A veteran trader says one Ethereum-based altcoin has the best looking chart on the market and that two ETH rivals are set to rally.
The pseudonymous crypto trader known as Cantering Clark says that he’s watching Frax (FXS), an algorithmic stablecoin system.
[adinserter block="1"]Based on the trader’s analysis, FXS can potentially run to his target at $42.
The closely tracked analyst also has his eye on smart contract platform Avalanche (AVAX). According to Cantering Clark, AVAX also has a uniquely strong market structure, threatening to print fresh 2022 highs.
“Would you just look at how technically sound AVAX looks for a move to the highs.”
At time of writing, AVAX is trading for $99.36.
Cantering Clark also says decentralized application (DApp) platform Near (NEAR) is gearing up for a strong rally. He points out that NEAR’s last daily candle exceeded both of the previous two and says it could be on its way above $17.
“Send NEAR up through the gap already. Bullish engulfing candle of the last two-day range and above the range highs.”
Late last year, the NEAR ecosystem announced an $800 million fundraising effort to stimulate growth for its native projects and startups. With half of the funding already distributed, Cantering Clark says traders should take notice.
“NEAR protocol with over $400 million in funding for the ecosystem announced. Tailwinds during a time like this. Use it to your advantage until it stops working.”
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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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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