How fast are altcoins running against Bitcoin? On the Discover Crypto podcast, analyst Kelly Kellam said that he believes things will move up relatively quickly soon, but he’s not certain if it will be an explosive growth.
Examining the Bitcoin dominance chart, he brought to attention a bearish divergence on the RSIs and a trend line that has been broken down from and flipped from support to resistance. This trend line now intersects with a multi-year resistance point, and the market is currently hovering right on this line.
Altcoins To The Moon Soon?
If altcoins are expected to rally, he said that a breakdown in Bitcoin dominance would be a strong signal. He expects a broad market rally soon and suggests that when Bitcoin dominance breaks down, it will indicate that altcoins are starting to outpace Bitcoin. He believes we are right on the verge of this happening.
The analyst added that the setup on the weekly chart shows a pattern that could take five to six weeks to reach the apex. If the market pushes into this apex and then rejects, a breakdown could occur before reaching the apex. Often, with these tightening patterns, the price action can break at any point after the 70% mark.
Which Altcoins Should You Target?
On Crypto Banter’s The Sniper Trading show, the analyst explained that the normal relative strength index (RSI) on the weekly chart is a powerful tool for buying altcoins. Anytime the RSI enters below the 40% phase, it has historically been the best time to buy a specific altcoin. For instance, in 2021, the buy zones for Thorchain were at $3, after which it saw a massive increase to $15, marking a 45x return.
Currently, Thorchain and other altcoins are entering the 40% RSI zone again, signaling potential buying opportunities. He said that Render is another example where this method has proven effective. The last time Render was in the 40% RSI zone, it was priced at $1.4 and later rallied to $12.
He also noted that Dogecoin and Cardano are hitting similar phases, suggesting that significant movements might be imminent. He advised checking multiple altcoins to see if they are in a “sweet spot” for buying based on their RSI levels.
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