A widely followed crypto strategist believes that two altcoins running on the Ethereum (ETH) network are gearing up for a burst to the upside.
Pseudonymous analyst Kaleo tells his 606,600 followers on the social media platform X that he’s bullish on ApeCoin (APE), the digital asset associated with the Bored Ape Yacht Club non-fungible token (NFT) collection.
The analyst shares a chart that suggests APE is taking out a diagonal resistance that has kept the altcoin in a downtrend for over a year and a half.
“Not fading this APE breakout. Up until the last month, BLUR and LOOKS have both traded in lockstep with APE. NFTs are starting to pick up some momentum. I see it as only a matter of time before APE catches up.
Just for reference: – BLUR is up 320% from the lows – LOOKS is up 235% from the lows – APE is up 65% from the lows.”
At time of writing, APE is trading for $1.69, up over 12% in the last 24 hours.
The analyst is also keeping a close watch on the move-to-earn crypto project STEPN (GMT). According to Kaleo, GMT has been trading within an ascending channel after moving above its high time frame diagonal resistance.
“After seeing BLUR send a post airdrop from the announcement of infinite Ponzi mechanics, I’m open to the idea of it being infinite Ponzi season.
So, I longed GMT.
Despite the bleed over the past 18 months, STEPN has remained active, and considering how everything in the Solana ecosystem that’s maintained a decent level of activity has been popping off lately – I think STEPN could run.
The chart looks great retesting July highs after a high time frame breakout; could easily see a squeeze out of the channel to $0.60 – $1.00.”
Kaleo also says that GMT appears to be following the price action of the smart contract protocol Avalanche (AVAX) when it traded within an ascending channel last month before breaking out.
Dropping a comparison of $AVAX trending in an ascending channel after its HTF breakout (first picture) to show how $GMT could accelerate out of its current channel (second picture) pic.twitter.com/3IXHVh7TnM
— K A L E O (@CryptoKaleo) November 24, 2023
At time of writing, GMT is worth $0.346, up over 20% in the last 24 hours.
As for Bitcoin (BTC), the analyst thinks that the crypto king is poised to soar above $40,000.
“Sniped the bottom down to the minute. Run it to $40,000.”
At time of writing, Bitcoin is worth $37,756.
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