Cryptocurrency analyst and trader Jason Ficino gives his thoughts on where altcoins are likely to go in the coming months.
Ficino told his 332,000 YouTube subscribers that he expected an “altcoin rally” in the fourth quarter of this year, either during or after the U.S. presidential election on November 5.
Ficino said that the market cap of the Tether (USDT) stablecoin may have peaked compared to other cryptocurrencies and is likely to decline further, indicating that market participants are using the stablecoin to accumulate crypto assets.
He shares a reverse chart of USDT dominance (USDT.D) and seems to predict further declines in market share in the coming months.
“teaHis is USDT It’s a dominance chart, but the opposite is true. meIf you are interested in technical analysis, what direction do you think it should take in the future? do Do you think this top has potentially broken some support and a breakout could begin here?
So, you can see that the inverse is actually what is going to happen, which means that the USDT dominance is actually going to fall… So where does that money go? It either goes completely out of the market and turns into profits and all that, or it goes back to Bitcoin and crypto… which leads to altcoin bounces.”
Looking at the trader’s chart, he seems to be predicting that USDT’s market share will drop to around 1%. At the time of writing, USDT.D is hovering around 5.80%.
Ficino said Ethereum (ETH) was “looking good” after the second-largest cryptocurrency by market cap cleared a key resistance level.
In the long run, Pizzino says:
“Longer term, it’s still definitely going to have to close above $2,900. So for strength, if you’re a little less inclined to take risky trades, $2,900 is a safer place to be.”
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