Analyst Nicholas Merten predicts rally in altcoins
At the same time, there may be a pullback in the crypto market first
19.12.2023 - 11:45
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The material is not an investment recommendation and is published for informational purposes only
What’s new? Crypto analyst and host of the DataDash podcast Nicholas Merten believes that “the next altcoin season is probably just around the corner.” However, he noted that the crypto market may experience a pullback first. As key metrics show, the total market value of all digital assets, except for bitcoin and Ethereum (TOTAL3), is performing the best, the expert added.
What else is known? Merten called low-capitalization projects from the meme tokens and bitcoin infrastructure segments promising. The expert believes that TOTAL3 should experience a pullback in the coming days if it fails to hold its 21-day moving average (MA). However, he noted that TOTAL3 is expecting “seismic” activity in the coming months.
Moving averages are a statistical tool that allows one to average price data over a certain period of time and draw a line showing the average price of an asset over that period. The most common are the simple moving average (SMA) and the exponential moving average (EMA). SMA averages prices evenly, while the EMA gives more weight to the recent prices.
As of December 19, 11:40 UTC, TOTAL3 is at around $460,87 billion, having added 0,61% per day, and 3,19% per week, according to TradingView.
Analyst Peter Brandt allows the possibility of the ETH rate to fall to $650
He also said that he opened a short position on the asset as early as December 15
In September, Merten predicted a prolonged decline phase for BTC. In May, he allowed the possibility of a sharp decline in the market capitalization of altcoins against the backdrop of a drop in the PEPE meme token.v
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