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Analyst Miles Deutscher took to his latest analysis and opened up about the top five altcoins they are accumulating this July, despite the traditionally slow summer months and recent choppy price action. He believes that the market is giving better prices and a cool-down period, allowing for focused research and accumulation. Despite recent market retracements, he sees signs of recovery, particularly in altcoins.
Coin 1: Thorchain
The analyst said that Thorchain has a unique dynamic due to its “reflexive asset” nature. In a bull market, Thorchain’s mechanisms can drive significant price appreciation. RUNE is around $3, a high timeframe support level on the weekly chart. While RUNE may continue to bleed if the overall market remains bearish, it has the potential to outperform in the next bull market.
Coin 2: Layer Zero
Many altcoins with front-loaded emissions have suffered in bearish markets, leading to significant undervaluation. He said that coins like Layer Zero, which have been beaten down but are fundamentally sound, can experience strong upward price movements when market conditions improve. With no near-term unlocks, it avoids the price suppression caused by excess supply entering the market.
Coin 3: Ondo Finance
The coin had a significant drawdown from its highs but shows potential, especially with the ETH ETF and the broader narrative of RWAs gaining traction. He pointed out important price levels for Ondo, such as $1 for a long confirmation and the mid-range of $0.75 as a key support zone.
Coin 4: Prime Echelon
Finally, he brought up Prime Echelon Prime from the AI and gaming category, which has retraced significantly and is at a key support level, making it a good accumulation candidate for the long term.
Coin 5: Pepe and other meme coins
Despite the bleeding of many altcoins, leading meme coins like Pepe, Whiff, Bonk, Mog, and Popcat have shown strength during market recoveries. He said that meme coins are seen as a significant narrative with high mind share in the crypto community. The “barbell strategy” of holding Bitcoin and leading meme coins has been effective and he added that lower cap meme coins are riskier, and it’s better to focus on established ones like Pepe.