Altcoin Technical Analysis with LuxAlgo
Paul and Jacob provided technical analysis on the recent rise in altcoins like Solana, Avalanche, Polkadot, and Flow. They discussed key support and resistance levels for these cryptocurrencies using indicators from Lux Algo to determine potential price targets. For example, they noted Solana could reach $132 based on a previous pivot level in March 2022.
In addition, they highlighted emerging platforms like Allbridge which just integrated with Optimism's layer 2 solution. This could bring further adoption and use cases to the network. Meme coins were also discussed as an area of interest, with Bonk and Keku showing potential for additional rallies. However, technicals suggest more consolidation may be needed before significant breakouts.
Overall, altcoin markets remain strong with most major cryptos holding key support levels. This suggests the current altcoin run could extend through Q1 2023. Continued narrative and adoption drivers around networks like Solana and Avalanche also paint a bullish picture. Even so, prudent entry and exit levels based on indicators help mitigate downside risks during pullbacks. Platforms that bridge ecosystems like Allbridge and entertainment focused projects could also produce outsized returns if traction grows. Though highly speculative, meme coins retain interest that could spark rallies if volumes return.
Guest: Jacob, Trader & Analyst
This episode is sponsored by Oval3
Collect, buy, sell, and trade officially licensed digital player cards in OVAL3’s marketplace to become manager of your own club.
Visit Oval3 website ➜ https://bit.ly/3uZqqKA
This episode is sponsored by LuxAlgo
The #1 provider of trading indicators worldwide. Trusted by over 50,000+ traders.
https://bit.ly/3TloKVY