Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Altcoin Sherpa, a popular analyst, shared an optimistic outlook on the altcoin market.
On X, the cryptocurrency commentator pointed to the consolidation pattern in the chart of Render (CRYPTO: RNDR), a project focused on decentralized GPU rendering.
He noted the similarity of this pattern to “a lot of good charts,” suggesting a potential breakout for RNDR and potentially other altcoins in the near future.
“RNDR: you know, a lot of good charts have this same type of price action,” Altcoin Sherpa said. “I think now is a great time to scale into many altcoins that you like and just sit on them. The next leg seems like it’s going to come in the next few weeks.”
$RNDR: You know, a lot of good charts have this same type of price action. I think now is a great time to scale into many altcoins that you like and just sit on them. The next leg seems like it's going to come in the next few weeks. pic.twitter.com/Hf3iPXjbFx— Altcoin Sherpa (@AltcoinSherpa) March 25, 2024
Solana Altcoin Sherpa also offered his insights on Solana (CRYPTO: SOL), a major Ethereum competitor.
He believes SOL could experience a price dip before a potential rally.
“SOL: I think this remains a good area to buy and scale in,” he said. “Would DCA (dollar cost average) from here to $140 personally.”
Dollar-cost averaging (DCA) is an investment strategy where investors buy a fixed amount of an asset at regular intervals, regardless of the asset’s price.
Here, Altcoin Sherpa suggests buying SOL gradually as the price potentially dips towards $140.
In another tweet, Altcoin Sherpa expressed bullish sentiment towards RSS3 (CRYPTO: RSS3), a decentralized information processing protocol.
He believes RSS3 is currently consolidating and poised for a price increase.
“RSS3 is consolidating here in my opinion,” he stated. “I think the next leg is coming. In this one personally and have a node. Bullish.”
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Pentoshi Cautions On Short-Term Altcoin Performance Not all analysts share Altcoin Sherpa’s immediate optimism. Crypto analyst Pentoshi took a more cautious stance on altcoins in the short term.
While acknowledging the long-term bullish trend, Pentoshi believes a pullback and consolidation period might be imminent for altcoins.
“First bearish post in a very long time,” Pentoshi said.
#altsFirst bearish post in a very long time. This is only a short term view. Not high time frame. But I do believe we likely see the market pull back again and then consolidate in terms of alts.
I think of course we go higher, just later on and that there is a little… pic.twitter.com/0u0V01EYm4
— Pentoshi