A trader who expertly rode the crypto rally earlier this year says he is keeping an eye on two large-cap altcoins amid the latest sell-off in the digital asset market.
In a new strategy session, pseudonymous analyst DonAlt tells his 51,200 YouTube subscribers that altcoins are generally looking weak as many popular coins are now trading close to their annual lows, despite the fact that Bitcoin is still well above its 2022 price floor .
“The altcoins in general have taken a huge beating, and it hasn’t been fun.
If you look at LINK/USD, it’s at its lowest point again. That’s back like Bitcoin went back to $15,000, and that’s one of the crowd favorites. You watch ATOM, also one of the crowd favorites, also back to the lows.
You can go through the list, almost everything, ADA – they are all approaching their 2022 or 2023 lows, while Bitcoin is not that much lower than $30,000.”
While the broader altcoin markets are taking a beating, DonAlt says crypto bulls should focus on accumulating coins that could potentially outperform due to an underlying narrative.
“If you want to buy something, buy something with a story. That’s why I trade Litecoin; that’s why I traded XRP because I knew Litecoin – the halving story – you can leverage that.
XRP – the SEC case, you can trade that way. But those are the only ones you can touch.”
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