A closely-watched analyst has three top-notch altcoins on his radar that he says are showing promise as crypto markets prepare for the highly anticipated Ethereum (ETH) merger.
In a new issue of the Technical Roundup newsletter, the pseudonymous analyst known as Cred tells subscribers that ETH itself still looks like a good bet as the Ethereum network prepares for its transition to proof of stake.
The analyst gives a price target somewhere near the $2,000 range, which is around 23% below current prices.
“Ethereum has been very strong.
The price performance of the USD pair has been good, the BTC pair is on fire, and most altcoins are struggling to keep up….
First, from a technical standpoint, the USD pair pulled back from our longstanding resistance between $1800 and $2000. This pullback took place around the high of the previous cycle ($1400 or thereabouts) and the price is recovering again. On the daily timeframe, there is a useful pivot nearby at $1550-$1600. As long as this structure remains intact, it is reasonable to expect a higher low and a retest of the $2000 area ahead of the news. »
Next up is Binance Coin (BNB), the utility token of Binance, the world’s largest cryptocurrency exchange by volume. Besides looking structurally sound compared to many altcoins during the downtrend, Cred claims that strong exchange tokens like BNB “make it very easy to tell the beginning of the bull cycle.”
“Users enter the space, users trade on exchanges, exchange fees and revenue go up, something magical happens, tokens get burned or something, the number goes up.
Either way, given the strength of BTC and the clear dollar range, Binance Coin is worth watching, especially if the weekly close above $295 materializes. »
Speaking of exchange tokens, the analyst also has his eye on FTT, the utility token for the FTX cryptocurrency exchange. Cred says FTT looks promising as long as it can hold and break out of its range between $24.50 and $34.
“Trade currencies haven’t been beaten as badly as a lot of other things, so they’re on our radar. FTX Token is basically a weaker version of Binance Coin…
The BTC pair is close to hitting new highs. Looks strong above 0.0011636. The USD pair, similar to Binance Coin, has a very clear weekly range between $24.50 and $34. This support is important because structurally there isn’t much underneath, and you know we like a good ‘do-or-die’ level…
It’s a graph that has nice levels, hasn’t gone to zero, and doesn’t look like trash. »
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Ethereum (ETH), Binance Coin (BNB) and Another Exchange Token Look Set for Rebounds: Cryptocurrency Analyst Cryptocurrency Analyst
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