dailyhodl.com
A widely followed crypto strategist believes that two altcoins running on the Ethereum (ETH) network are gearing up for a burst to the upside.
Pseudonymous analyst Kaleo tells his 606,600 followers on the social media platform X that he’s bullish on ApeCoin ($APE), the digital asset associated with the Bored Ape Yacht Club non-fungible token ($NFT) collection.
The analyst shares a chart that suggests $APE is taking out a diagonal resistance that has kept the altcoin in a downtrend for over a year and a half.
“Not fading this $APE breakout. Up until the last month, $BLUR and LOOKS have both traded in lockstep with $APE. NFTs are starting to pick up some momentum. I see it as only a matter of time before $APE catches up.
Just for reference: – $BLUR is up 320% from the lows – LOOKS is up 235% from the lows – $APE is up 65% from the lows.”
At time of writing, $APE is trading for $1.69, up over 12% in the last 24 hours.
The analyst is also keeping a close watch on the move-to-earn crypto project STEPN ($GMT). According to Kaleo, $GMT has been trading within an ascending channel after moving above its high time frame diagonal resistance.
“After seeing $BLUR send a post airdrop from the announcement of infinite Ponzi mechanics, I’m open to the idea of it being infinite Ponzi season.
So, I longed $GMT.
Despite the bleed over the past 18 months, STEPN has remained active, and considering how everything in the Solana ecosystem that’s maintained a decent level of activity has been popping off lately – I think STEPN could run.
The chart looks great retesting July highs after a high time frame breakout; could easily see a squeeze out of the channel to $0.60 – $1.00.”
Kaleo also says that $GMT appears to be following the price action of the smart contract protocol Avalanche ($AVAX) when it traded within an ascending channel last month before breaking out.
Dropping a comparison of $AVAX trending in an ascending channel after its HTF breakout (first picture) to show how $GMT could accelerate out of its current channel (second picture) pic.twitter.com/3IXHVh7TnM
— K A L E O (@CryptoKaleo) November 24, 2023
At time of writing, $GMT is worth $0.346, up over 20% in the last 24 hours.
As for Bitcoin (BTC), the analyst thinks that the crypto king is poised to soar above $40,000.
“Sniped the bottom down to the minute. Run it to $40,000.”
At time of writing, Bitcoin is worth $37,756.
Generated Image: Midjourney