Welcome to this week’s analysis on which altcoins are performing well and which ones are not. You can view the list here:
It was a US holiday on Monday January 20 hence why there was no newsletter released yesterday so instead, we’ll release one today.
Bitcoin Update
Bitcoin is still in this same range between 90-100k. We are near the top of the range so we might see a breakout in the next week or two. I am not ruling around more downside so be prepared for either scenario. If you are fully allocated, there is nothing to do except wait it out. If you have spare capital, you can buy more at the bottom of this range.
Bitcoin Dominance Update
Bitcoin Dominance is still following one of the scenarios I presented from the last newsletter where the rejection from the trendline is resulting in a potential new downtrend. This is starting to go above 58% again so it’s possible we revisit 60-62% before dropping again.
We have seen this type of behavior in previous cycles where it revisits the highs before plummeting.
OTHERS Dominance 2 Week Z-Scores
No significant update regarding OTHERS Dominance. The potential bottom is still intact. It’s possible we revisit the trendline but otherwise still looks fine to me.
Solana Update
Solana successfully held $175 and has been on an impressive rally lately as it tests it’s all-time high again. It’s just a matter of time before this breaks above and gets into price discovery. This will be a positive signal for the altcoin market.
SOL/ETH trend is still in place and going higher:
SOL/BTC tested the top of this trendline and rejected. Once this breaks above, we will really start to see Solana outperform.
Dogecoin Update
Dogecoin has started to rally again. Similar to Bitcoin, it’s been stuck in a range but I think it will resolve to the upside in the next couple weeks.
Large Caps
For large caps, here’s the ones that stand out on a long term timeframe:
- XRP
- Hedera
- Dogecoin
- Sui
- Stellar
Sui continues to hold up well relative to the rest of the market. It’s been awhile since we looked at the comparison between Sui this cycle vs. Solana last cycle and the pattern is still strikingly similar. This suggests more upside to come soon.
The remaining coins are XRP, Stellar and Hedera which as I mentioned in previous newsletters, I would not advise buying.
Here’s the ones that stand out on a short term timeframe:
- Hedera
- Stellar
- XRP
XRP, Stellar, Hedera and Chainlink make the short term list also but again I’m cautious on these for the reasons mentioned in previous newsletters.
Model Portfolio Update
The model portfolio is now up over 45% mainly thanks to the surge in Solana price:
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.
Not financial advice. Please consult a financial advisor before making any investment decisions.
