Crypto Traders Who Ignore These Trends Could Miss Out, Says Analyst
The crypto market looks great today with the most important coins trading in the green.
Bitcoin is also trading in the green and at the moment of writing this article, the king coin is priced at $9,580.83.
Altcoins are waiting for a pullback
It’s been recently revealed that YouTube’s most popular Bitcoin analyst just issued a warning that altcoins are waiting for a pullback.
During a new episode of DataDash, analyst Nicholas Merten said that the altcoin market cap is about to reach a key level that will be signaling a short-term retracement.
“As much as altcoins have been on a great uptrend since back here in early May, we have gone from around 31% dominance to 36.5%, so basically adding 5.5% dominance in the market and growing a sizeable share. I think it is at a time period here in the short term that we are probably going to see a cool down here over the next few weeks,” he said as cited by the Daily Hodl.
He continued and said: “Taking a look here at the weekly chart, we are entering towards a very key percentage level. That is around 38% here. Why is 38% or the upper 37% range important? It’s where we set the last time over here back in February where we topped down altcoin dominance.”
He said that this was also where previous support was back in September 2018 and May 2019. He explained that back then there was also crazy volatility, and intense upwards and downward moves. This is the place where altcoins peaked.
Make sure to check out the video in order to find out what more he had to say about the issue.
Recently we talked about three altcoins that investors seem to be buying these days.
New analysis from the Liechtenstein-based Crypto Research Report revealed that crypto whales are actively accumulating three altcoins: Aave (LEND), Ren (REN), and Kyber Network (KNC).
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.