Dylan LeClair Previews Market Dominance Ahead of CPI Announcement, Discusses Solana (SOL), Ethereum (ETH), and More-web3.0-php.cn

Dylan LeClair Previews Market Dominance Ahead of CPI Announcement, Discusses Solana (SOL), Ethereum (ETH), and More

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Jul 16, 2024 pm 01:46 PM

On Crypto Banter's Dylan's Trading Show, the analyst said that when trading altcoins, it is crucial to watch market dominance.

Dylan LeClair Previews Market Dominance Ahead of CPI Announcement, Discusses Solana (SOL), Ethereum (ETH), and More

Crypto Banter analyst discusses market trends and trading strategies for various altcoins.

Highlighting the importance of market dominance in altcoin trading, the analyst points out that lower highs in the decreasing market dominance trend would be positive for altcoins. He anticipates a further decline to around 54%.

Emphasizing the significance of the next 24 hours, the analyst anticipates a drop in market dominance followed by a strong recovery. This scenario could trigger substantial bullish moves in altcoins, breaking trends and setting new highs. However, he advises against getting "trapped in dead coins like XRP and ADA."

Regarding Solana (SOL), the analyst identifies support in the $137 to $139 range. He anticipates a bullish trend, but if there's weakness, the trend must hold. Losing this support would indicate a break below the 200-day MA, the 382 Fibonacci level, and key horizontal supports, which would be unfavorable.

Shifting to Ethereum (ETH), the analyst notes that Bitcoin recently faced rejection from the 200-day MA on the 3-day chart. He anticipates a similar approach by ETH, which could lead to significant moves in altcoins. He targets $3350 and $3500 for ETH if it can break and sustain above the 200-day MA.

The analyst anticipates a bullish breakout, followed by a retest, which could trigger a substantial move in altcoins. However, a rejection could worsen the situation for altcoins. He expects PEPE to follow suit if Ethereum becomes aggressive. The strategy involves waiting for ETH to break the 200-day MA, which could lead to a rise in PEPE.

Regarding Bonk, the analyst highlights a major resistance zone, similar to ETH. He anticipates a pullback into the 382 Fibonacci level if there's weakness, especially with CPI data pending.

Discussing Fantom (FTM), the analyst highlights a recent pump and retracement, bringing attention to a major resistance. He anticipates a potential bullish move if market sentiment improves. Key entry points are around $0.45 and $0.42.

Stacks (STX) has been breaking trends and showing signs of a bullish pullback. The suggested entry is around $1.437, with stops covering further weakness down to the 618 Fibonacci level.

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