A notable crypto trader is spotlighting the scalable blockchain network Cosmos (ATOM), predicting that its ecosystem is about to take off.
As top automated-market maker (AMM) on Cosmos, Osmosis, prepares to launch its first trading pairs this Saturday, June 19th, pseudonymous crypto analyst known in the industry as Altcoin Psycho says tokens connected to Cosmos are likely to explode in value.
[adinserter block="1"]Altcoin Psycho alerted his 272,000 Twitter followers to a message from Osmosis indicating which assets are connected to the Osmosis platform.
Those assets are ATOM, decentralized cloud storage project Akash (AKT), environmentally-focused Regen Network (REGEN), encryption platform Sentinel (DVPN), interoperable decentralized finance (DeFi) tool Persistence (XPRT), cross-chain AMM Iris Network (IRIS) and the governance token of decentralized open-source blockchain platform Crypto.com, CRO.
Any asset plugged into IBC (inter-blockchain communication), “an end-to-end, connection-oriented, stateful protocol for reliable, ordered, and authenticated communication between heterogeneous blockchains,” is going to soar, says the trader.
https://twitter.com/AltcoinPsycho/status/1404980603334709251
The trader shares that his trading strategy generally focuses on a driving thesis or core belief when investing, often more than technical analysis (TA).
“I’m a price action trader, but my biggest winners have always been thesis driven trades. Betting early on a thesis will significantly outperform a good TA based entry.”
He also estimates that a bunch of crypto whales are preparing to short the market, based on evidence from large short positions on crypto exchange Bitfinex.
“The Bitfinex whales are still building their giga short position. Almost $50 million added just now, total notional value of the short is now $1 billion.
It seems like the spikes come *after* each impulse move. I don’t see why this isn’t a directional bet rather than a hedge.”
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
[adinserter block="1"]
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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Elena11
