A closely followed analyst has three blue-chip altcoins on his radar that he says look promising as crypto markets brace for the highly anticipated Ethereum (ETH) merge.
In a new issue of the Technical Roundup newsletter, the pseudonymous analyst known as Cred tells subscribers that ETH itself is still looking like a good bet as the Ethereum network gears up for its transition to proof-of-stake.
The analyst gives a price target somewhere near the $2,000 range, or about 23% away from current prices.
“Ethereum has been very strong.
Price performance in the USD pair has been good, the BTC pair is lights out, and most altcoins are struggling to keep up…
First, technically, the USD pair pulled back from our longstanding resistance at $1800-$2000. This pullback was bid around previous cycle’s high ($1400 or thereabouts) and price is recovering once again. On the daily time frame, there’s a helpful nearby pivot at $1550-$1600. As long as that structure remains intact, it’s reasonable to expect a higher low and a retest of the $2000 area ahead of the news.”
Next up is Binance Coin (BNB), the utility token for Binance, the world’s largest crypto exchange by volume. Besides looking structurally healthy compared to many altcoins during the bear trend, Cred says that solid exchange tokens like BNB “make for very easy early bull cycle narratives.”
“Users enter the space, users trade on exchanges, exchange fees and revenues go up, something magic happens, tokens get burned or something, number go up.
Anyway, given the BTC strength and the clear USD range, Binance Coin is worth keeping an eye on, especially should the weekly close above $295 materialize.”
Speaking of exchange tokens, the analyst also has his eye on FTT, the utility token for crypto exchange FTX. Cred says FTT looks promising as long as it can hold and break out of its range between $24.50 and $34.
“Exchange coins didn’t get rekt as hard as a lot of other stuff, so they’re on our radar. FTX Token is basically a weaker version of Binance Coin…
The BTC pair is close to setting new highs. It looks strong above 0.0011636. The USD pair, similar to Binance Coin, has a very clear weekly range between $24.50 and $34. This support is important because structurally there isn’t much below it, and you know we love a good ‘do-or-die’ level…
It’s a chart that has nice levels, didn’t nuke to zero, and doesn’t look like total trash.”
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