How Quickly Are Altcoins Rising Compared to Bitcoin?
- WBOYOriginal
- 2024-06-27 20:47:52446browse
On the Discover Crypto podcast, analyst Kelly Kellam mentioned that he expects things to move up soon, though he's unsure if it will be explosive growth.
Analyst Kelly Kellam anticipates a broad market rally and expects altcoins to start outpacing Bitcoin soon, based on observations from the Bitcoin dominance chart. He suggests that a breakout in altcoins could occur over the next five to six weeks.
Additionally, Kellam highlights the usefulness of the normal relative strength index (RSI) on the weekly chart for identifying altcoins to buy. Historically, altcoins have presented optimal buying opportunities when their RSI drops below 40%.
Using Thorchain as an example, the analyst demonstrates how buying the coin in 2021 at buy zones around $3 when its RSI was low led to a 45x return as Thorchain reached $15.
Another successful instance mentioned by the analyst is buying Render when it last entered the 40% RSI zone, which saw the coin rise from $1.4 to $12.
The analyst also points out that Dogecoin and Cardano are approaching similar RSI phases, which could indicate substantial price movements soon. Viewers are encouraged to examine various altcoins to find those in a favorable “sweet spot” for buying based on their RSI levels.
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