The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Analyst: Three Crypto Assets Are Sleeping Giants As Bitcoin Gears Up for Next Bull Run

by Daily Hodl Staff
July 30, 2020
in Altcoins, Bitcoin

Crypto analyst Nicholas Merten is bullish on several large-cap cryptocurrencies that he believes will ride the waves of Bitcoin’s recent price action.

In a new episode of DataDash, the popular technical trader predicts small-cap cryptos – of which many saw huge gains when DeFi erupted in June and July – are likely to move sideways in the short term.

Bitcoin, on the other hand, is displaying all of the bullish metrics analysts have been hoping for, according to Merten.

“We’ve broken through resistance for the first time since 2017. This is highly significant. Everything’s looking great. We had months of consolidation starting back in April against the line of resistance.”

Source: DataDash

Merten thinks Ethereum is “doing exactly what Ethereum should be doing” after a small price drop at the beginning of the week. After turning resistance against BTC into support, he says ETH could accelerate very quickly.

“Taking a look at the Bittrex chart here, the thing that I’m noticing is we’re doing exactly what happened to gold in regards to its ratio against equities. You break out of an ascending triangle, you have a correction down to that line of previous resistance, and you make it support.” 

Source: DataDash

The analyst also believes XRP, which has seen little price action compared to other large-cap cryptos, appears to be due for modest gains in the short term and a larger move to the upside in the mid to long term.

“We might need some more time for a full-scale consolidation until we get one of these accelerator moves, but I have no doubt that we’re looking for a bounce-up. If you were to take a look at the general lines of support here, we’re actually towards the lower band here. So I think we could get a slight accelerator move here in XRP even if we don’t get a major move until later on.” 

Source: DataDash

Merten is particularly bullish on Litecoin, the eighth-ranked crypto by market capitalization.

“To be quite frank with you guys, I think that this is a wonderful chart here. To see that we’re down on this lower range here, considering that even though you might have to take another few weeks of losses if this does turn back around, eventually this is going to probably start picking up. And we’ve seen historically that Litecoin moves big time.

A good comparison to this is the gold-to-silver ratio, silver to gold as Litecoin is to Bitcoin. And there is a very, very historical trend over the last two cycles in commodities — the one we’re currently in now and the one previously — where silver accelerates against gold, and we’re seeing that actually right now, ironically enough.” 

Source: DataDash

However, not everyone shares Merten’s opinion that certain altcoins will get to bask in Bitcoin’s glory.

Ari Paul, the chief investment officer of BlockTower Capital, says if BTC keeps moving, it will likely dominate investors’ attention.

“A big part of altcoins rallying for the last few months has been BTC in a tight range. In my opinion, most alts likely to underperform BTC if it breaks out in either direction.

The less liquid a coin is, the more its price is typically driven by leverage in the system. When BTC is boring, people’s greed is channeled elsewhere. More exposure, more leverage. Then when BTC is moving, it is an attractive avenue for that speculation, or when moving down, people are just generally more fearful so you get de-leveraging and less exposure to alts as well.”

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses 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.

Featured Image: Shutterstock/Mikedrago.cz

Submit a Press Release

Industry Announcements

  • OKX Partners With Komainu, Enabling 24/7 Secure Trading of Segregated Assets Under Custody for Institutions
    June 6, 2023
  • Mooky.io – $750,000 Raised Within a Matter of Days
    June 5, 2023
  • DPAT Raises Private Funding To Enhance Web 3.0 Ecosystem
    June 2, 2023
  • Pink Moon Studios Reveals ‘KMON: World of Kogaea’ Pioneering a New Era in Web 3.0 Open-World Gaming
    June 2, 2023
  • OKX Proposes Industry-First BRC-30 Token Standard To Enable Bitcoin and BRC-20 Token Staking
    June 2, 2023
  • Devour and AlterVerse Partner To Bring the World’s First Web 3.0 Food Ordering Marketplace to the Metaverse
    June 1, 2023
  • Bumper’s Breakthrough DeFi Protocol Set To Reshape Options Pricing
    May 31, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$26,979.23
$26,979.23
4.71%
Ethereum
$1,877.26
$1,877.26
3.48%
Cardano
$0.347174
$0.347174
1.19%
XRP
$0.529613
$0.529613
3.8%
Dogecoin
$0.069663
$0.069663
4.32%

Spotlight

  • It Really Is Time for Bitcoin (BTC) To Rise, Says Veteran Trader Tone Vays – Here’s His Target
    May 30, 2023
  • Dormant Ethereum Wallet From ICO Era Abruptly Wakes Up After Eight Years With 588,609% Gains
    May 30, 2023
  • $496,000,000,000 Sovereign Wealth Fund Says Crypto Investment Had Negative Impact on Its Reputation
    May 30, 2023
  • Trader Who Accurately Called 2023 Crypto Rally Predicts Massive Litecoin (LTC) Surge – Here’s His Forecast
    May 30, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl