Major cryptocurrencies are struggling to hold on to critical support levels. Bitcoin and Ethereum found new buyers at $20,000 and $1,000 ahead of the Fed meeting. Meanwhile, altcoin projects like Solana and Avalanche are returning all of their 2021 gains.
While the altcoin market is recovering, analysts point to these 5 projects
In the last few hours, the market has reversed its trend as BTC and Ethereum recovered from critical support levels. Both cryptocurrencies have recovered from critical support levels at $20,000 and $1,000 respectively. Youtube Cheeky Crypto with 127,000 subscribers said in a recent video that he can do 20x at these levels in ICP, FLOW, QNT, GMX and GALA.
Internet Computer (ICP)
The first altcoin on the analyst’s radar, Internet Computer (ICP), is down over 3% at the time of writing . ICP is currently trading at a 99.28% discount at $750.73 ATH. In its technical analysis, Cheeky Crypto says it expects drastic corrections despite bullish expectations.
Internet Computer (ICP) is a Blockchain network that aims to bring internet functionality to smart contracts. In the ICO, he was in a stampede of investors. Then it stayed away from the peak price for a long time in the 2021 bull. At the time of writing, it is trading at $5.33.
Quant (QNT)
In second place was Quant, which connects Blockchain networks on a global scale. QNT is currently trading just above the $45 support. Cheeky Crypto said that these levels are a good buying opportunity for QNT.
Quant is among the high potential altcoins for being among the top 100 by market cap. We saw the QNT price reach $428.38 in September 2021. It is now trading at a discount of 88.73% from this level.
Flow (FLOW)
Altcoins in the list were also Flow. Flow is a games, app and developer focused Blockchain platform. Announcing that one of its lead developers would leave the industry in the past months, the price of FLOW dropped by double digits. However, FLOW is trading 96.74% below the ATH price of $46.16.
On FLOW, the analyst advises not to rush to buy even though the altcoin is reaching bottoms. In the market crash from Terra in early May, FLOW tumbled more than 60%. Therefore, according to Cheeky Crypto, investors should be patient for a while.
GMX (GMX)
Another altcoin with 20x potential, GMX is a DEX platform that offers low transaction fees. It reached $217.32 at its November 2021 peak, now trading at a 93.59% discount from that level. Due to the advantages it provides to its users, the analyst definitely recommends keeping the GMX token on the radar.
Coming to the ideal buy zone, $12 could meet this expectation according to Cheeky Crypto.
Gala (GALA)
One of the altcoins on the analyst’s radar was the popular metaverse project Gala Games. GALA is the 7th largest cryptocurrency by market cap. It lost the ATH price of $0.8367 in November. It is now trading at a discount of 93.15% from this level. The analyst thinks that GALA will recover quickly despite this huge depreciation.
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