Renowned crypto analyst Capo, known for accurately predicting the recent market downturn, has shifted focus to an altcoin that saw an impressive 278% surge last week, hinting at a potential positive trajectory for the altcoin sector. With a strong Telegram following exceeding 100,000, Capo has pinpointed RARE, the governance token for SuperRare’s NFT platform, as a significant indicator.
Capo highlights RARE’s remarkable climb from $0.0918 to $0.3476 as a possible precursor to what could unfold for altcoins in general. Referencing a comparable pattern observed between April and July 2021, Capo anticipates that RARE’s upward momentum might foreshadow a broader market rebound characterized by a bullish run for altcoins.
The analyst’s assessment suggests that OTHERS, which monitors the total cryptocurrency market cap excluding the top 10 assets and stablecoins, could experience a positive continuation by surpassing resistance around $257 billion. Currently valued at $188.174 billion, this sector shows potential for expansion.
Regarding Bitcoin (BTC), Capo’s chart analysis hints at a potential surge towards a liquidity zone ranging from $75,000 to $80,000. Despite trading at $58,444 during the drafting of this update, marking a slight 2% decrease for the day, Capo remains upbeat about the flagship cryptocurrency’s outlook.
In summary, Capo’s in-depth evaluation indicates a favorable trajectory for altcoins based on RARE’s recent performance and the potential growth in the broader market. As investors maneuver through this dynamic landscape, staying well-informed and conducting thorough research are imperative for making informed investment choices. Subscribe now to remain updated and ahead of the evolving market trends.
