Bitrabo Editorial
Sheldon The Sniper, a crypto analyst, highlighted that now might be the final opportunity to purchase altcoins, indicating a potential significant surge on the horizon. He specifically mentioned certain crypto tokens that could perform well during the upcoming altcoin season and provided strategic entry points for interested investors.
Highlighted Altcoins for Investment
In a video shared on his YouTube channel, Sheldon recommended considering XRP, Solana, Dogecoin, Injective, and Avalanche for potential trading opportunities. He suggested that it could be a favorable time to start accumulating these tokens as he believes they are nearing their bottom levels.
Sheldon expressed optimism about XRP’s resilience and indicated a possible significant recovery from its current price level. He also discussed the potential of Solana, highlighting its recent breakthrough of a crucial resistance barrier subsequent to Bitcoin’s surge on July 10.
Regarding Solana, although it experienced a decline from $154 to around $120, the token has exhibited a strong recovery, returning to the $140 range. There is anticipation that Solana might soon surpass the $150 mark, recuperating all losses incurred during the recent market downturn. Additionally, Sheldon identified a bullish pattern on Solana’s chart, reflecting its potential as a long-term investment.
Sheldon also observed that Dogecoin has recently broken out and is aiming to reach new highs. In the case of Injective, he pointed out that the token has broken a long-standing trend and is currently contesting a wedge formation. Sheldon described Injective’s prospects as “promising” and provided trading suggestions for interested parties.
He suggested that a suitable entry point for the Injective trade is around $20.78, with a recommended stop loss at $20.36. According to Sheldon’s analysis, Injective could potentially rise to as high as $22 in the short term. As for Avalanche, Sheldon disclosed plans to trade the token at its current price level, aiming for an increase up to approximately $32 or even $36, while hinting at a possible surge to $50 once the market fully recovers.
Bitcoin’s Impact on Altcoins
Sheldon highlighted the significant resistance level Bitcoin is encountering around $58,000 due to selling pressure and its recent loss of the 200-day Moving Average (MA) following a downtrend. He emphasized that Bitcoin had previously maintained a position well above this 200-day MA until the recent drop.
According to Sheldon, Bitcoin might continue trading sideways within the $50,000 range as long as it remains below the 200-day MA. He noted that this Bitcoin price action could potentially redirect focus towards altcoins, enabling them to experience a notable recovery.