coinedition.com
Crypto market analyst and co-founder of CBY Capital, Josh Moden, thinks Bitcoin is set to bounce off significant support. In a video interview uploaded on YouTube, Josh outlined the altcoins likely to follow Bitcoin’s pattern when the rally begins. Among the altcoins identified by Josh include ADA, QNT, RNDR, and RPL.
According to Josh, Bitcoin is at a very pivotal point. He observed that the price is close to a significant support level at the $25,000 region and in a downward wedge. That indicates Bitcoin’s price could test a lower level before bouncing off the overall support level.
Josh believes ADA’s price action suggests it will follow Bitcoin’s trajectory when the rally begins. He noted that ADA is hovering around a multiple support level that could coincide with Bitcoin’s bounce off the $25,000 region. ADA traded around $0.37 at the time of writing, with support between $0.35 and $0.36. Josh projects ADA to rally toward $0.42, potentially reaching $0.46 after the bounce.
QNT is another altcoin Josh believes will follow Bitcoin’s pattern when the rally begins. The crypto token has already bounced off Josh’s market support around the $98 region. Josh used historical data on the four-hour chart to reveal a unique pattern that certifies that region as confirmed support. Josh projects QNT could rally to $165, representing a 40% gain from its current price.
The analyst added RNDR among the altcoins that Bitcoin’s rally could drag along. RNDR is already in an upward trend from Josh’s analysis. However, he believes RNDR will pull back to retest the trendline and eventually rally toward $3.30. That would mark a 23% gain from its current price.
Finally, Josh added that RPL, which is trading along an upward trendline, has held well. He indicates a downward momentum that has put RPL in a symmetric triangle formation. According to Josh, breaking out of the triangle would see RPL move toward $65 in a quick rally. That would mark a 34% gain from its current market value.