A high-profile crypto trader and analyst is optimistic about the futures of two altcoins as Bitcoin (BTC) and the crypto market gain momentum.
In a series of tweets, the pseudonymous trader, known in the industry as Kaleo, says that he is building positions in Dapper Labs’ non-fungible token (NFT) project, Flow.
Kaleo says Flow is on the edge of sharply outperforming Bitcoin, as NFT and gaming tokens such as Axie Infinity (AXS) are gaining major attention in the market.
“I punted a long on FLOW. I’ve missed out on the majority of the NFT pumps led by AXS and decided I finally needed some exposure.
The BTC chart is breaking out above higher time frame resistance dating back to the spring rally, where it was one of the leaders in the NFT race.”
On the USD base pair, Kaleo was initially hesitant to add to his position as FLOW battled with resistance on the lower timeframe at $20.96. Now Kaleo says that he’s adding to his FLOW position, as the asset dipped slightly toward $19.95, allowing for a better entry.
“Added more FLOW on the dip.”
The other asset Kaleo is trading as the market recovers is blockchain network Terra Luna (LUNA).
Against USD, Kaleo charts out LUNA forming an ascending wedge, preparing to breakout above $8.
Luna is currently trading at $9.42, up nearly two dollars since Kaleo started tweeting about the asset.
As Bitcoin trades at around $38,000, Kaleo reminds his 338,000 followers that in February, when Bitcoin traded at around $30,000, the top cryptocurrency took just one week to sail above $47,000.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
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/diversepixel