The mini Altcoin season can be brewed with Chainlink and three cryptoassets showing signs of accumulation: Analyst
A popular crypto analyst says there is a possibility that the altcoin market is creeping up for a breakout.
The pseudonymous analyst known as Altcoin Sherpa tells his 184,000 Twitter followers that while it is possible that Bitcoin (BTC) is setting up to drag the crypto markets down to new lows, he also sees a scenario where one of the major altcoins triggers a “mini altcoin season” .”
The closely followed analyst shares charts for interoperability blockchain Polkadot (DOT), decentralized oracle network Chainlink (LINK), smart contract platform Fantom (FTM) and Ethereum (ETH) rival Avalanche (AVAX) that suggest altcoins are in accumulation mode.
“What if many of these altcoins accumulate?
I’m still thinking a leg down because I think BTC is down, but…I’m going to be open to a mini alt season if we see something explode and lead the market.”
At the time of writing, Polkadot is trading at $6.24, around Altcoin Sherpa’s support area.
Chainlink is currently valued at $7.10, within the analyst’s accumulation range.
As for FTM, its Ethereum competitor is hovering at $0.219, close to Altcoin Sherpa’s immediate support level.
Looking at AVAX, Altcoin Sherpa’s chart suggests that the smart contract protocol may form a double bottom pattern.
The analyst too suggests that XRP could be the coin that triggers an altcoin rally under the right circumstances.
“XRP can lead the market, but usually you need some kind of narrative.”
As for Bitcoin, the analyst says he sees an imminent correction for BTC.
“BTC: still a range; EMAs (exponential moving averages) are catching up to price. Still expect choppy price action with potentially another move down to $18,000 very soon.”
At the time of writing, BTC is changing hands at $19,223, flat on the day.
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Featured image: Shutterstock/Dotted Yeti/Sensvector
