According to a well-regarded cryptocurrency analyst and trader, there is a forecast that an often overlooked altcoin will experience a significant increase in value, nearly tripling its current worth.
The analyst, who goes by the pseudonym Kaleo, has informed his 612,400 followers on the social media platform X that Celer Network (CELR), a scaling platform, may soon break out of a prolonged accumulation phase.
"The DOT (Polkadot) ecosystem is ripping across the board. Grabbed a bag of CELR to get some exposure. Looking for a squeeze out of this base range it’s been accumulating in since spring of 2022, similar to the move it had in early 2021.”
Based on the trader's analysis, it is suggested that CELR has the potential to surge to approximately $0.0700. As of the time of writing, CELR is currently trading at $0.02336, experiencing a slight decrease of nearly 1% in the past 24 hours.
Kaleo is forecasting a bullish outlook for the entire crypto market in 2024. This optimism is fueled by Bitcoin's impressive rally this year, which has had a positive impact on the performance of numerous altcoins in recent times.
"Solana [above] $100.
Avalanche approaching $50.
Bitcoin approaching $50,000.
Alts starting to move again across the board.
Memecoins printing.
NFTs (non-fungible tokens) waking up.
And it’s still four months until the [Bitcoin] halving.
Holy sh*t 2024 is going to be insane.”
The halving event, which reduces Bitcoin miners' rewards by half, is scheduled to take place in April 2024.
In addition to his predictions, the trader also foresees an upcoming upward movement for Chainlink (LINK), a decentralized oracle provider, following a period of consolidation.
"LINK is overdue for another leg up.”
Currently, Chainlink (LINK) is trading at $15.66, showing a positive growth of 1.8% in the last 24 hours.
According to the trader's forecast, THORChain (RUNE), a decentralized exchange protocol, is expected to experience significant growth and surpass the $8 mark.
"RUNE is finally waking up.”
At the time of writing, the current trading price of THORChain (RUNE) is $5.74. Despite a decrease of over 5% in the last 24 hours, it is worth noting that the price is still above the trader's diagonal resistance level.
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