Transcription
Hey folks, welcome to Verified Investing. My name is Gareth Soloway, chief market strategist here. I'm looking at the altcoins. The altcoins are looking bullish. I think early January is going to set the table for an explosive move to the upside. Listen, we're not going to see all-time highs anytime soon, but again, could we see 20, 30, 40% moves in some of these altcoins? Uh, based on the technical analysis, I do think that is possible. We're going to explore that technical analysis in this video right now. So, let's get right into it.
We're going to start with ETH here. Now, ETH's an interesting one because we basically have this pattern over the course of this year. In May, we had this long base of consolidation. And what ends up happening in technical analysis is when you have something like this, it creates a strong floor. Think about a brick layer laying lots of bricks right here. It really makes it hard for price to break below it. It's not impossible, but again, it makes it a very firm support. Well, if we look at price, look at this guys. If we take a trend line and draw it across, look at what we have. This level right here has now become this technical support. In addition, we could also make a case potentially we're starting to see this kind of inverse head and shoulder pattern on the chart of ETH. In addition, we have a low, a higher low, a higher low, and even here a higher low, which again is a change in character from the high, lower high, lower high, lower high. Right? So again, this was obviously a downtrend. We've now entered an uptrend. Notice where that's coming from. It's coming from this base right here in the charts on ETH. So again, ETH could be setting up for a bullish move early in January. My speculation is potentially when the metals see some selling, specifically silver, we could be looking at a bounce as money rotation could go to the altcoins. In my opinion, silver is the altcoins of the precious metals. And again, I think a lot of money flow has crowded into the silver trade. And again, that could reverse back down. So, keep an eye on that. All right.
Next, what do we have here? We also have in the short term a little inside bar bull flag forming. So, again, lots of bullish signals here. Look at this pattern right here. So, again, a bull flag is a move up and then inside bar consolidation. That's exactly what we have right here on the charts. And again, that tells me that in the near term, uh, Ethereum could be turning to the upside. So, prepare for that. All right.
Now, uh XRP. XRP the key for XRP is it needs to hold this 176 level. Look at how far back this level goes. In addition, you also have this little inside bar pattern. This is a bullish flag pattern formation. You have the bounce and then all of these tiny candles are inside that usually remedies it to the upside. In addition, for those of us following a trigger price, we have a downs sloping trend line or de uh descending trend line here that again if we look at these highs right through here, it's very clear that again if price can break above here, it starts to gain momentum. In other words, it would be a breakout of the wedge pattern. And so again, even XRP is starting to look a little bit better on the chart in recent days.
Okay, now let's continue on. Salana, Salana, same thing. Inside bar consolidation and then look at this trend line here, folks, that we're monitoring. Beautiful little trend line. Look at all these pivot points along here. And look, it's already attacking it today and got rejected. But if price can get above here, we're going to be looking for a bigger move to the upside on Salana. a breakout. And again, once you see, so notice how these are the big fall, big fall, big bounce, big fall, big bounce, big fall, smaller fall, smaller bounces, little tiny falls, little tiny bounces. This tells you the energy to the downside, at least in the near term, is running out. And that sets up for a breakout to the upside.
Look at some of these other altcoins, guys. Look at this chart here on DOT. Polka dot doesn't really have the inside bar pattern, but take a look at this. If we take a look at the chart setup here, what we're seeing is we're seeing a beautiful potential setup of a downsloping trend line. I'm just looking and seeing where I have this trend line here down sloping. All right. And again, we'll just monitor that. But basically, essentially what you're looking at is a potential right there. You can see again, we're right on it. Look, pivot low, pivot low, pivot low, pivot low. Look at where we are. We even hit it right there. This again major technical support right here on the chart of Polka Dot. And so again, riskreward for me with Polka Dot basically trading at multi-year lows. There's could be a relief rally in Polka Dot here. Looks actually very very good.
H bar. Look at H bar. Beautiful inside bar. Green up. Sideways consolidation inside of that green. That's a bull flag. It's already trying to push up although it did stall out today. And then same sort of thing. We're looking at again a chart pattern that again is showing a pivot point of technical support. And then Cardano as well, guys. Cardano's a great one here. Same sort of thing. Beaten down. Got your inside bar consolidation and downs sloping trend line here. If we look at this guys, look at this right here. We take this from the crash. We connect it right through these lows and essentially we're hugging that level.
And so essentially the the negativity, right? So this is my thesis, right? Is that is that you have two types of investors in crypto. You have the hodlers, which a lot of you guys are, that are just like all in for the long long hall. And then you have other investors that are fly by day, right? When crypto's hot, they pile in. When crypto's not, they go somewhere else. And I think what we've seen in the altcoins is that the altcoins have underperformed. And so all the spec money has left and gone. And honestly, most of it's flown into silver right now and the and the precious metals including platinum and palladium. But the idea is at a certain point those get too lofty and then you have these altcoins that again will bounce when there's money rotation back. The key is can we pivot into these and get in early before those players are getting in. And I have started to inch into some of these altcoins going into the new year on anticipation of a rally back. And again, I mean, I'm not listen I'm not calling for new all-time highs. That's crazy. Let the influencers who just talk out of their, you know, whats do that stuff. What I'm saying here is you're looking at potential 20 to 50% upside on a lot of these, which by the way wouldn't even in the scheme of where would it would take you back to where they were like a couple months ago, right? But the idea is these are potential bounces in these in these cryptos. And honestly, it looks really really good.
And we could just take a look at a few more here um as I'm sure some of you guys are interested. Here you have Sooie. Sooie again, very low. Look at the inside bar consolidation. This is all telling you volume's dying out. Notice the low has not been taken out. We have significant support right here. All right, we zoom out on the chart. You've now come back to levels that you were looking at back in early to mid 2024.
Avalanche is a beautiful look at this beautiful bull flag right here. This is one of the my favorite plays. In fact, up move and look at this perfect sideways consolidation. Again, that's a great technical setup on Avalanche. And same sort of thing. You could even make a case that Avalanche is actually leading a potential breakout. It hasn't quite broken out yet, but it is so close. It's right there, folks. It's just about ready to break through. And if it does break through, you should get some momentum.
And then if we look at chain link, chain link much the same. Lots of technical support down here. You do have your inside bar. It's not as nice as Avalanch's inside bar. Honestly, Avalanche is probably the best chart of all of them we've looked at. But nonetheless, you're looking at a chart where you have a downsloping trend line and you got a breakout. But these again are ripe for a bigger move.
So listen, my point here of this video is to talk about a potential opportunity in the altcoins. Um, again, all the altcoins look pretty good. There's some that look better than others, but ultimately if we get money rotation back into the altcoins early in January, these have again 20 to 50% upside in a very short amount of time. It could be literally a week or two where you get those type of returns. Obviously, at that point, I'll re-evaluate. Uh I will keep you posted on this, but right now the altcoins look ripe for the picking. You guys have a great one as always, folks. Thanks so much for tuning in. I'll talk to you soon. Take care.