dailyhodl.com
A popular crypto trader believes altcoins are on the verge of big rallies after a pullback in the digital assets market.
The pseudonymous analyst known as Altcoin Sherpa tells his 212,400 followers on the social media platform X that Render (RNDR), a project related to Graphics Processing Units (GPUs), seems to be consolidating in preparation for a breakout.
He says many altcoins are forming similar bullish price patterns with consolidation in a broader uptrend as shown in Render’s chart.
“RNDR: you know, a lot of good charts have this same type of price action. I think now is a great time to scale into many altcoins that you like and just sit on them. The next leg seems like it’s going to come in the next few weeks.”
Render is trading for $11.18 at time of writing, up nearly 2% in the last 24 hours.
Next up, the trader predicts that Ethereum (ETH) competitor Solana (SOL) could dip to the 0.382 Fibonacci retracement level before rallying.
“SOL: I think this remains a good area to buy and scale in. Would DCA (dollar cost average) from here to $140 personally.”
Solana is trading for $189.84 at time of writing, up more than 4% in the last 24 hours.
The trader is also bullish on RSS3 (RSS3), a decentralized information processing protocol.
“RSS3 is consolidating here in my opinion. I think the next leg is coming. In this one personally and have a node. Bullish.”
RSS3 is trading for $0.523 at time of writing, up over 8% in the last 24 hours.
Lastly, the trader says that the layer-1 blockchain project Vanar Chain (VANRY) seems to be in a consolidation phase and could break out within weeks.
“VANRY: fibbed the entire move and it’s consolidating right at the .382 fib. I would like to see this continue chopping around here another few weeks to be honest; the longer the break, the stronger the next move. I’ve got a bag.”
Vanar Chain is trading for $0.28 at time of writing, up more than 4% in the last 24 hours.
Generated Image: Midjourney