We expect to see some short term volatility in Bitcoin over this week. On the daily time frame, technicals for Bitcoin remain too overbought and we expect to see a retest of $44,000. We then expect Bitcoin to hold this support and continue to rally even higher. We have a major peak for Bitcoin occurring in May. But in spite of Bitcoin moving sideways, altcoins have and will continue to shine.
Everyday, we continue to see more altcoins enjoy parabolic moves to the upside. Last week, our #2 conviction alt coin Casper (CSPR experienced a move of over 30%. Meanwhile, Sologenic (SOLO), another altcoin we have provided commentary on that resides in our model portfolio, has rallied more than 50% over the past 24 hours. Short term resistance for SOLO will be at the $.70 to $1 mark, but we expect to see a retrace to its previous all time highs. We first spoke about this altcoin when it was trading around $.40 to $.50 and it is well on the path to reaching $6 again. More and more altcoins in our model portfolio will continue to experience moves like these, and now is the time to accumulate and hold for major increases in price across the board.
We never advocate chasing an asset after it has broken out of consolidation, and we are focused on accumulating more of our favorite altcoins at undervalued levels. However if you are SOLO holder, you will have access to free airdrops of a new layer of the blockchain being developed by the Sologenic team. Coreum will be used by Sologenic to tokenize securities and derivatives and remains extremely under the radar. These airdrops will continue until December of 2022. While not in our model portfolio, Coreum (CORE) is another coin we believe in strongly.
Our strategy for this altcoin rally will be to rotate profits into XRP as our altcoins begin rallying. XRP has historically been the last altcoin to produce its final parabolic push, but typically moves both the fastest and the highest percentage. As a result, we expect to take handsome profits on a portion of our portfolio and move that into XRP when the time comes. We will continue to maintain a position in all of our alts as we remain highly bullish about the long term trajectory of the crypto market. We will apprise members in real time when we execute sells on altcoins to maximize the value we provide. Though, we have long spoken of the presently occurring altcoin rally and are happy to see many members already reaping the rewards.
