Welcome to this week’s analysis on which altcoins are performing well and which ones are not. You can view the list here:
Bitcoin Update
Can you guess the update for this week? More sideways. Bitcoin is still in this same range between 90-100k. Last newsletter Bitcoin was at 95k and now it’s at 95k so it’s basically in the same spot now for nearly 2 weeks. We have to continue waiting for this range to resolve. I am still sticking with my original scenarios that it could still dip to 85k or break to the upside to 120-130k.
Bitcoin Dominance Update
Bitcoin Dominance has started to rally again and it looks like it’s going back up to 62% for a retest. Let’s see if we get another rejection otherwise it could go higher to 67% which would mean more pain for altcoins (i.e., dropping or sideways).
Solana Update
Solana has dipped a bit further below 160. It’s possible it dips to 148 or 138 before continuing up. I would continue to add at these levels. Once the altcoin pivot occurs (my base case is next month from the last couple newsletters), I imagine this will lead the charge similar to what happened with October 2023 to March 2024.
Another reason why I continue to stay bullish with Solana is we have seen this story out play out before with negative news events as I covered in my recent X post: https://x.com/altcoin_screenr/status/1892408159161241861
There’s been a lot of recent negative news on Solana and that it might even underperform the rest of this year. I say let the data do the talking. Since the FTX collapse in late 2022 up until now, every negative news event related to Solana was close to marking a local bottom and price still marched higher. The most recent negative news is around this memecoin scam fallout. History tells us, it will keep going higher. Don’t let the FUD shake you out.
Dogecoin Update
Price is still inside this bull flag so need to continue being patient for a break to the upside. It’s possible there is a fakeout downside move and then back up. As long as you’re not doing leverage trading and just holding spot, you just have to keep holding or add to your position.
Large Caps
For large caps, here’s the ones that stand out on a long term timeframe:
- XRP
- Dogecoin
- Sui
Sui has been holding up very well and is going sideways. Still a good spot to add more:
The remaining coin is XRP which as I mentioned in previous newsletters, I would not advise buying.
Here’s the ones that stand out on a short term timeframe:
- XRP
- TRON
- BNB
I think other coins like Sui or Dogecoin will have a better risk-to-reward at this point.
Pepe still bouncing in this range. I would continue to add at these levels while you can:
Model Portfolio Update
The model portfolio is now up nearly 5% as the market continues sideways:
To see the detailed analysis on Mid Caps and Small Caps as well as the complete portfolio, sign up and become a pro today and gain an edge in the crypto market.
I can’t stress enough the importance of risk management which is why having your portfolio 50-70% in Large Caps helps to balance the volatility of other smaller assets. Mid Caps should be 20-30% and Small Caps less than 10%. Although many positions are in losses, the overall portfolio is still in profit even with all the recent downside we’ve seen.
Not financial advice. Please consult a financial advisor before making any investment decisions.
