Altcoins have closely followed bitcoin’s move over the past few weeks, but that’s no surprise. However, there are times when these altcoins are able to step out of the pioneering cryptocurrency’s shadow and come together on their own. This is called the altcoin season. But while the crypto market waits for this to begin, an analyst has charted two assets likely to see major upside potential in the coming days.
Two Altcoins are ready
A crypto market strategist has offered two altcoins they believe are headed for a rally. Credible, a pseudonymous analyst with over 300,000 Twitter followers, presented his analysis of digital assets. These assets are Ripple (XRP) and Hedera Hashgraph (HBAR), a DeFi token that has been circling the space.
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Ripple (XRP) is fresh out of its legal battle with the SEC, and while it’s still ongoing, the altcoin has started to find its footing outside of the scandal. It has been trending down for the longest time, leading investors to believe that the cryptocurrency may be headed for death. But he proved everyone wrong as he started rallying back to $1 again, although he hasn’t quite made it yet.
XRP recovers to $0.8 | Source: XRPUSD on TradingView.com
As for what will push the digital asset above the coveted $1 mark, Credible explains that a rebound is imminent once the cryptocurrency hits the expected bottom. At this point, it will continue to rise up to $1.
XRP getting ready for bounce | Source: Twitter
“We are now in my area of focus,” Credible said. “Could go down a few pennies from where we are now, but according to my last tweet, I expect us to form a lower/higher trough in this region and continue higher. XRP.”
For the second altcoin, HBAR, a similar bullish outlook is shared by the analyst. Highlighting the recent pullback suffered by the digital asset, they explained that the asset will need to recover the marked region in the chart in order to finally confirm a bottom. Additionally, Credible said that they “would like to see us hold the $0.22 to $0.23 region and then make another attempt to reclaim the weekly supply.”
HBAR trending at bottom point | Source: Twitter
XRP is still trending around $0.7, not showing much momentum but indicating that the bottom may have been reached. If so, then Credibe’s plan for a rebound towards $1 might have some merit.
As for HBAR, it is still trending down to $0.22, around the daily support offered by Credible. This could serve as a bounce point for an upward move, but if it breaks below this point, the downtrend may still continue.
Featured image from Investopedia, chart from TradingView.com