A prominent analyst recently made a prediction about four cryptocurrencies that are likely to experience a significant price increase soon. This analysis points to a potential recovery for Bitcoin, as well as for market giants Solana, Cardano, and Shiba Inu.
The technical analysis, released on June 25 by cryptocurrency expert Ali Martinez, highlighted the potential for an upward breakout in the prices of altcoins Solana (SOL), Cardano (SOL), and Shiba Inu (SHIB), in addition to Bitcoin.
Martinez stated, “TD Sequential is showing buy signals on the daily charts of Solana, Shiba Inu, and Cardano, indicating a potential price recovery for these altcoins.”
The recent launch of spot Bitcoin ETFs in the US has significantly increased global crypto trading volumes. However, not all exchanges have benefitted from these changes.
On June 25th, the three cryptocurrencies SOL, ADA, and SHIB showed substantial gains following the recent market crash, increasing their prices by 7.2%, 5.0%, and 6.1% respectively in the last 24 hours.
Regarding Bitcoin, the analyst noted that the same indicator, TD Sequential, is presenting a buy signal on the Bitcoin daily chart, predicting a recovery of one to four daily candles for the largest cryptocurrency on the market.
“Over the past two years, Bitcoin’s daily RSI has reached oversold territory three times, resulting in BTC price increases of 60%, 63%, and 198%, respectively. With BTC now below $62,000 and the RSI in oversold territory again, this could be an excellent opportunity to buy the dip,” emphasized the specialist.
At the time of publication, the price of Bitcoin was quoted at US$61,852.42, with an increase of 1.2% in the last 24 hours.
Bitcoin’s price started the week trading below the US$60 level but recovered in the last 24 hours, returning to the US$61 zone. Traders appear to be concerned about the news that failed exchange Mt. Gox will pay its creditors from July. Around US$9 billion in Bitcoin will be paid starting next week, and this could trigger a wave of liquidation if they sell their tokens.
Furthermore, with investors fleeing to other cryptocurrencies, the Bitcoin market dominance index showed the biggest drop since January. According to data from TradingView shared by CoinDesk, on June 25, Bitcoin’s dominance recorded a drop of 1.8%, going to 54.34% currently. This is the largest single-day percentage drop since January 12.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.