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Following Bitcoin's recent rise, renowned cryptocurrency analyst Miles Deutscher released his weekly altcoin watchlist and highlighted several tokens that could see significant movements in the coming week.
Here is Deutscher's weekly altcoin watchlist:
Dogecoin (DOGE)
Dogecoin broke above a key sideways level at $0.087 and reversed its recent trend. According to the analyst, this could be due to several catalysts, such as Dogecoin's 10th anniversary on December 8, the upcoming DOGE-1 space mission to the moon in January, and the multiple mentions of DOGE on the Tesla Cybertruck payment page.
Solana (SOL) and Celestia (TIA)
Deutscher sees Solana and Celestia as a “buy the dip” transaction. He is particularly concerned about deep declines that he believes can result from leveraged positions. According to the analyst, the discourse around Solana, one of the best-performing altcoins of the year, and Celestia, which has been called the “next Solana”, remains strong.
Polygon (MATIC)
According to the analyst, the Polygon Connect event starts on December 7 and recent fluctuations point to potential activity. Polygon also announced some announcements that are expected to be made shortly. Deutscher is interested in a potential short hedge here when this is all over in a few weeks.
Alchemy Pay (ACH) and Other Chinese Altcoins
Miles Deutscher states that he does not know what is the underlying factor behind the recent rise of Chinese altcoins, but CFX in particular is experiencing a significant rise today. According to the analyst, an announcement may be made soon or these signs may be the beginning of a new China-related altcoin rally.
Terra (LUNA) and Terra Classic (LUNC)
The analyst says that he does not see any value in these two altcoins, but argues that the fact that these two continue to rise shows how dangerous short transactions can be in the cryptocurrency market.
*This is not investment advice.