Bitcoin price smashes new yearly highs at $31,000 for the first time in the past nine months. The gigantic recovery which sparked at the beginning of 2023, is approaching some crucial levels. Meanwhile, some of the altcoins, like ARB, SOL, and ATOM, are displaying acute bullish momentum.
One of the top analysts, Altcoin Sherpa, frames the next move of the popular altcoins and believes that these tokens are at the foothills of a massive explosion. The analyst says that the ATOM price has already reached the higher time frames and may continue to chop around. Therefore, he believes the price may continue to consolidate as not much volatility is witnessed at the moment.
“ Atom: High time frames I think that this looks pretty good, EMAs all reset on the 1D and price continuing to chop around. With that said, I don’t see any reason to buy this one for active traders. Not much volatility or strength relative to the rest of the market rn,”
Further talking about Solana, the analyst believes the price has reached crucial levels and hence may face an interim pullback. However, the drop is expected to attract more liquidity that may ignite a fine upswing thereafter.
“ SOL: Interesting level here; not a buyer. S/R horizontal resistance area +200d EMA, I’m expecting a short pullback to the EMA cluster around $22. This is a buy the dip situation though IMO,”
Moving ahead to Arbiturm, Altcoin Sherpa sees huge possibilities of surging beyond $2 in the coming days. The ARB price has been displaying enough strength despite suffering a notable pullback recently. Therefore, to undergo a significant breakout, the altcoin has to clear the upper barriers and set up a bullish path towards its target.
“ARB: Bought at $1.25, sold at $1.38 or something should have held. I still think that there’s more juice left in the tank for this on.
Using these fib extensions, send to $2+,”