Altcoins To Stack Before The Impending ‘Bitcoin Pump’: Analyst Says ‘Be Prepared’
Anjali Belgaumkar16 Sept 20242 min read
Bitcoin has once again dipped below the critical $60k mark, currently retesting the $58,500 level. This downturn has affected the broader crypto market, with most of the top 10 altcoins also experiencing declines, led by Ethereum (ETH).
On Crypto Banter’s The Sniper Trading Show, the analyst observed price action across several major cryptocurrencies. Understanding this price behavior is essential for gauging market direction, particularly for Ethereum and altcoins like Solana (SOL) and Fantom (FTM), which have shown key movements during this phase. Here’s a list of his top altcoins:
Ethereum (ETH) – A Bullish Shift from Resistance to Support
Before hitting reverse, Ethereum saw a price pump that pushed it beyond a critical resistance level. Ethereum not only broke through resistance but also managed to convert that previous resistance into support. The analyst said that if ETH maintains this support and breaks upwards, it could trigger a rally toward a new higher high.
Solana (SOL) – Awaiting a Bounce and Long-Term Breakout
He said that Solana is on the verge of a bounce. The analyst points out that SOL is approaching a key Fibonacci retracement level at 0.618, which typically indicates a potential reversal zone. A slight dip may still occur, but Solana is primed for a strong bounce that could drive the price into the $140 range, and possibly higher. Moreover, SOL is nearing a breakout from a high timeframe trend, which could propel it towards $160.
Fantom (FTM) – Forming a Bullish Pattern
Fantom is currently showing strength, with multiple consecutive green candles and no major pullbacks.If FTM breaks through its current highs, it could target a run-up to $0.60–0.65, representing a 30% increase from its current levels. Historically, during bullish phases, markets don’t linger in pullbacks for extended periods.
The analyst also said that Thorchain (RUNE) is on the brink of a breakout, with a projected increase of 20%, pushing its price to $4.95. Pendle (PENDLE) is also showing strong potential with a bullish flag formation, suggesting a possible 70% price surge as it aims for higher highs.
Polkadot (DOT), currently priced around $4 at the bottom of its weekly range, offers a rare buying opportunity, with expectations of a squeeze towards $8 in the near future. Immutable X (IMX) is forming a bullish wedge and could break through resistance, potentially rallying to $2.
