Analyst Scott Melker Looks At These Top Altcoins This Season
The duo were rather bearish on Fetch.ai despite its recent gains, suggesting that the interest in AI was merely a trend waiting to be usurped.
On the flipside, the show highlighted Binance Coin and Render as two strong options for investors seeking altcoins to add to their portfolios.
‘Tis the season… Everyone’s favourite time of year, altcoin season, may be back upon us. While Ethereum and Bitcoin have largely taken centre stage for most of 2024, several altcoins are starting to flex their muscles over the past week. Tron (TRX), Kaspa (KAS) and Filecoin (FIL) are three strong performers in what’s been a mostly bearish seven-day span of trading. However, crypto analyst Scott Melker (who goes by the handle The Wolf of All Streets) has a few other ideas for coins that will excel (or not) in the next bull market.
Render to Lead the Pack While Solana Showing Bearish Signals
Before diving into his picks for the top altcoins, Melker and his guest ZeroHedge emphasised the importance of patience during pullbacks. On a micro level, Bitcoin has had a rough week – down 1% even with excellent inflows still pouring into spot ETFs. However, given the speed of Bitcoin’s current run-up, periods of consolidation are to be expected, and Melker argues that overreacting to small downticks can result in missing out on profits.
Bitcoin (BTC), weekly graph, source: CoinMarketCap
Fetch.ai is the first altcoin the analysts discussed – and given the release of Sora AI and the advancements made in this space, it’s easy to see why they’re hyped. The project’s native token, FET, has jumped 86% over the past month. However, while the coin may be set up for further gains in the immediate future, Melker was not so bullish, suggesting that the AI craze within crypto is a bubble and will give way to the next trend throughout 2024.
Next, Melker dove into the Solana charts – one of the most popular altcoins in the crypto market. According to their technical analysis, both Melker and ZeroHedge believe that the signals are suggesting an impending drop for SOL, at least in the short term. He suggests that if Solana were to break out into a bear run, that USD $84 and $75 would be two support levels to target for re-entry.
On a more positive note, the video also looked at several trending altcoins that they believe have a better future on the horizon – with Render (RNDR) being one of their favourites. Render is enjoying a significant breakout, up 6% in the past 24 hours alone and monthly gains of 75%. According to Melker, this may be just the beginning of a longer-term uptrend.
https://twitter.com/TheRealD0c/status/1760214020341285363
The analysts were also very bullish on Binance Coin (BNB) – citing Binance’s tenacity during the SEC trial. The market has reacted positively to the company’s moves despite the potential dangers of regulatory enforcement and the recent dismissal and indictment of Changpeng Zhao.
The post Analyst Scott Melker Looks At These Top Altcoins This Season appeared first on Crypto News Australia.
Filed under: Bitcoin - @ February 22, 2024 7:00 pm