A widely followed crypto strategist believes two altcoins running on the Ethereum (ETH) network are gearing up for a burst to the upside.
Pseudonymous analyst Kaleo tells his 606,600 followers on 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 more than a year and a half.
“This APE outbreak will not fade away. Until last month, BLUR and LOOKS were both trading in lockstep with APE. NFTs are starting to gain some momentum. I see it as only a matter of time before APE catches up.
For reference: – Fade is up 320% from lows – LOOKS is up 235% from lows – MONKEY is up 65% from lows.”
At the time of writing, APE is trading at $1.69, up more than 12% in the last 24 hours.
The analyst is also keeping a close eye on the move-to-earn crypto project STEPN (GMT). According to Kaleo, GMT traded within a rising channel after crossing above its diagonal resistance in the high time frame.
“After seeing BLUR post-airdrop after announcing infinite Ponzi mechanics, I’m open to the idea that it’s a never-ending Ponzi season.
So I was craving GMT.
Despite the hemorrhages of the past 18 months, STEPN has remained active, and considering how everything in the Solana ecosystem that has maintained a decent level of activity has boomed recently, I think STEPN could survive.
The chart looks great when we retest the July highs after a breakout on a high time frame; could easily see an outflow from the channel to $0.60 – $1.00.”
Kaleo also says GMT appears to be tracking the price action of smart contract protocol Avalanche (AVAX) as it traded within a rising channel last month before breaking out.
Dropping a comparison of $AVAX trending in a rising channel after the HTF breakout (first image) to show how $GMT could accelerate out of its current channel (second photo) pic.twitter.com/3IXHVh7TnM
— KALEO (@CryptoKaleo) November 24, 2023
At the time of writing, GMT is worth $0.346, up over 20% in the past 24 hours.
As for Bitcoin (BTC), the analyst thinks the crypto king is about to soar above $40,000.
“Sniped the bottom to the minute. Bring it to $40,000.”
At the time of writing, Bitcoin is worth $37,756.
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Generated image: Midjourney
