The altcoin market made a slow start to the new week. Bitcoin trading volumes are low and there is no major news today that could trigger any major market moves. Below are some cryptos from the lists of recognized crypto analysts that could provide a good return on investment this week.
Altcoin analyst introduces Polygon (MATIC) as his top pick
The anonymous host of the Youtube channel InvestAnswers says Polygon (MATIC) is the best altcoin choice. In a new YouTube video, the analyst says that MATIC may not have the best facets of any token, but it represents “the best balance with the least downside.” The analyst also says that, according to his calculations, Polygon has the third-highest “smart contract platform score” after Ethereum and Solana:
It has the lowest risk. It has an extremely high adoption rate. It has very solid daily active users, especially considering everything that’s going on this crypto winter. It has ZK (zero information) aggregation functionality, and Ethereum’s transition to PoS will in no way eliminate the need for L2s.
The analyst says that $0.60 is a “pretty solid” historical support level for MATIC. He also states that $0.65-0.66 represents a “killer entry” for the altcoin. Let’s not forget that these are not investment advice.
Motiur Rahman shared the altcoins he followed in the decline
Ethereum (ETH)
According to the analyst, there is a good chance of Ethereum price with the upcoming merge. This possibility is evident in Ethereum’s recent price action, from below $1,000 to $2,000. However, the upcoming merge will continue to make headlines for the rest of the month. Therefore, there is a possibility that Ethereum will continue to flow into Ethereum relative to other cryptocurrencies. This will likely see Ethereum outperform other cryptocurrencies during the week.
Already, Ethereum is one of the few major cryptocurrencies currently in the green. The analyst interprets this environment as an indicator that momentum still has momentum.
BNB Coin (BNB)
Binance Coin remains one of the best performing cryptocurrencies on the market today. BNB price is now close to breaking $300 and buying volumes are increasing. One of the things that gives Binance Coin an advantage over many cryptocurrencies is the perception that it is safe. Unlike most cryptocurrencies that don’t have much value in use, BNB is the cryptocurrency of the Binance ecosystem. It is used to pay fees on the exchange and other Binance-related products. Now that the price of Binance Coin is showing some positive price movements, there is a possibility that crypto investors will gravitate towards this crypto in the short to medium term.
Left (LEFT)
Things have been pretty tough for Solana (SOL) in recent weeks, but SOL token prices are doing pretty well. This week, Solana is powered by a new feature coming to the Solana Phantom wallet called “Burn NFT”. The new tool aims to reduce scams in the Solana ecosystem. With the new feature, investors will be able to earn SOL tokens for doing so while avoiding fraudulent NFTs. As investors seize the opportunity to earn from Solana, there could be an increase in purchase volumes. According to the analyst, in this case, it will be a factor that can help increase the price in the short and medium term.
Klayn (KLAY)
Among the top 100 cryptocurrencies on the market today, Klaytn (KLAY) is one of the few altcoins to be green at the start of the week. Since July, the Klaytn team has made a lot of progress in making this crypto one of the best when it comes to NFTs. As you follow on Kriptokoin.com, DeFi Kingdom recently announced that it has moved to Klaytn. This is a big deal and will play an important role in raising the price of KLAY in the short term.
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