Will Cardano and VeChain be the flag bearers for the imminent alt season?

  • 02 July 2019, Tuesday, 12:00

The altcoin space is more or less correlated to Bitcoin and its price, with the exception of a few. More often than not, these altcoins are easily influenced by Bitcoin’s price movements, with any sudden hike or fall in Bitcoin’s price immediately translating in the altcoin market. Hence, BTC’s bull market sparked speculation of an “alt season” and how it is just around the corner.

Bitcoin’s recent pump has caused alts to drop in prices and bleed red. While some panic sell, others are accumulating these alts, all of this in hopes of making profits, if and when the alt season arrives.

@TheCryptoDog, a well-known trader, tweeted,

Okay guys, it's time…

Shill me your $ALTs

— The Crypto Dog???? (@TheCryptoDog) June 26, 2019

The aforementioned tweet received a whopping 1,500 comments, the data of which was analyzed by Omni Analytics Group to determine which coin was trending on crypto-Twitter. The data was plotted in the form of a bar chart, as seen in the picture below.

Cardano, the eleventh largest cryptocurrency, was the most sought after by crypto-Twitter. Cardano, like most altcoins, has however dipped to a price that was last seen in 2017, right before the alts exploded.

The price of Cardano, in terms of BTC, is 800+ SATs as seen in the chart above. According to Fibonacci Retracement levels, the next logical level for Cardano to breach, if the altcoins pump, is 2329 SATs.

VeChain is performing worse than Cardano, dipping to a mere 76 SATs. The pump, if and when it happens during the alt season, would push the prices to 101 SATs, and further take it to the 0.236 Fibonacci level i.e. 157 SATs.

The third largest coin on the popularity charts was Chainlink, which recently pumped by a massive 75% in a couple of hours, due to an announcement by Google. Chainlink, unlike other cryptocurrencies, has been performing a lot better than other cryptocurrencies. At press time, while Bitcoin and most major alts were falling, Chainlink did not see massive drop in its price.

Source: ambcrypto.com