Gamza Khanzadaev

Andrew Kang of Mechanism Cap does not rule out altcoin season soon, but only for best of them

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Prominent crypto trader and founder of venture capital firm Mechanism Cap, Andrew Kang, has not stayed away from active discussion in the crypto community on the topic of a possible altcoin season and gave his views on the matter.

Kang is inclined to suggest that a rally in the price of anything other than Bitcoin (BTC) is taking place, as the latter's dominance is starting to lose momentum. As illustrated by the trader on his BTC.D chart, the indicator has reached a strong level of resistance at current levels around 47.8%. Of the last six times Bitcoin's dominance has reached these heights, it has managed to go even higher only once, in the summer of 2018.

That said, the crypto investor believes that if altcoin season is to begin, it will only be among the best of them. Kang lists three cryptocurrencies as such in his post at the moment: Ethereum (ETH), Dogecoin (DOGE)and Arbitrum (ARB). While the first one is understandable given its position on the crypto market, the investor's choice of the latter two tokens is quite curious.

However, putting aside all arguments for or against one or the other, it can definitely be highlighted that these are probably the two most discussed altcoins right now. Maybe Kang's bet is that due to the crowd's intense focus on DOGE and ARB, there will be a corresponding influx of liquidity and strong momentum in their price action.

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DOGE and ARB Are Best for Altcoin Season, Thinks Prominent Crypto Trader - U.Today

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Crypto experts argue that post a bear market structure that lasts several months, there is a gap to the upside in alternative currencies. This gap is usually filled when the market structure changes and results in huge upside for holders.

Also read: Ethereum Improvement Proposal EIP-4844 turns experts bullish, will ETH price rally?

Crypto experienced a prolonged bear market after Bitcoin hit its new all-time high in November 2021. In the months following BTCs massive gains, Bitcoin and altcoin prices rallied briefly in mid-2022 before pullbacks induced by the macroeconomic outlook and collapse of several cryptocurrency firms and exchanges.

The market structure turned from bearish to bullish in the beginning of 2023, with BTCs comeback above the $20,000. Since then, Bitcoin dominance and price has increased consistently.

Analyst and expert Crypto Mckenna believes we are in the early innings of capital rotation from Bitcoin to Ethereum. The expert argues that this is evident from ETH price breaking its range high and BTC failing to do so.

BTC/USDT, ETH/USDT price chart

Crypto McKennas argument is that traders are front-running the upcoming catalyst, Shanghai upgrade and this usher in an alt season.

Tedtalksmacro, an analyst on Twitter urges market participants to consider the thesis that months long bear markets are followed by upside in altcoins.

According to the technical expert, several altcoins are currently poised to clear one major high time frame resistance level before an explosive rally.

Fantom (FTM), Solana (SOL), Chainlink (LINK), and Curve DAO(CRV) were identified as the top altcoins with a potential for an explosive rally in the current market structure, by the community of analysts that responded to TedTalksMacro.

Fantom is a fast and scalable smart contract blockchain protocol that competes with Ethereum for low cost transactions. Clifton fx, a crypto analyst evaluated the FTM/USDT price chart and noted the formation of a bullish pennant and resulting upside breakout on the four-hour timeframe.

The bullish pennant is a technical trading pattern that precedes the continuation of a strong upside move and is spotted ahead of explosive price rallies.

FTM/USDT 4H price chart

The analyst has predicted a massive run up to the target of $0.58, a likely 25% upswing following the bullish pennant pattern.

Solana is popular as an Ethereum-killer and the project is considered one of the most scalable alternatives to the smart contract blockchain. SOL competed with ADA and AVAX, other Ethereum alternatives.

In the following price chart, Crypto Faibik, a technical expert, spots a descending channel pattern in Solana. A descending channel pattern is usually followed by an upside move, given there is a penetration of the upper trend line.

SOL/USDT 1D price chart

The analyst argues that SOL price is likely to break out of the multi-year trendline resistance at $21 to confirm a bullish breakout. Once SOL price exceeds $21, analysts expect a strong move to the upside with a target of $100, a likely 314% upswing.

Chainlink has on-chain metrics supporting the accumulation of LINK and the reduction in LINK supply on exchanges. Based on data from IntoTheBlock, nearly 9.63 million LINK tokens, worth $67.42 million were withdrawn from exchange wallets. This signals a shift in sentiment among Chainlink holders.

LINK balance on exchanges

At the same time, according to on-chain data nearly 70,000 addresses acquired 406 million LINK tokens between $6.3 and $7. This marks $6.3 to $7 as a major support area that could prevent LINK price from plummeting to new lows.

Grail_Whale, an analyst on crypto Twitter evaluated the LINK price chart and noted the consolidation of the altcoin has been ongoing for months.

LINK/USD 1W price chart

Typically, several months of consolidation is followed by a major volatility in the altcoin. The expert therefore predicts a massive rally in Chainlink.

@RodMartin, a technical analyst notes that on the CRV price chart there was a downtrend, retest of a key level, and a similar trend in lower time frames. According to the expert this is a setup that typically results in a massive uptick in the assets price.

CRV/USDT 4H and 1H price charts

The analysts target for the altcoin is beyond the $1.04 level. A massive move to the upside could send CRV to its $1.27 bullish target.

The rest is here:
Altcoin gems picked by crypto experts: FTM, SOL, LINK, CRV - FXStreet

Polkadot (DOT) price is gearing up to make April a solid winning month as nearly a 20% gain is projected to be hit by the end of April. DOT sees its price action underpinned, and even with the Relative Strength Index (RSI) dipping, the trend still points to higher numbers. Expect a nice and steady rally without big waves, which is ideal for traders to rake in gains at the end of the month.

Polkadot price is heading into altcoin season with many of its market participants. Normally, that time of the year is often met with severe volatility and huge swings up and down. Not for DOT though. It seems this year that the trend is pointing one way higher and could bear a near 20% gain with the February peak as the take-profit level.

DOT will find support from the $6.23 handle and the 55-day Simple Moving Average (SMA). Both will make sure that the rally does not break down substantially. To the upside, the monthly R1 at $7.00 will be the first handle to reach and pause before entering the last stage. That last stage will pump price action in DOT up toward the R2, above $7.60 and bearing a 20% gain.

DOT/USD 4H-chart

Unfortunately, this grind higher could get cut short once price action starts to slide below the green ascending trend line. Bulls would perceive a trend line breakdown as the end of the rally. Positions would get unwound quickly and see price action collapse back to the rally's start at $5.74.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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Polkadot price is the tranquillity beacon in the altcoin universe that bears 20% gains for patient traders - FXStreet

On-chain data reveals that crypto whales are snapping up the native asset of a hot Ethereum (ETH) layer-2 project by the millions.

Blockchain-tracking firm Lookonchain says that digital asset manager Amber Group sent millions of dollars worth of Arbitrum (ARB) tokens to crypto exchanges OKX and Binance, where they could potentially be sold on the open market.

Two related addresses of Amber transferred 11.2 million ARB ($15.8 million), out of which, 7.3 million ARB ($10.3 million) was transferred to OKX and Binance and currently holding 4.47 million ARB ($6.3 million).

While Amber Group reduced its ARB holdings, Lookonchain says several crypto whales have been in the process of accumulating ARB. According to the analytics firm, one whale collected a total of 4,048,947 ARB worth $5.7 million from OKX and Binance within the last 48 hours.

A second whale received 4,099,517 ARB worth $5.78 million from OKX over the same timeframe. Meanwhile, a third crypto whale accumulated 1,003,798 ARB worth $1.41 million from crypto exchange Binance.

At time of writing, ARB is trading for $1.34, trading mostly sideways over the past week.

Lookonchain also recently spotted an Ethereum whale that staked nearly $100 million worth of ETH through a decentralized finance (DeFi) platform.

A whale staked all 53,024 ETH ($95.5 million) through Abyss Finance

Through on-chain data tracking, we found that the ETH of the whale was bought from Poloniex, Gemini, Bittrex and other exchanges in 2017 and 2018, with an average buying cost of ~$368.

Generated Image: Midjourney

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Crypto Whales Accumulating Ethereum Scaling Altcoin by the Millions, According to On-Chain Data - The Daily Hodl

In March, Bitcoins market dominance, measured by its proportion of total cryptocurrency market capitalization, increased significantly from approximately 44% to a peak of 48%. Despite a 22.7% rise in Bitcoins price over the same period, many altcoins underperformed or experienced negative returns. Nevertheless, a few altcoins may continue to display solid bullish signals in April.

As March has ended, investors are interested in knowing which altcoins to keep an eye on in April. At the moment, Ripple (XRP), Cardano (ADA) and Polygon (MATIC) appear to be the top contenders for resuming their bullish recovery in the upcoming week.

XRPs candlestick exhibits a long wick, indicating that the bears are fiercely guarding the $0.56 resistance. XRPUSDTs candlestick pattern formed an inside-day, signaling ambiguity among the bulls and bears. If the price drops below $0.5, the token may revisit the breakout point at $0.49, a crucial level to monitor, as a breach could prolong the correction to the 20-day EMA ($0.45).

As of writing, XRP price trades at $0.51, with a decline of nearly 5% from yesterdays performance. However, it is expected that the token will take support near $0.5 and initiate a fresh rebound this week. If XRP manages to surpass the resistance zone between $0.56 and $0.59, its price could ascend from its current level, potentially soaring to $0.65 and $0.80 the following week.

Also read: XRP Whales on the Move: 360 Million Tokens Transferred

Cardano has been on a strong bullish trend for the past few days and is expected to surge more next week. Following two days of indecision, the bulls have succeeded in propelling Cardano above the resistance at $0.39. The price has now arrived at the critical resistance located at the neckline of the inverse head and shoulders (H&S) pattern.

ADA price is currently trading at $0.39, with a downtrend of over 1.5%. The positive territory of the RSI and the upward trend of the 20-day EMA ($0.36) suggest that the most favorable direction for Cardanos price is upward. If buyers successfully drive the price above the neckline, it would finalize the reversal setup, potentially propelling the altcoin towards its pattern target of $0.60 next week.

Also read: Cardano (ADA) Price Faces a Rejection: Will the Price Consolidate Within the Same Price Levels?

As the Polygon network is active in bringing robust network developments, traders may witness a skyrocketing trend in the MATIC price chart next week. Although Polygon briefly exceeded the 20-day EMA ($1.12), it encountered resistance from bears. As a result, sellers are likely to make an effort to drive the price down to the crucial support level of $1.04.

MATIC price is currently trading at $1.11, with a minor uptick. If the price surpasses and consistently stays above the 20-day EMA, MATIC could endeavor to reach the overhead resistance at $1.31.

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Top Altcoins to Look Out for Next Week! Is It the Beginning of Altcoin Season? - Coinpedia Fintech News