As the price drops continue in the cryptocurrency market, analysts drew attention to three altcoin projects. Market experts argue that these altcoins may make a splash in the coming days. Here are the details…
Coin Bureau: Watch this altcoin project
Coin Bureau’s host says Arweave (AR), which is up 50 percent last week, is an altcoin to consider for the next crypto bull market. Guy says he was impressed that tech giant Meta decided to use Arweave to store NFTs on its social media platform. “This is excellent news, it’s excellent to see not only Arweave but also Meta making its way towards decentralized storage,” he adds.
Koindeks.com As we reported, the announcement of the collaboration with Meta upgraded AR to $17.47 from a seven-day low of $9.99. We saw a 75 percent increase in just a few hours. The token has given up some of its profits and is changing hands at $13.83 at the time of writing. Guy states that he believes the rally will be short and that he sold his Arweave status before joining Meta. But the analyst says he is now looking for new entrants to AR.
Raoul Pal: Ethereum creates “bullish” technical pattern
On the other hand, former Goldman Sachs executive Raoul Pal is focusing on the leading altcoin Ethereum. He says that Ethereum (ETH) has formed a strong bullish technical pattern. Pal says in the Global Macro Investor newsletter that ETH could form a “cup and handle” model. This pattern signals a continuation of the uptrend with a price consolidation followed by a breakout. He also points to the daily Tom DeMark Sequential analysis. According to Pal, all these indicators point to levels close to $ 2,000 in ETH.
Tom DeMark Sequential Countdown compares the current price with previous closes. It measures the tendency of the market to reverse based on buyer and seller demand. A number is assigned to each stage of the assay. When the number reaches 13 it indicates that the market tends to reverse. Another bullish signal Pal looked at was the US Dollar Index (DXY), which showed a correlation with risky assets like crypto. When the US dollar strengthens in value, crypto prices tend to fall. The expert predicts a possible drop in the dollar. As a result, it points to a bullish possibility in crypto.
There is a positive mood for Polygon (MATIC)
Finally, another noteworthy coin was Polygon (MATIC). Analyst Bhushan Akolkar pointed to developments in the MATIC ecosystem. MATIC rose 30 percent on a weekly basis. This price performance for MATIC comes as the Polygon ecosystem seeks to expand its footprint worldwide very quickly. polygon; establishes partnerships with some of the finest industrial players in different fields. These players use the Polygon platform to build their own web architecture.
The analyst also pointed to the companies that Polygon has partnered with. While partnering with some high-end brands like Coca-Cola, Reddit, and Starbucks, NFT helped launch collections. Other major partners of the platform include Adobe, Adidas, Prada, Liverpool, National Football League, Stripe, Meta and Walt Disney.