dailyhodl.com
A popular crypto analyst says that a supercycle for altcoins is here and he’s eyeing four crypto assets that could potentially rip higher for major gains.
In a new strategy session, Nicholas Merten tells his 489,000 YouTube subscribers that while king crypto Bitcoin (BTC) may seem a bit stagnant, enthusiasm for altcoin projects is likely to increase in a big way.
“My biggest focus here is that as we go further into the bull market, as we see in all bull markets in every single type of financial asset, such as stocks and commodities and forex markets, and specifically in a very creative and fast-paced environment like crypto, we are going to see more liquidity, more capital and more excitement go onto altcoin valuations…
No matter where Bitcoin goes, altcoins are the focal point here.”
The DataDash host is interested in decentralized finance (DeFi) platform Aave (AAVE) which has seen a 63% rally against Bitcoin (AAVE/BTC) over the past 12 days.
“A major breakout in the sense of price here. And revisiting levels we haven’t seen as far back here as October 7th and the previous lows [0.005727 BTC] in June of 2021.
If we can clear through this range… that’s going to set the foundation for AAVE to probably have another seismic rally, the likes of which we saw back here in January as well as May of 2021.”
AAVE is currently up nearly 5% on the day to $288.43 and has been soaring from a weekly low of $180.83.
Merten is also looking at the Ethereum-based automated crypto exchange Uniswap (UNI), which he notes is also rallying nicely against BTC after a slow descent during the summer and fall months. He says UNI has the foundation to continue on for another breakout higher.
At time of writing, the price of UNI is up nearly 13% to $20.02.
The crypto analyst also examines Yearn.Finance, which soared recently after the project did a major buyback of its native token YFI.
“One of the fair-launch protocols in the crypto space, up 62%… just in the past 12 trading days.”
YFI continues its positive momentum, up 4.80% today and trading for $33,423.
Merten concludes his discussion with the developer-friendly, layer-1 DeFi protocol Radix (XRD).
“We’ve been able to make previous resistance new support, and since then over the past two weeks we’ve been able to go up from around $0.22 to $0.30.
Starting to pick up momentum for the next wave here. And we’ve seen that when Radix as an early-stage project breaks out, it breaks out big.“
Radix is starting the week with a flurry, up over 12% on the day to $0.32.