- Altcoins such as FIL, ICP, GRT, CHZ and DOT have offered double-digit overnight gains to traders in the recent price rally.
- Ed NL, the lead analyst, compared the altcoin rally to a lottery and noted that Filecoin FIL hit a key level overnight.
- Analysts believe that altcoins will prosper regardless of the drop in the price of Bitcoin, in the current cycle.
Analysts are bullish on altcoins such as 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 huge upside potential: QTUM, KNC and TRB
FIL, ICP, CHZ, DOT, GRT give traders a lottery feel
post the FOMC rate hike announcement In the middle of the week, altcoins recovered from the drop and posted double digit earnings for holders. Amid the turbulence in the crypto market, CoinBureau Guy told his 2.09 million YouTube viewers that the purge in The second quarter of 2022 set the stage for a significant rally.
Despite this, the markets are aware of the macroeconomic scenario that triggered the recent crypto bloodbath and this could take assets to potential new lows.
In contrast to Guy’s views, Ed NL confessed that it feels “like a lottery” when trading Filecoin (FIL), which offered 37% returns to holdersovernight.
Trading altcoins looks like a lottery again…
Setting alerts for a breakout of that key level, only to wake up at +27% overnight $FIL
What configuration are you looking at? pic.twitter.com/3h33EPrLEm
— Ed_NL (@Crypto_Ed_NL) July 30, 2022
Other altcoins that offered massive profits to traders include ICP, TRB, CHZ and DOT. AVCrypto_, a pseudonym crypto analyst, put forth the narrative that altcoins witness their price rise during Bitcoin price declines. While the big setbacks in Bitcoin Offer traders the opportunity to accumulate, price rallies and smaller dips result in altcoin rallies.
The analyst narrative fits with the current situation where Bitcoin posted 3% gains and FIL, ICP, GRT, CHZ and DOT all offered double-digit gains to headlines.
Today’s biggest W was when one of the best traders I know agreed with my thoughts on: BTC vs Alts debate.
I don’t know who needs it, but I think it’s worth putting it into perspective.
I considered it my advantage (in my opinion, already decaying) for a long time. pic.twitter.com/4r3t6aJePc
– AV (@AVCrypto_) July 26, 2022
altcoin Sherpa, leading technical analyst and trader told his 180,600 followers that a higher higher is imminent in Bitcoin. 20,000 likely to rise in the coming weeks and regardless of BTC price movement, altcoins “it must still bloom”.
Sherpa is convinced that the altcoin rally will not be affected by a massive Bitcoin rally.
BTC-USD price chart
Analysts identify three altcoins with upside potential
FXStreet analysts have assessed the altcoin rally and identified three altcoins with huge upside potential. QTUM, KNC and TRB could offer profits to traders under specific conditions. For key pricing tiers and more information, check out the video below: