A prominent crypto whale and analyst says he’s watching the movements of five emerging altcoins that he notes have huge upside potential.
The pseudonymous analyst, known in the industry as Crypto Messiah, tells his 134,800 followers that he’s keeping an eye on the decentralized finance (DeFi) sector as five altcoins in the segment appear poised to start uptrends.
First on the crypto trader’s list is SNX, a cryptocurrency that powers the trading of synthetic assets (synths) on the Synthetix platform. According to Crypto Messiah, his preliminary plan is to follow the trendline of the long-term log channels.
“DEFI. A few long-term log channels… Upside is huge. Invalidation right below.”
Following the crypto whale’s trendlines, SNX has the potential to top out between $90 and $140 by early 2022.
Another coin on the trader’s list is the decentralized exchange protocol THORChain (RUNE).
Based on the trader’s chart, RUNE appears to have bottomed out after bouncing off the lower boundary of the channel, thus climbing to the upper boundary of the channel around $26 is in the cards.
Next up is Bancor (BNT), a network that allows traders to swap different tokens seamlessly without the need for a middleman.
Looking at the trader’s chart, BNT appears to be bouncing en route to the upper boundary of the channel around $40.
Fourth on the trader’s radar is decentralized lending and borrowing protocol Aave, which he says is showing a different pattern from the other three coins, but his thesis remains the same.
“Bit different structure on AAVE… but $2,000+ possibility.”
From Aave’s current price of $388, a move to Crypto Messiah’s target marks a surge of over 440%.
The last coin is CRV, the governance token of stablecoin decentralized exchange Curve Finance. Crypto Messiah says CRV’s price action follows the support and resistance levels of the Fibonacci fan tool.
“CRV… Significantly different structure but hasn’t been around as long… But fan fit is fantastic. Once again, invalidation just below.”
Crypto Messiah also highlights that the potential bullish runs of these five coins still depend on BTC’s long-term performance.
“These longer-term log channels are significant…. have been respected over YEARS. If BTC were to fake us out and dump our s**t… it would absolutely break these down… could represent an extended bear market. I don’t think we are doing that… yet.”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/Tithi Luadthong