Popular analyst Jason Pizzino took to his latest analysis and suggested taking a closer look at some altcoins. In recent days, there have been signs indicating the presence of a significant low or nearing one. He pointed out that similar discussions about significant lows took place in June 2022. Interestingly, two years later, there is another period of increased volatility and fear, coinciding with a major date around the solstice.
Jason referenced the collapse in May and June of 2022, marked by the downfall of DeFi projects like Luna in May, followed by further collapses in June, affecting companies like BlockFi. This period represented a significant low, even though the market dipped lower with the FTX collapse. Despite the downturn, buying during that low period proved to be a good entry point.
He pointed out that current market conditions show hallmarks of a significant low, with the market still in a stealth zone. Analyzing the average true range (ATR) of the bars on a weekly and daily basis, he observed a downward trend across various altcoins, Bitcoin, and the total cryptocurrency market cap. Historically, a decline in ATR during a bull market suggests a stealth period of consolidation that typically leads to an upside breakout.
Jason discussed several altcoins:
Fetch.ai: Bounced 40% from its low against USDT. Needs to get back above $1.80, which was a previous low on April 13, marking the 50% retracement level.
AGIX: Similar to Fetch.ai but weaker. Needs to surpass 1,000 and 1,200 Satoshi for strength. Holding at 63 cents against USD is crucial.
Ocean Protocol: Needs to stay above 63 cents to aim for 90 cents.
Render: Showing strength above its 50% level. Watching the $3 to $5 range for potential corrections. Even with a correction to these levels, the structure would remain bullish.
Pendle: Holding above 50% level and performing well amidst market fear. Currently around $5.80, it needs to stay above $5.70 to avoid a fake out.
Ondo Finance: Above 50% level and previous resistance, but caution is needed as it tests shorter-term levels.
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