A popular crypto trader and analyst is naming two altcoins he thinks have the most potential for upward moves as the market recovers.
The pseudonymous analyst known in the industry as Smart Contracter says decentralized finance (DeFi) protocols Aave (AAVE) and Synthetix (SNX) will likely appreciate the most given how strong they’ve held up compared to other altcoins during the recent market correction.
Bluntz observes that instead of hitting lower lows (LLs), most DeFi “blue chips” recorded higher lows (HLs) and consequently a surge in the double-digits range should be expected.
“#DeFi blue chips like $AAVE $SNX et al. will probably bounce the most seeing as they dumped the least.
Most didn’t even make LLs but instead making HLs, expecting potentially 30%+ bounces from here.”
The trader tells his 107,600 followers that he expects Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) to go up in price the first week of March before tumbling.
“This is how I see price action playing out over the next week or 2.
I’ve got $ETH up on my chart but structurally $BTC and $LTC are both identical.
Essentially expecting this coming week to retrace some of the inevitable weekly engulfing before a further final leg down.”
Bluntz also expects Bitcoin to hit nearly $50,000 in the first week of March before falling below $40,000 around mid this month, per the charts attached to the tweets.
In the case of Ethereum, Bluntz sees a recovery before the second-largest crypto by market cap hits resistance at around the $1,600 level.
Ethereum will then tumble and find support at slightly above $1,000 before staging a recovery to hit an all-time high above $2,200.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Melkor3D
