In the ever-evolving world of cryptocurrency, it is crucial to stay one step ahead of market trends. Miles Deutscher, a famous cryptocurrency analyst and trader, once again shared his views with the crypto community by shedding light on the weekly token watchlist. This list covers five prominent cryptocurrencies and the reasons behind Deutscher’s intense interest in these altcoin projects this week.
Bitcoin comes first before altcoin projects
Deutscher’s first pick on the watchlist is none other than Bitcoin (BTC), the largest of all cryptocurrencies. It is worth noting that BTC is currently sitting at a key support level at $25,000, which marked the beginning of the rally to $31.5K as BlackRock announced its entry into the crypto space. Deutscher predicts that market volatility will increase following the upcoming release of Consumer Price Index (CPI) and Producer Price Index (PPI) data in the United States. Additionally, Mt., which has been waiting for years for access to its funds. Gox and Silk Road There is renewed hope for Bitcoin holders. These factors could potentially impact the BTC market in the coming days.
https://twitter.com/milesdeutscher/status/1701370438394224770
FTX gamble for Solana
Solana (SOL) has a prominent place on Deutscher’s watch list this week, primarily due to developments surrounding cryptocurrency exchange FTX. On Wednesday, FTX is set to receive approval to liquidate its crypto assets, a portfolio worth $1 billion, of which more than $3.4 billion is SOL. However, Deutscher argues that the situation may not be as bad as it seems. Most SOL tokens are locked until 2028, and Galaxy Digital, as the custodian of FTX’s assets, has an incentive to gradually and strategically sell them at the best possible price. This dynamic adds an interesting layer of complexity to the SOL market.
Targets have been set for DYDX
Deutscher is targeting dYdX (DYDX), a decentralized exchange specializing in margin trading and derivatives. December 1 is a significant event for DYDX as 25% of its tokens become available for trading. DYDX has a history of timing bullish news releases ahead of major unlocks, including the launch of its layer 2 solution and governance token in September 2022. Deutscher expresses optimism about the fundamentals and vision of DYDX, especially with the upcoming version 4 update. However, he warns that selling pressure will be high and a strong announcement will be needed to maintain balance.
Altcoin Polkadot made a secret unlock
Polkadot (DOT) is on Deutscher’s watch list, albeit from a less optimistic perspective. It announced a “secret” DOT unlock expected at the end of October, allowing users who participated in the first parachain crowdlending in December 2021 to regain access to their locked DOT tokens. Although DOT was trading at $25 during the initial lockdown, it is now down to just $4. Deutscher believes that the community’s focus on unlocking SOL FTX is distracting from this important event. The DOT predicts that it may experience a loss of power in the coming weeks.
FXS is promising
Finally, Deutscher highlights Frax’s governance token, FXS, on its watch list. Representing a partially collateralized stablecoin protocol, FXS stands out among the few altcoins that have shown a strong trend in the short to medium term. Deutscher points to two major upcoming updates for Frax that solidify its position at the top of FXS’ watch list. In the rapidly changing crypto landscape, Deutscher’s weekly watchlist offers valuable information for investors and enthusiasts alike. As these cryptocurrencies deal with various events and challenges, market participants will closely monitor their performance, guided by the expertise of analysts like Miles Deutscher.
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