An analyst who accurately predicted the 2022 cryptocurrency crash says a token that rose nearly 280% last week could be a harbinger of what’s to come for the altcoin market.
Pseudonymous analyst Capo tells his 100,883 followers on instant messaging platform Telegram that he is closely monitoring the native governance asset of non-fungible token (NFT) marketplace SuperRare (RARE).
According to Capo, RARE’s massive surge from last week’s low of $0.0918 to a high of $0.3476 could be a glimpse of what’s to come for altcoins.
“Basically, we are seeing a correction after an uptrend, similar to what we saw in April-July 2021 before the bullish continuation. Some tokens like RARE have already broken this downtrend, with some interesting rises. Now… should we expect the same for the rest of the market?
Confirmations are still needed, but based on extensive analysis using various methods and data sources, and as I have been saying for the past few weeks, I believe there is a good chance of seeing a market recovery with a bullish rally for altcoins.
Looking at Capo’s charts, he seems to predict that OTHERS, which tracks the market capitalization of all crypto assets excluding the top 10 digital assets and stablecoins, will see a bullish continuation if it breaks resistance at around $257 billion.
At the time of writing, OTHERS is trading at $188.174 billion.
As for Bitcoin (BTC), Capo shares a chart suggesting that the king of cryptocurrency is ready to rally to a liquidity zone between $75,000 and $80,000.
“BTC Peak Period Chart.”
At the time of writing, Bitcoin is trading at $58,444, down nearly 2% on the day.
Don’t miss a thing – Subscribe to receive email alerts directly to your inbox
Check price
Follow us on XFacebook and Telegram
Surf the Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: Midjourney
