An analyst with a large following in the crypto space says he’s stockpiling an altcoin that’s significantly outperforming both Bitcoin and Ethereum during the major market downturn.
The pseudonymous trader Capo tells his 135,000 Twitter followers that he is steadily increasing his supply of Constellation Network (DAG), an open source platform designed to allow developers to build scalable blockchains.
According to CoinGecko, DAG is up over 58% on the week at time of publishing. Meanwhile, BTC is down 9% and ETH is down 15% in the last seven days.
DAG is also outperforming over the last month and is up 132% since May 23rd, while both Bitcoin and Ethereum are in the red.
Capo is mapping out key levels for DAG in its Bitcoin pair (DAG/BTC).
The trader’s analysis shows that DAG is in an accumulation phase versus BTC, as the altcoin ranges between 0.000002 and 0.00000016 satoshis (sats).
“Eyes on DAG – still accumulating this one.”
DAG has been on the market since June of 2018, according to CoinGecko.
The trader is also looking at BTC and says the top cryptocurrency is likely in an accumulation phase and will be while it ranges between $30,000 and $40,000.
The analyst is also sharing a chart issued by Alpha/DLT’s Mark Cullen, which shows Bitcoin bouncing off a slight dip below the specified accumulation range and rising past $40,000 by the end of July.
This tbh https://t.co/3mRGpEYD25
— il Capo Of $NOIA (@CryptoCapo_) June 22, 2021
At time of writing, Bitcoin is trading around $33,000, up 2% in the past 24 hours, according to CoinGecko.
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Featured Image: Shutterstock/Olivier Le Moal
