Crypto Banter Analyst: Watch Market Dominance When Trading Altcoins, Don\'t Get Trapped in Dead Coins Like XRP and ADA
- 王林Original
- 2024-07-18 03:13:00327browse
On Crypto Banter's Dylan's Trading Show, the analyst said that when trading altcoins, it is crucial to watch market dominance.
Crypto Banter analyst Dylan discussed market trends and potential trading strategies in a recent episode of his show. Here are the highlights:
* Keep an eye on market dominance when trading altcoins. Currently, dominance is decreasing, which is favorable for altcoins. This trend is visible in lower highs, and a further decline to around 54% would be optimal.
* The ideal scenario is a further decrease in dominance over the next 24 hours leading up to the Consumer Price Index (CPI) announcement, followed by a strong recovery in dominance. This could trigger substantial bullish moves in altcoins, breaking trends and setting new highs. However, the analyst advises traders to "avoid getting trapped in dead coins like XRP and ADA."
* Discussing Solana (SOL), the analyst identified a support level between $137 and $139. If there is weakness, this trend must hold; losing it would indicate a break below the 200-day MA, the 382 Fibonacci level, and key horizontal supports, which would be unfavorable.
* Regarding Ethereum (ETH), the analyst observed that Bitcoin recently rejected off the 200-day MA. He is watching ETH approach this same level on a 3-day chart, which could trigger significant moves in altcoins. The analyst is targeting $3350 and $3500 for ETH if it can break and hold above the 200-day MA.
* He anticipates a bullish breakout, a retest, and if this scenario plays out, it could trigger a substantial move in altcoins. However, a rejection could worsen the situation for altcoins. If Ethereum becomes very aggressive, he expects PEPE to follow suit. The plan is to wait for ETH to break the 200-day MA, which could trigger a rise in PEPE.
* For Bonk, he noted that it is encountering a major resistance zone, similar to ETH. He will monitor for a pullback into the 382 Fibonacci level if there is weakness, especially with CPI data on the horizon.
* Discussing Fantom (FTM), he highlighted a recent pump and retracement, bringing attention to a major resistance. He’s watching for 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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