A widely followed cryptocurrency analyst and trader is suddenly turning bullish on altcoins.
The analyst, pseudonymously known as Bluntz, tells his 322,200 followers on social media platform X that the Bitcoin dominance (BTC.D) metric is flashing a bearish divergence, setting the stage for alts to outperform the flagship crypto asset.
A bearish divergence occurs when the price is recording higher highs and higher lows while an indicator such as the Relative Strength Index (RSI) is recording lower highs. The RSI indicator is a momentum oscillator used to determine oversold or overbought conditions.
“The three-day BTC dominance bear divergence ended up rolling into a weekly bear divergence, too. The time to be long alts is here in my opinion.”
BTC.D is a metric that calculates how much of the crypto market cap belongs to Bitcoin. A bearish BTC.D chart indicates that altcoins are printing gains faster than BTC.
BTC.D is 65.34% at time of writing.
Next up, the trader says that the Solana (SOL)-based memecoin Bonk (BONK) may more than double in price after breaking out of a descending trendline on the five-day chart.
“Really not too sure about ATHs, but pretty confident BONK is going at least 100-130% higher.”
He also says that alts similar to BONK are starting to enter uptrends as well.
“BONK ecosystem coins going pretty crazy right now to be honest…
Can’t be long BONK ecosystem without being long BONK to be honest.”
BONK is trading for $0.00001614 at time of writing, up 9.7% in the last 24 hours.
Lastly, the trader says Useless Coin (USELESS), a SOL-based memecoin, could hit the level around $0.50 as it remains in a strong uptrend.
“USELESS dips still getting bought up every day constantly despite already being up big. $500 million market cap looks within reach.”
USELESS is trading for $0.248 at time of writing, down 7.6% in the last 24 hours. With a market cap of $247.5 million, the memecoin is the 256th largest crypto project.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
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 losses 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.
Featured Image: Shutterstock/kkssr
Credit: Source link
