Crypto Analyst Predicts Market Reversal as Altcoins Surge
A well-known crypto analyst has recently shared insights suggesting that the market is on the brink of a reversal following a significant uptrend.
Profit Taking Advised as Altcoins Face Potential Correction
In a recent update to his 132,000 followers on Telegram, crypto trader Crypto Capo highlighted the need for profit-taking as altcoins show signs of potential downside after experiencing sharp gains.
“The market has shown a strong bullish move, with Bitcoin surpassing $98,000 and Ethereum reaching $2,300. Altcoins have seen gains of 30%-100%. It may be wise to take profits now as a reversal seems imminent.”
Capo pointed out that Ethereum has hit a resistance zone and is likely to form a local top before undergoing a significant bearish move.
“After holding the $1,500 support, Ethereum has now entered the $2,000-2,300 resistance zone. A local top is expected to form here, followed by a strong bearish move.”
At the time of writing, Ethereum is trading at $2,290, marking an 11.5% increase in the past 24 hours. Capo’s analysis suggests a potential dip below $1,200 by June.
Solana Continues Uptrend Against BTC
While Ethereum faces a possible correction, Capo believes that Solana, a competitor to ETH, could sustain its upward momentum and outperform Bitcoin in the near future.
“Solana appears poised to reach the $170-200 target, outpacing BTC. The Solana ecosystem is expected to continue its upward trend.”
Currently, Solana is priced at $170.68, reflecting a 7% increase over the last day.
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