An analyst who precisely referred to as the 2022 crypto collapse says that one token that rallied nearly 280% final week may foreshadow what’s coming for the altcoin market.
Pseudonymous analyst Capo tells his 100,883 followers on the moment messaging platform Telegram that he’s intently watching the native governance asset of the non-fungible token (NFT) market SuperRare (RARE).
In accordance with Capo, RARE’s huge rise from final week’s low of $0.0918 to a excessive of $0.3476 could also be a preview of what’s in retailer for altcoins.
“Principally we’re seeing a correction after a bullish development, just like the one we noticed again in April-July 2021 earlier than bullish continuation. Some tokens like RARE have already damaged this downtrend, with some attention-grabbing pumps. Now… ought to we anticipate the identical for the remainder of the market?
Confirmations are nonetheless wanted, however based mostly on a radical evaluation utilizing numerous strategies and information sources, and as I’ve been saying for a couple of weeks, I imagine there’s a good likelihood of seeing a market restoration with a bullish rally for altcoins.”
Capo’s charts, he appears to foretell that OTHERS, which tracks the market cap of all crypto belongings excluding the highest 10 digital belongings and stablecoins, will witness bullish continuation if it breaks resistance at round $257 billion.
At time of writing, OTHERS is buying and selling for $188.174 billion.
Turning to Bitcoin (BTC), Capo shares a chart suggesting that the crypto king is primed to rally to a liquidity zone between $75,000 and $80,000.
“BTC excessive timeframe chart.”
At time of writing, Bitcoin is buying and selling for $58,444, down almost 2% on the day.
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