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Hello, and welcome to another post.
In this post, we'll be looking at two of the more popular Publish0x tokens, and whether or not they can still rally.
These two tokens are, you guessed it, BAT and LRC.
BAT and LRC have come a long way from the March crash, with both of them rallying over 200% each to reach their current prices. However, they haven't had any "real" rallies to their ATH prices. They've only been corrective rallies for that horrible price dump from March.
The question is: With Bitcoin doing what it's doing right now, can we still see a rally on these coins?
The answer to that question is pretty complicated. But I'll explain.
For the price of these alts to rally, two things have to happen:
- Either Bitcoin goes sideways and people lose interest in it, jump to altcoins and rally them, or
- Bitcoin retraces SLOWLY and gives alts time to pop.
These are the two things necessary for BAT and LRC to pump.
So that means that, if bitcoin goes up rapidly or goes down rapidly, alts are toast, because no one would want to be holding Bitcoin if it falls to 3k again.
However, as we're slowly about to enter a new month, the monthly open of the next month says a lot about what might happen.
If the new month opens lower than the previous month, we can then say that Bitcoin has a higher probability of retracing to it's lows at 8.9k or even 7.7k before proceeding to rally.
The speed of this retracement really matters, because if it's too fast, everyone will sell out of Bitcoin and alts will dump.
Equally, Bitcoin dominance is at a crucial support. A bounce from this support spells doom for altcoins, because that means that Bitcoin has started a rally afresh.
However, a breakdown from this support means that both BAT and LRC can rally, possibly(and hopefully, because of the size of my bags) to ATH prices.
That's just my two cents! You can find out about the coins that are yet to rally here. It's great to have insider information!
Also, if you miss my price analyses (which I'm sure not many people do🌛), I'll be doing one live on my telegram tonight. It's free, so please stop by. The link is here.
Thanks for reading!