Cloud Hosting

An analyst with a large following believes altcoins are poised for a bounce after a heavy correction. The analyst shares an altcoin that he thinks will outperform others. Analyst Aaryamann Shrivastava says there is more room above for OP and GRT.

As you have been following on Kriptokoin.com, the market is recovering from the sharp drop. However, some analysts expect a bounce for altcoins. The analyst nicknamed The Flow Horse says that altcoins will soon rise from the bottom of the market with an average return. In this context, the analyst said, Leaving Bitcoin aside, some of these altcoins will bounce very hard from the normal mean reversion. I may have to create a shopping list, but I still feel a bit indifferent about trading at least until July.

The analyst also picks Pepe (PEPE) as a meme coin that he believes will outperform others, including dogwifhat (WIF). The Flow Horse offers the following explanation for his picks:

Memecoins are not dead, but I dont know if you want to reference WIF as a representative pair or horse to bet on. WIF has fallen from its all-time high against Solana, is underperforming BTC ATH against BTC, underperforming both from their original April lows. Underperforming from recent highs. Therefore, the most suitable horse is PEPE.

Trading at $0.220 at the time of writing, The Graph (GRT) has hovered between $0.222 and $0.201 over the past week. During this time, attempts to break through resistance failed. Thus, the altcoin started testing support. Now, on-chain metrics highlight the potential for a rebound that could take the chart above $0.250. $0.222 also marks the 23.6% Fibonacci Retracement. Therefore, turning this level into support could help the rebound. The target for the GRT price is to retake $0.266 as a support level, which corresponds to the 38.2% Fib level.

However, if a bottom forms below $0.201, the altcoin is vulnerable to a correction. The bullish thesis could be invalidated if the token price drops as low as $0.151.

Optimism (OP), which was trading at $1.7 at the time of writing, is bouncing back from the $1.6 support. The altcoins target is to reclaim $1.8 as a support floor, where a break above $2.0 is necessary. The rise is supported by the bullish bias of investors; however, the chances of a rebound are slim until $2.0 is secured.

If this fails, the altcoin price could remain consolidated below $1.8 or suppressed below $2.0. Any decline below this line would invalidate the bull thesis and extend losses.

The opinions and forecasts in the article are those of analysts and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.

Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !

Read more:
Analysts Identify 3 Altcoins: The Best Horses for the Run! - Kriptokoin.com