Known as a bearish analyst, Capo of Crypto announced in his statement that he added 3 new altcoins to his portfolio.
Following the recent market movements, il Capo purchased Unizen (ZCX), Axie Infinity (AXS) and Sushiswap (SUSHI) altcoins, which he called low market value. The analyst cited the following as the reason for these purchases:
- The charts of altcoins against the dollar appear to be bullish.
- BTC parities of altcoins appear to be bullish.
- The OTHERS.D chart, which measures the total market value of cryptocurrencies other than the 10 largest cryptocurrencies, appears in bullish favor.
In addition, the analyst also commented on Bitcoin and argued that the BTC price showed some hidden bullish divergences and that the funding rates were reset with the last decline.
According to the analyst, if the Bitcoin price can overcome the important threshold between $68,000 and $69,000, it may make a final breakout into the liquidity region between $74,000 and $75,000. il Capo also stated that after this region, divergences in favor of bears may occur on the high time frame chart.
However, the analyst said that during periods when the cryptocurrency market is approaching a significant local top, money typically flows into lower market cap altcoins, which often signals the end of a cycle.
Continuing to talk about his last altcoin investment, the analyst explained that currently 20% of his assets are in the cryptocurrency market, while the remaining 80% is still in dollars.
Finally speaking about the Cardano (ADA) price, the analyst said that the altcoin is ready to make a final attack towards the region between $ 0.80 and $ 1. However, according to the analyst, the final target for Cardano is around $0.11.
*This is not investment advice.
