A widely-followed crypto strategist says he’s keeping a close watch on one low-cap cryptocurrency that he believes is poised to explode amid a rebound in the broader digital asset market.
In a new tweet, popular algorithmic crypto trader known in the industry as Altcoin Psycho tells his 271,300 followers that he’s looking at Hxro as the crypto asset continues to flash signs of strength.
“HXRO new highs last week while the market was crashing. Still one of my largest holdings for a reason. I think $1 is not if but when.”
Hxro is a platform that allows users to trade crypto options and derivatives. Users can choose a coin and an expiration date and bet whether the crypto asset will close above or below a given price. At time of writing, HXRO is trading at $0.69, which represents a 45% growth from Altcoin Psycho’s price target.
Looking at Bitcoin, the trader highlights a technical indicator that he says gives off reliable buy and sell signals for the largest crypto asset.
“Alpha leak on BTC. Quarterly-anchored on balance volume (OBV). Buy when it flips positive. Sell when it flips negative. Short bounces when OBV < -20G. Produces very reliable signals. I prefer the built-in one on Trendspider vs anchoring it manually in pine.”
OBV is a technical indicator that indicates an asset’s momentum. It uses changes in volume as a signal to predict major market moves.
Altcoin Psycho is also telling his followers to be on the lookout for a potential airdrop.
“I think the majority of Twitter is still behind on the concept of liquid staking. In short, you can stake without locking your liquidity. This is extremely helpful during volatility. I suggest trying pStake because my hunch is they’ll tokenize one day and airdrop to early users.”
pStake.finance is a new breed of crypto asset that enables holders or proof-of-stake coins to stake their crypto assets to earn rewards while unlocking tokens that can be used in decentralized finance (DeFi) protocols to generate yield.
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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 losses 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/Dario Lo Presti/Stockbym
