A popular crypto trader believes altcoins are on the verge of big rallies after a pullback in the digital assets market.
The pseudonymous analyst known as Altcoin Sherpa tells his 212,400 followers on the social media platform X that Render (RNDR), a project related to Graphics Processing Units (GPUs), seems to be consolidating in preparation for a breakout.
-->He says many altcoins are forming similar bullish price patterns with consolidation in a broader uptrend as shown in Render’s chart.
“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.”
Source: Altcoin Sherpa/XRender is trading for $11.18 at time of writing, up nearly 2 in the last 24 hours.
Next up, the trader predicts that Ethereum (ETH) competitor Solana (SOL) could dip to the 0.382 Fibonacci retracement level before rallying.
“SOL: I think this remains a good area to buy and scale in. Would DCA (dollar cost average) from here to $140 personally.”
Source: Altcoin Sherpa/XSolana is trading for $189.84 at time of writing, up more than 4 in the last 24 hours.
The trader is also bullish on RSS3 (RSS3), a decentralized information processing protocol.
“RSS3 is consolidating here in my opinion. I think the next leg is coming. In this one personally and have a node. Bullish.”
Source: Altcoin Sherpa/XRSS3 is trading for $0.523 at time of writing, up over 8 in the last 24 hours.
Lastly, the trader says that the layer-1 blockchain project Vanar Chain (VANRY) seems to be in a consolidation phase and could break out within weeks.
“VANRY: fibbed the entire move and it’s consolidating right at the .382 fib. I would like to see this continue chopping around here another few weeks to be honest; the longer the break, the stronger the next move. I’ve got a bag.”
Source: Altcoin Sherpa/XVanar Chain is trading for $0.28 at time of writing, up more than 4 in the last 24 hours.
