Altcoins
Weekly Altcoin Analyst Watchlist Revealed
Bangkok, Thailand – July 1, 2021: Cryptocurrency on Binance trading app, Bitcoin BTC with altcoin digital cryptocurrency, BNB, Ethereum, Dogecoin, Cardano, decentralized fintech market defi p2p
Cryptocurrency analyst Miles Deutscher provided knowledge in potential altcoin opportunities as the crypto market experiences a sharp correction and many altcoins are consolidating after recent gains. Deutscher’s analysis focuses on several altcoins that he believes could be poised for significant bullish movement.
BTC, AVAX and INJ stand out amid market correction
Bitcoin (BTC), although not an altcoin but the largest cryptocurrency on the market, is one of the coins Deutscher mentioned, noting that it is currently retesting the breakout of a ascending channel on the daily chart.
Deutscher suggests that the recent market correction was necessary to eliminate overleveraged positions and sees the price action as a reminiscence of previous bull market environments.
Another altcoin highlighted by Deutscher is Avalanche (AVAX), which it describes as one of the undisputed altcoin leaders. Despite the market slowdown, AVAX quickly recovered from the diveand Deutscher expects further prosecution.
However, the analyst points out that AVAX’s risk-reward ratio is decreasing and suggests considering other rotation plays that have not seen significant price appreciation.
Injective Protocol (INJ) is another notable artist mentioned by Deutscher. Despite the broader altcoin market slowdown, INJ has stayed in the green, showing a 17% increase in the last 24 hours. Deutscher praises INJ’s performance over the past few weeks and suggests racking up major pullbacks.
Deutscher also draws attention to Celestia (TIA), a coin that has shown resilience during the recent market correction. The analyst notes the strong “Solestia” talk around TIA, with several major projects expected to launch soon, indicating potential insider interest.
Immutable X (IMX) is Underlines as a leading altcoin in the gaming sector. Deutscher mentions its progression towards the next resistance level at $2.60 and highlights its strong fundamentals, with over 400 games launched on the platform.
PrimeDAO (PRIME) is one of Deutscher’s best gaming picks. The popularity of their game, Parallel, is growing and Coinbase’s upcoming listing for retail traders is seen as an important catalyst. Deutscher suggests that PRIME is currently in price discovery mode and further upward movement would not be surprising.
Undervalued Altcoins to Watch
Moving on to altcoins that have not seen as significant price appreciation, Deutscher mentions Sei Network (SEI) and Sui (SUI). Deutscher suggests that these two altcoins could potentially have their time to shine in current market conditions.
Near Protocol (NEAR) is another coin that Deutscher believes could be having a watershed moment. The analyst notes the lack of significant resistance on the path to $5, indicating the potential for a substantial price movement.
Deutscher also discusses the Arbitrum (ARB), suggesting that people view it as a potential rotation game. Deutscher Speculates Meme Coin Launch and Next Coinbase Futures List of Arbitrum could attract liquidity and launch a mini layer 2 (L2) season.
Within the Solana ecosystem, Deutscher highlights recent airdrops from Pyth Network (PYTH), Juggernaut (JTO), and Jupiter (JUP). Deutscher mentions the buzz around airdrop farming and suggests opportunities may still exist within the ecosystem.
Deutscher concludes by mentioning Frax Share (FXS), highlighting the upcoming halving, the launch of Fraxchain in Q1 2024, and the potential release of frxETH V2. Deutscher believes that FXS is currently undervalued and hints at the possibility of a future airdrop.
Featured image from Shutterstock, chart from TradingView.com