, crypto cash flow is expected to shift towards altcoins in the coming weeks. Additionally, in a promising sign for altcoin investors, Binance, the largest centralized crypto exchange, has recorded a positive net balance of Bitcoin, with 7,101 BTCs in deposits over the past seven days.
Altcoins To Watch
In a series of tweets, popular crypto analyst @MikybullCrypto detailed a list of large-cap altcoins with breakout potential in the coming weeks.
Read on as dive deep into understanding all his recommendations and providing a fair analysis so you can make good investment decisions.
According to the analyst, BNB has a high probability of breaking out of an ascending triangle soon. Furthermore, the asset has retested the upper side of the ascending triangle severally since June last year. The fourth largest digital asset by market capitalization gained approximately 8 per cent in the past seven days to trade around $344 on Tuesday. The analyst gave a BNB price target of $450.
Chainlink (LINK) is another altcoin pointed out to have a high probability of a near-term breakout. Having consolidated in the same range since May 2022, the analyst is convinced the asset will soon explode to trade between $15 and $18.
Ethereum-based layer 2 scaling solution Arbitrum’s (ARB) is another altcoin with a high chance of breaking out soon. Trading around $1.75, up about 6.9 per cent on Tuesday, the analyst issued a short-term price target of around $2.5 and $2.8
With a price target of about $50, the analyst insisted Avalanche (AVAX) is ready for a big move on the higher timeframe.
Near Protocol (NEAR)
The analyst argued that the NEAR price will have to work on the resistance level around $3 to guarantee an upsurge towards $8.