Crypto analyst Sheldon The Sniper recently claimed this is the last chance to buy altcoins, suggesting a massive rally may be on the horizon. As part of his analysis, he mentioned crypto tokens that could perform well when the altcoin season returns and provided key entry points for those looking to get into these altcoins.
Top Picks For Altcoin Season
In a video on his YouTube channel, Sheldon mentioned XRP, Solana, Dogecoin, Injective, and Avalanche as altcoins that he is looking to trade. He suggested that now might be a good time to start accumulating these tokens as he believes the bottom is almost in.
Sheldon stated that XRP is showing great strength, suggesting that the crypto token could significantly rebound from its current price level. The crypto analyst also discussed Solana’s potential, noting how it broke an important resistance wall following Bitcoin’s pump on July 10.
He mentioned how Solana dropped from as high as $154 to the $120 range but has recovered well since then, returning to the $140 range. He believes Solana could soon return to the $150 range and erase all its losses from the recent market downtrend. He also highlighted a bullish pattern on Solana’s chart, suggesting it is a long-term hold.
Sheldon also mentioned that Dogecoin recently broke out and is looking to retest new highs. For Injective, the crypto analyst noted that the token broke a long trend and is now fighting a wedge. He claimed that Injective looks “really good” and provided trade ideas for those wanting to get in.
He stated that the range around $20.78 is a good entry point for the Injective trade, and the stop loss should be set at $20.36. Based on the chart Sheldon shared, Injective could rise to as high as $22 in the short term. For Avalanche, Sheldon revealed that he will be looking to trade the token at its current price level and ride it up to around $32 or even $36. He also hinted that Avalanche could rise to as high as $50 when the market fully recovers.
Bitcoin’s Price Action And Its Significance On Altcoins
Sheldon mentioned that Bitcoin is currently facing “massive” resistance at the $58,000 range. He claimed this is due to the selling pressure on the flagship crypto and the fact that it lost the 200-day Moving Average (MA) following its recent downtrend. Sheldon noted that Bitcoin had been well above this 200-day MA for a while, as September 2023 was the last time Bitcoin lost this MA.
The crypto analyst said that Bitcoin could continue to trade sideways within the $50,000 range while it remains below the 200-day MA. He remarked that the pros of this price action from Bitcoin are that it could shift attention to altcoins and allow them to make a significant rebound.
Featured image created with Dall.E, chart from Tradingview.com
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