- Altcoins like FIL, ICP, GRT, CHZ and DOT have offered double-digit overnight gains to traders in recent price rally.
- Ed NL, top analyst likened the altcoin rally to a lottery, observing that Filecoin FIL hit a key level overnight.
- Analysts believe altcoins will flourish irrespective of Bitcoin price drop, in the current cycle.
Analysts are bullish on altcoins like Filecoin (FIL), InternetComputer (ICP), The Graph (GRT), Chiliz (CHZ) and Polkadot (DOT). These altcoins have posted double-digit gains overnight, hitting key price levels in the current cycle.
Also read: How to trade these three altcoins with massive upside potential: QTUM, KNC & TRB
FIL, ICP, CHZ, DOT, GRT give traders lottery feels
Post the FOMC rate hike announcement mid week, altcoins have recovered from the slump and posted double-digit gains for holders. Amid the turbulence in the crypto market, CoinBureau’s Guy told his 2.09 million YouTube viewers that the purge in Q2 of 2022 laid the groundwork for a significant rally.
Despite that, markets are aware of the macroeconomic outlook that triggered the recent crypto bloodbath and this could drive assets to potential new lows.
In contrast to Guy’s views, Ed NL confessed to “loterry-like” feels when trading Filecoin (FIL), that offered 37% gains to holders, overnight.
Trading alt coins seems like a lottery again……
Setting alerts for a break of that key level, only to wake up to +27% overnight $FIL
What set up are you eyening? pic.twitter.com/3h33EPrLEm
— Ed_NL (@Crypto_Ed_NL) July 30, 2022
Other altcoins that offered massive gains to traders include ICP, GRT, CHZ and DOT. AVCrypto_, a pseudonymous crypto analyst, put forward the narrative that altcoins witness a surge in their price during Bitcoin price dips. While large pullbacks in Bitcoin offer traders an opportunity to accumulate, price rallies and smaller dips result in altcoin rallies.
The analyst’s narrative fits the current situation where Bitcoin posted 3% gains and FIL, ICP, GRT, CHZ and DOT offered double-digit gains to holders.
Biggest W today was when one of the best traders I know agreed to my thoughts re: BTC vs Alts debate.
Don’t know who needs it, but think it’s worth putting into perspective.
Considered it my edge (decaying already imo) for a long while now. pic.twitter.com/4r3t6aJePc
— AV (@AVCrypto_) July 26, 2022
Altcoin Sherpa, leading technical analyst and trader told his 180,600 followers that a higher high is imminent in Bitcoin. High 20,000s are likely in the coming weeks and irrespective of BTC price movement, altcoins “should still flourish.”
Sherpa is convinced that the altcoin rally will remain unaffected by a massive recovery in Bitcoin.
BTC-USD price chart
Analysts identify three altcoins with bullish potential
Analysts at FXStreet have evaluated the altcoin rally and identified three altcoins with a massive potential for upside. QTUM, KNC and TRB could offer traders gains on specific conditions. For key price levels and more information, check the video below: