BTC resistance is not afraid! Analysts are optimistic about 'these 2 coins': 6x in this round of Bull Market

BTC's rise is blocked

BTC ($BTC) recently broke through the $71,000 mark, but with the upcoming 2024 U.S. presidential election on November 5th, BTC fluctuated and experienced a pullback amid political uncertainty, dropping below $67,000 at one point.

The continued fluctuation of BTC prices has made many investors uneasy, but looking at historical data, when BTC encounters resistance to upward movement in the short term, the market often shifts funds to altcoins, and then opens a new bull market for altcoins.

Analyst Altcoin Sherpa emphasizes that even relatively mediocre altcoins will soar when the overall market environment improves, and tokens with specific functions and market applications have a greater chance of achieving a short-term increase of 300% to 600% during a bull market.

Chainlink（$LINK）: Expected to achieve a 600% increase

When sharing practical Altcoins, Altcoin Sherpa mentioned 2 Altcoins with 6 times potential for upward movement in Bull Market, namely decentralized oracle network Chainlink ($LINK) and meme coin king Dogecoin ($DOGE).

As the leader of Decentralized Oracle, Chainlink ($LINK) has long been regarded as the core of Decentralized Finance (DeFi) applications, connecting blockchain with real-world data and providing data support. At the time of writing, the price of the Token is 10.3 US dollars.

Image Source: Technical Analysis chart from X Altcoin Sherpa

Altcoin Sherpa pointed out that from the perspective of Technical Analysis, Chainlink ($LINK) has been accumulating for up to a year near 6-8 US dollars, forming a solid bottom. If it can continue to hold above the $7 price level, it is expected to pump 350%-600% at the beginning of the altcoin bull market.

DOGE ($DOGE): Consolidating in a range, forming a bottom

The trend of DOGE ($DOGE) is also impressive. Altcoin Sherpa points out that $DOGE is currently entering a consolidation period, and the rounded bottom formed below indicates that $DOGE may be forming a bottom.

Image Source: Technical Analysis chart from X Altcoin Sherpa

As of the time of writing, the price of $DOGE is around $0.1618. Altcoin Sherpa believes that if $DOGE can stabilize in this price range and gradually gather momentum, it will have the potential to challenge the historical high of $0.73 set in 2021 once any positive factors or a bull run is initiated.

In addition, Altcoin Sherpa also recommends that investors pay attention to several "new coins" and "old-fashioned coins" with potential application value. Among them, new coins such as $REZ, $ZK, and $EIGEN have innovative technology and are considered important players that may drive infrastructure progress. Old-fashioned coins like $FTM, after being reshaped by the market, have gradually gained recognition for their application scenarios and market value.

Finally, Altcoin Sherpa suggests that investors should remain flexible when the market trend turns positive, whether they choose tokens with fundamental utility value or engage in short-term speculation of meme coins, as long as they can seize the opportunity, the chance of a bull market is right in front of them.

[Disclaimer] There are risks in the market, and investment needs to be cautious. Analyst views are for reference only. Users should refer to more diverse indicators to determine whether to invest and consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Investing based on this, at one's own risk.