The crypto markets are in chaos after the collapse of one of the largest crypto exchanges, FTX. As a result, SOL, FTT, SRM, MAPS etc. All altcoin projects related to FTX are stored non-stop. However, crypto analyst Akash Girimath says that investors can focus on altcoins such as dYdX, PERP and CAKE, which are showing strength. We have prepared Akash Girimath’s analysis and assumptions about three altcoin projects for our readers.
Altcoin price has exploded and what are the prospects?
The dYdX price is down about 42% due to the selling frenzy last week. This resulted in a steep correction. However, the chart attached below shows the buyer influx rising to $1.41. He also points out that this resulted in a rapid return and a 23% increase. The daily candlestick is now closed. However, if this buying pressure continues to build, $1.85 is likely next.
The reason the altcoin price is seeing a spike is probably due to the recent collapse of another centralized exchange (CEX). As a result, investors may have turned their capital into decentralized exchanges (DEX), which is currently the theme of the market. In addition to dYdX, other DEX tokens are seeing similar narrative-based gameplay. A rebound in buying pressure above $1.85 would cause the altcoin to revisit the $2.25 snag. This means a total profit of 52% from its current level.
While things are searching for this token category, the narrative is at the mercy of the Bitcoin price. A continuation of BTC’s downtrend could see dYdX price break the immediate foothold at $1.41. In such a development, the ascension thesis becomes invalid. It will then potentially trigger a correction to $1.03.
“It is possible for the PERP price to return to the average”
The PERP price fell 55%. It is currently hovering below the selling peak of $0.50 on June 18. Therefore, it took a brutal blow. However, since forming a local bottom at $0.309, the altcoin is up 12%. Therefore, a retest of $0.50 is currently pending.
Interestingly, the midpoint of the 55% collapse coincides with this level. This makes it a confluence and high possibility zone for profit making. In total, this move will create a 39% rise from the current position. However, it is possible for investors to play this a bit risky. Instead, they are expected to enter the longs as the 62% and 70.5% retracement levels are again tested at $0.544 and $0.576, respectively.
Regardless of the bullish outlook, this optimistic scenario would be invalidated in case of a breakdown of the $0.309 low range. This would potentially trigger a correction to the 27% negative retracement level at $0.20.
“CAKE price remains flexible”
altcoin price, Koindeks.com It saw a 33% drop due to the FTX crash you follow on . This makes CAKE one of the least affected on the market. Binance played an invaluable role in the downfall of FTX. So, this makes the performance of the Binance Chain token obvious. Going forward, investors should pay close attention to CAKE and other Binance Chain ecosystem tokens with higher rallying chances.
As for the CAKE price, the close mania of $4.35 is the first hurdle it will face after an 8% rise. Turning this blockade into a reinforcement will pave the way for the bulls to reach a buying top at $5.14. This move will increase the total interest from 8% to 28%. Thus, the altcoin will completely reverse the FTX-induced crash.
On the other hand, this bullish thesis will be invalidated if CAKE fails to climb higher, but instead cuts the selling top at $3.28. This too will trigger a correction to $2.84.