Altcoins has been following bitcoin’s movements closely over the past few weeks, which is not surprising. These altcoins sometimes have the ability to rise above the shadow of pioneer cryptocurrency bitcoin. Altcoin season is the name of this phenomenon. The crypto market is still waiting for the season to start, but an analyst has identified two potential upside assets.
Altcoins are Ready
Two altcoins have been suggested by a crypto market strategist as being headed for a rally. CredibleA pseudonymous analyst who has over 300K Twitter followers, presented their analysis of the digital assets. The assets include Ripple (XRP), and Hedera Hashgraph, (HBAR), a DeFi token which has been in high demand.
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The legal battle against the SEC for Ripple (XRP), is now over. Although it’s still ongoing, the altcoin is beginning to recover its feet outside of this scandal. Investors believed that cryptocurrency was headed for death because it trended lower for a long time. But it has proved everyone wrong as it has once again begun to rally towards $1, even though it hasn’t quite made it yet.
Source: XRPUSD on TradingView.com| Source: XRPUSD on TradingView.com
Credible describes the reasons why the digital asset will rise above $1. Then, the cryptocurrency will rise to $1.
XRP ready to bounce| Source: Twitter
“We are now right in my area of interest,” Credible said. “Might head a few cents lower than where we are now but as per my last tweet, I expect we form a bottom/higher low in this region and continue up. XRP.”
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Analysts share a bullish outlook for HBAR (the second altcoin). They referred to recent price declines experienced by digital assets and explained that the asset must regain the area marked on the chart to confirm its bottom. Furthermore, Credible said that they “would like to see us hold the $0.22-$0.23 region and then make another attempt at reclaiming the weekly supply.”
HBAR trending at bottom point | Source: Twitter
The trend for XRP at $0.7 is not very strong but it points towards the possibility that the bottom has been reached. If this is the case, then Credibe’s plan for a bounce towards $1 could have some merit.
The HBAR is trending at $0.22. This price is around the Credible daily support. The bounce point could provide some support for upward movement. However, if the price falls below $0.22 then it will likely continue its downtrend.
Featured image taken from Investopedia. Chart from TradingView.com