Bounce Or Reversal? Which Altcoins Are Worth Buying Now?

---

Scott Melker, the Bitcoin maxi influencer who is mostly known under the moniker Wolf Of All Streets, released an analysis of the current state of the markets yesterday. In which he went over the news and claimed there were possible buying opportunities if the two-day bounce (Bitcoin shot up to $50k after having dropped from $60k to $44k) that we are currently witnessing is not a dead cat one (as in dead cat bounce), but a reversal of crypto markets.

According to Scott, who of course remains bullish on Bitcoin (which he foresees rising still before the end of the year, although with a delayed reaction), several altcoins could rally in the coming weeks.

We highlight two of these.

Loopring

Scott said:

These are the biggest movers, these are the ones that are strong, probably one of the coins that people were buying up in the dip. You can see, anything above $1.71 looks good, also held the 50 moving day average on the daily chart.

We’ve discussed Loopring, a rumored favorite of the WallStreetBets platform on Reddit, in November already.

Idex

Idex is a San Francisco-based decentralized exchange. This new coin, which you can also trade on Binance, was recently announced to be listed by Coinbase, still the biggest crypto platform in the US where 15% of adults now holds crypto.

There is therefore always a ‘Coinbase effect’ that plays, yesterday the coin rallied over 60%.

Scott said:

Above $0.448 is where this would start to look good. You do have this sort of rounding bottom, I mean, I’m not saying this is going to do it…. when you get the rounding bottom you kinda wanna join in and go, you don’t get that many chasers afterwards. It’s not like a cup-and-handle.