dailyhodl.com
Cryptocurrency analyst Jason Pizzino is listing three altcoins that he expects to perform relatively well in March.
Leading with Ethereum rival Terra ($LUNA) Pizzino tells his 261,000 YouTube subscribers that the native token of the smart contract-enabled blockchain that creates stablecoins is gaining strength.
Pizzino says that $LUNA is currently above the 50% Fibonacci retracement level, which is used to identify support or resistance, after reversing from a recent higher low.
“I like $LUNA a lot. It’s shown some strength above 50%. It’s shown that higher low as well. It has pushed up past the next range of 50%. It looks like it’s trying to consolidate above the previous lower swing top…
As for $LUNA it’s definitely going on my list as a trade. It’s looking strong, it’s broken out of a lot of these patterns and a lot of the support levels and it’s now consolidating at higher levels. So $LUNA is well and truly up on my list.”
$LUNA is trading for $92.93 at time of writing.
Next up is Cosmos ($ATOM), an ecosystem of blockchains that are designed for scalability and interoperability.
According to the crypto analyst, $ATOM could be consolidating before making a big move.
“[$ATOM] dropped from its double top but it has now found support at those previous lows around $20-$21 and it’s climbed back above the highs at $32. So this is really showing some strength again…
So hopefully, this is the consolidation before we get another big move.”
$ATOM is trading for $32.42 at time of writing.
Next up is Near ($NEAR), a layer-one Ethereum challenger that is designed to be scalable and user-friendly. Pizzino says that $NEAR has risen above the 50% Fibonacci retracement level from a recent low.
“[$NEAR] has also climbed back above 50%. So far these ones are all looking reasonably strong.”
According to the cryptocurrency analyst, the best entry point for $NEAR is above $14.
“The low-risk trade for me would be back above $14… obviously, the rewards would be lower because you’ll be buying at a higher price. But at least this is at a stronger position.”
$NEAR is trading at $11.30 at time of writing.