Analyst Nicholas Merten says the altcoin supercycle of 2021 is back!
In a recent video, crypto KOL Nicholas Merten discusses the surge of altcoin dominance in the last 24 hours, which has signaled key signs of the second altcoin cycle that started back in January 2021.
Ethereum is back in the game
At the start of the video, analyst Merten says that while altcoins are making a substantial rebound which is starting to materialize in market dominance, most of the market capitalization gains comes from Ethereum‘s leapfrog to the upside, canceling weeks of negative price action.
“Ethereum’s 30-40% correction against Bitcoin is the best time to accumulate altcoins and build positions. Ethereum has broken past the line of resistance and is now on course to break the previous all-time highs”.
Some altcoins are ready to break previous resistance
The trader then introduces Dash report, which is a full multi-page analysis of which altcoins to invest in the sense of technical pattern.
The first altcoin on the list is OmiseGo Network (OMG), a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network.
“It built around 1100 sats now around 1300 sats, setting higher lows, waiting to get above the1500 sats resistance range before taking off”.
The next coin on the list is Chainlink (LINK). According to the trader, although it is yet to see any major move since June 2020, LINK is now setting a consistent range of lows as support on top of previous resistance.
Aave (AAVE) is the next altcoin of the supercycle.
“AAVE now has some room to start moving up after a clean 60% pullback between February and March”, he says.
Merten also mentions Tron (TRX) as there is an opportunity to buy low and sell high with its current setup.
“A lot of momentum can flow into Tron if it pops above the current resistance, which is the starting price back in 2017 before the vertical movement”.
Goldman Sachs close to offering bitcoin and other digital assets to wealth management clients
In the last part of the video, Nicholas Merten talks about the recent news about Goldman Sachs is close to offering its first investment vehicles for bitcoin and other digital assets to clients of its private wealth management group. The bank aims to begin offering investments in the emerging asset class in the second quarter.
Nicholas says he expects JP Morgan, Wells Fargo, Bank America, and other commercial banks will to follow soon.
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