A crypto strategist says he’s keeping a close watch on three decentralized finance (DeFi) altcoins that he believes are showing strength amid the market consolidation.
Pseudonymous analyst Altcoin Sherpa tells his 190,400 Twitter followers that decentralized exchanges DYDX (dYdX), GMX (GMX) and Injective (INJ) are “holding up very well” as the crypto rally takes a breather.
[adinserter block="1"]“DYDX, GMX and INJ: red days in a bull environment clarifies a lot – which alts are strong, which ones are dumping, etc. Perp dexes aren’t moving in this red day; they’re holding up very well. There is a lot of strength with these.”
At time of writing, DYDX is trading at $3.24, up over 34% in the past day. GMX is worth $59.02 and IN is trading at $3.31, up 2% and 19%, respectively.
As for Bitcoin (BTC), the trader says the king crypto could be following its late 2018 to early 2019 setup. Altcoin Sherpa says that in 2018, Bitcoin rallied hard after a multi-month downtrend.
“[In] 2018 I think we saw very clear signs of a prolonged downtrend, followed by an accumulation cycle, followed by a strong move from $3,000-$14,000.”
He says BTC is currently exhibiting similar behaviors.
“[In] 2023 I think we’re seeing some sort of version of 2018 going into 2019 with this current rally, but everything is on a shortened time cycle. This is true for a few reasons, the primary being that 2022 was a slaughterhouse and didn’t look like 2018.”
The analyst sees Bitcoin rallying to $25,000, adding that he has certain targets as high as $30,000.
At time of writing, Bitcoin is worth $23,131.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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 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.
Generated Image: Midjourney
