Analyst says altcoin that surged 278% last week could show the way for cryptocurrencies — here’s his prediction

An analyst who accurately predicted the crypto crash of 2022 says a token that surged nearly 280% last week could be a harbinger of what’s to come for the altcoin market.

Analyst Kapo tells his 100,883 followers on instant messaging platform Telegram that he’s keeping a close eye on the native governance assets of non-fungible token (NFT) marketplace SuperRare.rare).

According to Capo, RARE’s massive surge from last week’s low of $0.0918 to a high of $0.3476 could be a preview of what’s to come for altcoins.

“Basically, we are seeing a correction after an uptrend, similar to what we saw in April and July 2021 before the uptrend continued. Some tokens like rare It has already broken this downtrend, with some interesting pumps. Now… should we expect the same for the rest of the market?

“Confirmations are still needed, but based on a comprehensive analysis using different methods and data sources, and as I have been saying for a few weeks, I believe there is a good chance of seeing the market recover with a bullish rally in altcoins.”

Looking at Kapo’s charts, it appears that he expects OTHERS, which tracks the market cap of all crypto assets except the top 10 digital assets and stablecoins, to see a bullish continuation if it breaks resistance at around $257 billion.

At the time of writing, OTHERS is trading at $188.174 billion.

Switch to Bitcoin (Bitcoin), Capo shares a chart that suggests the crypto king is poised to surge to the $75,000-$80,000 liquidity zone.

“High time frame chart of BTC price.”

At the time of writing, Bitcoin is trading at $58,444, down about 2% on the day.

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