[ad_1]
A widely followed crypto strategist believes that altcoins are gearing up for a rally with a magnitude never seen before in the current market cycle.
Pseudonymous analyst Altcoin Psycho tells his 493,700 followers on the social media platform X that altcoins historically witness big bursts to the upside during a bull market’s second inning.
According to the analyst, traders who made gains on Bitcoin (BTC) and meme tokens will likely rotate their capital and trigger another round of rallies for the altcoin market.
“If you think this market is fun, just wait until memecoins and BTC liquidity rotate back into quality altcoins. The best gains of a cycle tend to happen in the 2nd leg up.
Don’t get me wrong, I think memecoins go higher and I’ve been enjoying finally not losing money on them but as someone who’s been in crypto since 2014, I can tell you from past experience the 2nd leg up is by far the craziest (in a good way).”
Specifically, Altcoin Psycho is keeping a close watch on altcoins with no more tokens to unlock, suggesting that heavy selling pressure is not in sight for these coins as total supply is out in circulation.
“Look for previous cycle tokens that are fully unlocked and haven’t run yet. The ones with strong weekly candle closes today are next up to run.”
One fully vested altcoin on trader’s radar is the native asset of the non-fungible token (NFT) marketplace LooksRare (LOOKS).
“–> NFTs picking up steam again
–> former 2nd largest NFT marketplace
–> 100% unlocked
——–>bottom?”
At time of writing, LOOKS is trading at $0.124.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
[ad_2]
Source link
