Credit crypto analyst Cred shares altcoin projects with the best Tier-1 scaling solutions that he finds stronger than Bitcoin…
Bitcoin is getting ready to decide, according to Cred
In their latest analysis, Cred says that Bitcoin has closed the week without giving a clear signal of where its price is heading.
Bitcoin is on the 55th 800-60th of the weekly structure. It offered a relatively ambiguous close following its crucial retest at $ 000. Price closed above the low range but below the high range. We were undecided as the weekly close didn’t give much signal.
After ETH managed to hold a significant price level, Cred is seeing much more promising signs than the second-ranked crypto Ethereum. Here are their analysis:
Ethereum looks stronger than Bitcoin. It held the $4,000 range and is heading towards the Ethereum/Bitcoin multi-month high range. Now that $4,000 is held, the only remaining hurdle is to reclaim the daily trend. For us, this is best defined by the pre-breakout cluster (currently resistance) at $4,480-4,610.
Cred shares altcoin picks for “L1 season”
The analyst then takes a closer look at two leading smart contract platforms Solana (SOL) and Avalanche (AVAX) as part of what he calls the “L1 season,” as opposed to the general “alt season” that crypto investors are familiar with:
The most compelling altcoin narrative has been the “Layer-1 season,” embodied by Solana and Avalanche. As discussed earlier, the best environment for altcoins would be in the form of Bitcoin/dollar chops in the weekly range ($55,800-60,000). As long as bitcoin/dollar does not accelerate to the downside and Ethereum strength benefits the aforementioned L1s, Ethereum will likely continue to outperform.
Cryptocoin. com, Cred finally states that AVAX looks strong due to the absence of “high time frame pullbacks”.