The post Identifying Which Altcoins Will Become The ‘Real Deal’ After Trend Reversal appeared on BitcoinEthereumNews.com.

If history is any indication, Bitcoin and Ethereum are solid for trading and building wealth. But according to one analyst, the real potential for big profits often lies in altcoins. Miles Deutscher shared his analysis on which altcoins look promising for the long term amidst current market dynamics. He said that significant sell-offs often prompt speculation about whether key levels have been breached, leading to questions about the broader market’s trajectory.  He described the setup as one of the clearest long-term opportunities he’s seen, with short-term pressures like selling and macroeconomic trends balancing against longer-term positives like ETFs and upcoming political events. The analyst outlined two main strategies for threading the market: waiting for altcoins to reclaim key support levels or accumulating at major support points.  Watching for breakouts on diagonal trendlines, proposing a strategy of buying on retests and adjusting positions upward, or waiting for potential dips to buy at lower prices and take profits on rebounds were also discussed. He also opened up about a scenario where Solana could drop to $80-$100, intending to accumulate more if such a sharp decline occurs and rebounds. According to Miles, Ethereum and Solana are strong candidates, with Ethereum benefiting from upcoming ETF launches and Solana showing resilience during recent market turbulence.  Meme Coins To Outperform? Discussing the unexpected strength of meme coins during recent market downturns, he pointed to amusing recoveries in popular meme coins like Whiff, Mog Coin, and Popcat. This recovery, he believes, explains a broader trend favoring meme coins in the current market cycle, driven by community engagement and cultural appeal rather than technological promises.  He suggested meme coins could outperform due to liquidity being spread among numerous new tokens, diluting the value of older ones across the market.  The analyst concluded by recommending a thoughtful approach to…

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Filed under: News - @ July 10, 2024 5:24 pm