Recently, five altcoins in particular seem to be attracting the attention of cryptocurrency analysts. Here are the five cryptocurrencies that two analysts drew attention to…
Michael van de Poppe: These altcoin projects could make a splash
Popular crypto analyst Michaël van de Poppe thinks that a decentralized finance (DeFi) altcoin showing strength this year will likely make a big splash. Van de Poppe told his 649,800 Twitter followers that GMX, the native asset of decentralized trading platform GMX, remains in an uptrend despite the recent corrective move from $85.07 to its all-time high on February 18. The trader believes that GMX will likely bounce once it reaches support around $69. The analyst uses the following statements:
This is an uptrend and therefore we are still in the ‘buy bottom’ approach. If it stays above $65-68, we will most likely see another rally to the all-time high and the $65-68 range becomes a point of interest.”
What’s next for FTM and MATIC?
Apart from that, the analyst’s focus is Phantom (FTM). Van de Poppe thinks that if the crypto markets continue to show weakness, the Ethereum (ETH) rival could witness a deeper downturn. The analyst pointed out that he marked a certain level as a point of interest in Phantom. He points to $0.36 for the next opportunity for a long position if markets post local highs at lower levels.
Van de Poppe is also closely watching Polygon (MATIC), which he says can be prepared for a significant leap forward. He states that MATIC is in a “point of interest” and “in a potential jump zone”. He points out that if a bounce occurs, a 20-25 percent rise could occur. If there is no bullish, it signals that it will look to $1 in the next step.
Cantering Clark cites analysis for STX and DYDX
On the other hand, Cantering Clark, a closely followed trader, says that Stacks (STX), a project aimed at increasing the utility of Bitcoin (BTC), may face short selling depending on how much open interest accumulates in the coin. The trader says that STX, which has already increased by 217 percent in the last 30 days, as we reported on Cryptokoin.com, is probably affected by an upside pressure, but states that a high open position does not always give an upside signal.
The analyst points out that the STX funding rate is currently “-21” at Bybit. STX is considered to be moving as a result of a ‘squeeze’ as the open interest is rising aggressively in price. However, the analyst pointed out that the same movements were experienced in Aptos (APT), but the financing rate for APT was high. “Worst case scenario, whoever sells loses their average price. So breaking 1 dollar would be pretty bad,” he said.
Cantering Clark is also tracking DYDX, the token that powers the popular decentralized crypto exchange (DEX) Dydx. According to the analyst, DYDX may be in the middle of a rapid consolidation phase before hitting new local highs. It shares a chart showing that DYDX bounced off strong support near the $2.80 level and moved higher on a downtrend line. “She looks really good so far and is one of the strongest couples today,” she adds.
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