Analytics Company CEO Lists Altcoins with Bearish and Bullish Outlooks, Highlights One in Particular

Cryptocurrency analysis company Alphractal and its CEO Joao Wedson shared their current technical assessments of the cryptocurrency market. It was particularly noteworthy that despite the rising prices of Bitcoin, investors did not see the expected increase in profit taking. Commenting on the profit realization ratio (SOPR) obtained from on-chain data, Alphractal said: “This is surprising. Normally, when prices rise, the profit-taking rate increases and peaks at each new price level. However, right now, although the Bitcoin price is rising, profit-taking is not keeping pace. On the contrary, it is falling. This tells us that investors still see $100,000 as cheap.” Alphractal CEO Joao Wedson drew attention to two important metrics that stand out on technical analysis screens: “The vast majority of altcoins are still in the bearish zone on the 24-hour timeframe, with the MACD indicator. On the other hand, according to the weekly RSI data, some coins are in the overbought zone: TRX, SPX, XMR, GT, and even BTC. In contrast, the coin with the lowest RSI in the oversold zone is CTK, followed by Melania.” Related News: BREAKING: Company that Previously Announced Plans to Purchase $1 Billion of This Altcoin Withdraws Application Wedson drew particular attention to one altcoin in the market: “RENDER is in oversold territory and the increase in open interest on the 5-minute to 1-hour timeframe suggests that whales are long.” *This is not investment advice. Continue Reading: Analytics Company CEO Lists Altcoins with Bearish and Bullish Outlooks, Highlights One in Particular

Source: BitcoinSistemi