Crypto strategist and trader Nicholas Merten believes that one large-cap crypto asset could be the next coin to meteorically rise after Dogecoin’s most recent explosion.
In a new video, the DataDash founder tells his 431,00 YouTube subscribers that he’s looking at a clear bullish setup in the Litecoin/Bitcoin (LTC/BTC) pair.
“It is playing out just like it has historically. These are the kind of setups that we get really excited about that we really only have seen two times in history and lead to seismic moves in a very short period of time… In the altcoin space, people love to ride on these kinds of trains.”
According to Merten’s chart, LTC/BTC bounced from key support of 0.0035 in March 2015 and March 2017 and ignited massive rallies that printed gains between 500% to 800% in a matter of days.
The crypto trader adds that LTC/BTC is already flashing signs of strength after bouncing from historical support around 0.0035, indicating that the pair may be repeating history. However, Merten suggests taking profits early at around 0.018 as many investors are already aware of the setup.
From LTC/BTC’s current value of 0.0048, Merten’s trading range represents potential gains of 275%.
Merten also highlights that once LTC/BTC generates significant bullish momentum, he expects the hype to push the pair to his price target.
“People are going to speculate, guys. People are going to invest and trade, especially when the excitement is here. It’s true in equity markets and it’s true in crypto markets as well.”
As for the broader crypto market, Merten believes altcoins will continue to perform well in the coming months.
“My general take here is that going into the month of May and possibly in the early parts of June, I think the altcoin cycle has still got a little bit of room to go.”
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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 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.
Featured Image: Shutterstock/Marco Govel
