An analyst who has accurately called the crypto collapse of 2022 says a token soaring nearly 280% last week could foreshadow what’s to come for the altcoin market.
Pseudonymous analyst Capo tells his 100,883 followers on instant messaging platform Telegram that he is keeping a close eye on the native governance assets of non-fungible token (NFT) marketplace SuperRare (RARE).
According to Capo, RARE’s massive rise from last week’s low of $0.0918 to a high of $0.3476 could be a taste of what’s to come for altcoins.
“Basically, we see a correction after a bullish trend, similar to the trend we saw in April-July 2021, before the bullish continuation. Some tokens like RARE have already broken this downward trend, with some interesting pumps. Should we now expect the same for the rest of the market?
Confirmations are still needed, but based on a thorough analysis using various methods and data sources, and as I have been saying for a few weeks, I believe there is a good chance of a market recovery with a bullish rally for altcoins.”
Looking at Capo’s charts, he seems to predict that OTHERS, which tracks the market cap of all crypto assets excluding the top 10 digital assets and stablecoins, will witness a bullish continuation if it breaks the resistance around $257 billion .
At the time of writing, OTHERS is trading at $188.174 billion.
As for Bitcoin (BTC), Capo shares a chart that suggests the crypto king is poised to rise to a liquidity zone between $75,000 and $80,000.
“High Timeframe BTC Chart.”
At the time of writing, Bitcoin is trading at $58,444, down almost 2% on the day.
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Generated image: Midjourney