Crypto Analyst Predicts Rallies for Two Ethereum-Based Altcoins and Updates Bitcoin (BTC) Forecast
A widely followed crypto strategist believes that two altcoins running on the Ethereum (ETH) network are preparing for an uptrend.
The pseudonymous analyst Kaleo tells his 606,600 followers on the social media platform
The analyst shares a chart that suggests APE is clearing a diagonal resistance that has kept the altcoin in a downtrend for over a year and a half.
“This APE outbreak is not letting up. Until last month, BLUR and LOOKS both traded in lockstep with APE. NFTs are starting to gain some momentum. I see it as only a matter of time before APE catches up.
Just for reference:- BLUR is up 320% from lows – LOOKS is up 235% from lows – APE is up 65% from the lows.”
Source: Kaleo/X
At the time of writing, APE is trading at $1.69, up over 12% in the last 24 hours.
The analyst is also closely monitoring the move-to-earn crypto project STEPN (GMT). According to Kaleo, GMT is trading inside an ascending channel after breaking above its high diagonal resistance on the time frame.
“After seeing BLUR send out a post-airdrop following the announcement of the infinite Ponzi mechanic, I am open to the idea of it being an infinite Ponzi season.
So I longed for GMT.
Despite the hemorrhage over the last 18 months, STEPN has remained active, and considering everything in the Solana ecosystem that has maintained a decent level of activity has surged recently, I think STEPN could be up and running.
The chart looks great, retesting the July highs after a breakout on the high time frame. could easily see a squeeze out of the channel to $0.60-$1.00.”
Source: Kaleo/X
Kaleo also says GMT appears to be following the price action of smart contract protocol Avalanche (AVAX) as it traded within an ascending channel last month before breaking out.
At the time of writing, GMT is worth $0.346, up over 20% in the last 24 hours.
As for Bitcoin (BTC), the analyst believes the crypto king is on the verge of rising above $40,000.
“Precisely to the point. Bring it to $40,000.”
Source: Kaleo/X
At the time of writing, Bitcoin is worth $37,756.
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