Altcoins have been closely following the movement of bitcoin over the last few weeks but this is no surprise. However, there are times when these altcoins are able to break out of the shadow of the pioneer cryptocurrency and make out a rally for themselves. This is referred to as altcoin season. But while the crypto market waits for this to begin, an analyst has mapped out two assets that may see major upside in the coming days.
A crypto market strategist has put forward two altcoins that they believe are headed for a rally. Credible, a pseudonymous analyst with over 300K followers on Twitter, laid out their analysis for the digital assets. These assets are Ripple (XRP) and Hedera Hashgraph (HBAR), a DeFi token that has been making the rounds in the space.
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Ripple (XRP) is just coming out of its legal battle with the SEC, and although it is still ongoing, the altcoin has begun to find its footing outside of the scandal. It trended low for the longest time, causing investors to believe that the cryptocurrency may be headed for death. But it has proved everyone wrong as it has once again begun to rally towards $1, even though it hasn’t quite made it yet.
XRP recovers to $0.8 | Source: XRPUSD on TradingView.com
For what will push the digital asset above the coveted $1 mark, Credible explains that a bounce is imminent once the cryptocurrency forms the expected bottom. At which point, it will continue upward to $1.
XRP getting ready for bounce | Source: Twitter
“We are now right in my area of interest,” Credible said. “Might head a few cents lower than where we are now but as per my last tweet, I expect we form a bottom/higher low in this region and continue up. XRP.”
For the second altcoin, HBAR, a similar bullish outlook is shared by the analyst. Pointing to the recent pullback experienced by the digital asset, they explained that the asset will need to reclaim the region marked in the chart in order to finally confirm a bottom. Furthermore, Credible said that they “would like to see us hold the $0.22-$0.23 region and then make another attempt at reclaiming the weekly supply.”
HBAR trending at bottom point | Source: Twitter
XRP is still trending around $0.7, not showing much momentum but pointing towards the fact that the bottom may have been reached. If this is the case, then Credibe’s plan for a bounce towards $1 could have some merit.
As for HBAR, it is still trending low at $0.22, around the daily support proposed by Credible. This could serve as a bounce point for upward movement but if it does break below this point, then the downtrend may yet continue.
Featured image from Investopedia, chart from TradingView.com