A widely followed crypto analyst is bullish on five altcoins following Bitcoin’s (BTC) big push to fresh all-time highs.
The pseudonymous trader known as Credible Crypto tells his 251,200 Twitter followers that whales appear to be accumulating Convex Finance, whose CVX token powers the Curve Finance decentralized exchange (DEX).
“Another million-dollar purchase of CVX from the pros at a price of $21.53 per CVX. Yeah, you’re still early.”
Credible says that XRP is looking strong, despite Ripple’s legal battle with securities regulators in the US.
He expects XRP to turn a historic level of resistance into support, clearing the way for a major rally.
“Can’t get over how great this chart looks. From a technical perspective, I struggle to see how an analyst can make an objectively bearish case for this chart.
When we break up here soon XRP is going to melt faces.”
As for the digital asset of the decentralized public network Hedera Hashgraph (HBAR), Credible Crypto says a new all-time high is in the cards if the asset can clear a remaining hurdle at the $0.47 mark.
“HBAR following the plan beautifully here. Coiling up against the midpoint of this range – I suspect it breaks soon an we head for the range highs at .43. Clear RED and new all-time high incoming.”
The analyst believes Solana (SOL) is also set to reach a new all-time high.
Over the past seven days, the crypto asset rose from $162.60 to as high as $204.30, marking an increase of nearly 26%.
“Note the ORANGE region was the last line of defense before a much larger drop.
It held, BTC broke resistance, and the bearish scenario was invalidated. Prep for new all-time high not just on SOL, but on MANY other alts.”
The trader adds that the bullish crypto market will translate to a price surge in other altcoins, but warns BTC may outperform the market in the short term.
“In case you were wondering, this means full bull on alts too.
Yes, BTC will take the spotlight initially, but alts will soon follow BTC with major rallies of their own.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.