Crypto Analysts Highlight These Altcoin Strategic Entry Points as Arbitrum (ARB) Returns to 2023 Lows
Top analysts are spotting potential opportunities in the altcoin space, as the crypto market navigates a period of volatility. Daan Crypto Trades (@DaanCrypto) and XO (@Trader_XO) have drawn attention to Arbitrum (ARB), a top altcoin that has retraced significantly, presenting a potential entry point for investors.
What you'll learn 👉
Arbitrum’s Steep Decline and Critical Support Zone
According to @DaanCrypto, Arbitrum has experienced a substantial 65% decline over the past three months, retracing “all the way back to its 2023 lows.” The analyst highlights a crucial “green zone” on the chart, which should not be lost again, as it represents a critical support level.
In @DaanCrypto’s words, “Down -65% in 3 months, retraced all the way back to its 2023 lows. More charts like these, also on these high market cap coins. Green zone should not be lost again. Above red we can start to think about all time highs again.”
Potential for V-Shaped Reversal or Consolidation Phase
@Trader_XO acknowledges the emergence of altcoin opportunities, using Arbitrum as an example of an altcoin that has “almost retraced back to its October 2023 lows.” However, the analyst poses a critical question: “whether most altcoins will print a V-shaped reversal or establish a multi-month consolidation base before the next uptrend.”
Moreover, expressing a leaning towards the latter scenario, @Trader_XO states, “I’m leaning towards the latter for now. I have a plan for each scenario whilst remaining cognisant of downside risks elsewhere.”
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Show more +A Cautious and Calculated Approach
Despite the potential opportunities in the altcoin market, @Trader_XO advocates a cautious and calculated approach. The analyst acknowledges the possibility of continued choppy conditions in April, stating, “I’m leaning towards April continuing to be choppy for most parts.”
Consequently, @Trader_XO plans to “gradually add to spot positions on a separate cyclical based portfolio – moving slow whilst being aggressive in trading shorter-term setups.” This strategy highlights the importance of risk management and diversification in navigating the volatile altcoin market.
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