An analyst who precisely referred to as the 2022 crypto collapse says that one token that rallied nearly 280% final week may foreshadow what’s coming for the altcoin market.
Pseudonymous analyst Capo tells his 100,883 followers on the moment messaging platform Telegram that he’s carefully watching the native governance asset of the non-fungible token (NFT) market SuperRare (RARE).
In keeping with Capo, RARE’s huge rise from final week’s low of $0.0918 to a excessive of $0.3476 could also be a preview of what’s in retailer for altcoins.
“Principally we’re seeing a correction after a bullish development, much like the one we noticed again in April-July 2021 earlier than bullish continuation. Some tokens like RARE have already damaged this downtrend, with some attention-grabbing pumps. Now… ought to we count on the identical for the remainder of the market?
Confirmations are nonetheless wanted, however based mostly on a radical evaluation utilizing varied strategies and information sources, and as I’ve been saying for a couple of weeks, I consider there’s a good probability of seeing a market restoration with a bullish rally for altcoins.”
Taking a look at Capo’s charts, he appears to foretell that OTHERS, which tracks the market cap of all crypto property excluding the highest 10 digital property and stablecoins, will witness bullish continuation if it breaks resistance at round $257 billion.
At time of writing, OTHERS is buying and selling for $188.174 billion.
Turning to Bitcoin (BTC), Capo shares a chart suggesting that the crypto king is primed to rally to a liquidity zone between $75,000 and $80,000.
“BTC excessive timeframe chart.”
At time of writing, Bitcoin is buying and selling for $58,444, down practically 2% on the day.
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