dailyhodl.com
Widely followed analyst Nicholas Merten is offering his forecast on four crypto assets amid an industry-wide market rally.
Starting with payments-focused blockchain network Stellar (XLM), Merten tells the 510,000 YouTube subscribers of the DataDash channel that the XRP rival is sitting at a “typical discount range”.
According to Merten, XLM could appreciate by around 200% against Bitcoin (XLM/BTC).
“You’ve got an opportunity here [with XLM] to have a 3X against Bitcoin, right from 0.00000200 BTC to 0.00000600 BTC. I like those kind of plays.”
XLM is trading at 0.00000210 BTC ($0.14) at time of writing.
Turning to decentralized finance (DeFi), the widely followed analyst says that some of the altcoins in the sector such as Aave (AAVE), Compound (COMP) and Uniswap (UNI) are oversold.
On Aave, Merten says that the decentralized lending protocol is in a “nice trend” against the US dollar, signifying the potential for more upside.
AAVE is trading at $130 at time of writing.
On Compound, the crypto analyst says,
“Nice solid momentum. Solid foundation here built up on some of these plays, far away from those prior May 2021 highs [of ~ $854]… And I’m not saying it’s going to go all the way up there.”
Compound is trading at $87.07 at time of writing.
Turning to decentralized exchange Uniswap, Merten says that UNI is “another really strong play.” According to the crypto strategist, Ethereum (ETH) could act as a catalyst for Uniswap and other DeFi tokens that are built on the second-largest blockchain by market cap.
“I think some of these plays could really start to pick up as Ethereum is starting to pick up as well on the market.”
UNI is trading at $14.95 at time of writing. Ethereum is trading at $3,975 at time of writing, up about 150% since mid-October.
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