A while back, very unexpected US CPI rates were announced, where rates were cut to 3% from 4% previously. The drop in IPC rates is considered a great bullish indicator for the crypto space. However, the Bitcoin price continues to hover around $30,500, while some of the altcoins remain largely stagnant.
The Ethereum price was also less affected by recent developments as it continues to struggle below $1900. Also, some of the altcoins are not showing any major movement and thus failing to attract liquidity. This has forced the price to stay around the lower support with less chance of a breakout higher.
A popular analyst Altcoin SherpaHe believes that until Chainlink (LINK) and Polkadot (DOT) do not move, there is no point in jumping.
Chainlink has been trading within a predefined range for over a year and has therefore lost trader attention. This has hampered the progress of the rally and therefore the analyst believes that the price is required to break out of the range to trigger a decent rally.
“Over 400 days in a range, I won’t buy this one until it breaks the range high. It should be a consistently strong token, but it will be a while until it leads the market.”
Secondly, the analyst talks about Polkadot (DOT) and believes that the price may remain under the bearish influence as the volume has fallen from the peak.
DOT: I don’t think this is long or short.
It is an area that has a lot of volume/trade and has fallen so far off the peak that I don’t know if a short has the best R:R.
That being said, the market structure is still very bearish and this issue is underperforming most of the market.”
This post A Top Analyst Is Not Bullish On These Altcoins – Will It Trigger A New Bearish Wave?
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