Those altcoins are in ‘buy zones’: analyst
Crypto analyst and YouTuber Vance says several altcoins are currently trading in prime “buy zones” and could see significant gains in the near future.
In a CryptoBanter YouTube video published on Oct. 27th, Shon pointed out coins like Cardano (ADA), Gala (GALA), and SushiSwap (SUSHI) as being near key support levels and ready for a new uptrend.
“Cardano is still one of my favorite ones for the the shorter time frames,” he said, referring to a chart showing Cardano at support around $0.35. “Gala popped — check that trend retest straight back into it. Now I’m happy for another push.” He also highlighted Sushi as a good retest buy, saying “Sushi is going to rocket.”
Shon explained that he is expecting Bitcoin (BTC) dominance to fall in the near future, which would allow altcoins more room to run. He is preparing to take profits on some Bitcoin trades and focus more on altcoin entries.
“I think there is going to be a release into all coins at some point,” he said while examining a Bitcoin dominance chart. “There’s one more leg here where altcoins all of a sudden just start to take off.”
The analyst says he is keeping a close eye on Bitcoin’s price action and certain key levels, waiting for confirmation of an altcoin push. He recommends using tight stop losses and paying close attention to chart patterns like trendline breaks.
