Top Altcoins Poised To Make Waves This Week: Crypto Analyst
28 November 2023 - 7:30PM
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Miles Deutscher, a crypto analyst, recently shared insights on
altcoins that are catching his attention for the upcoming week. In
a post on X, he starts by noting the market’s recent cool-off,
suggesting this phase is creating new opportunities for savvy
investors. Deutscher also emphasizes the importance of staying
informed and ready to capitalize on these shifts. Top Altcoins To
Watch This Week Injective (INJ) According to Deutscher, Injective
(INJ) is experiencing a lull in hype, but this should not undermine
its strong performance throughout the year. He believes that if the
bullish momentum continues, INJ could reach its local highs in the
$19’s. “Monitoring closely, as it runs hard when it runs,”
Deutscher states, highlighting the potential for rapid gains. At
press time, INJ was trading at $15.88 after being rejected at the
0.618 Fibonacci retracement level of $17.13. Pyth Network (PYTH)
Deutscher points out that PYTH is in an interesting position with
attributes favored by the market: it’s a new, shiny coin with a low
float and perpetual contracts. However, competition from other
Solana tokens, like Jupiter and JITO, may temporarily divert
attention. For those already holding PYTH, Deutscher advises to
hold but not to add more unless the price drops. Related Reading:
Whale Alert: Big Players Scoop Up These 4 Altcoins, On-Chain Data
Indicates SuperFarm (SUPER) SUPER is part of the trending gaming
narrative and has been gaining attention from significant creators
and influencers. Despite its volatile funding, Deutscher sees
potential for a FOMO-driven price increase. “It could be one of
those ‘it’s already up too much, I’m not buying’ plays,” he
speculates, suggesting that late buyers might drive the price even
higher. Cosmos (ATOM) The recent approval of the ATOM Halving
proposal is a significant development for Cosmos. This change will
halve the maximum inflation rate from 20% to 10%, potentially
impacting ATOM’s price action (PA). Deutscher is watching this
closely for signs of a developing trend. Related Reading: Market
Watch: These 5 Altcoins Are Poised For Breakouts, Says Crypto
Expert dYdX (DYDX) The unlocking of $524 million worth of DYDX on
November 28th is a crucial event, especially since these tokens
will be released on the DYDX chain, not supported by centralized
exchanges (CEXs). Deutscher anticipates a complex interplay of
market psychology around this event. “Watching to see if the head
and shoulders pattern continues to play out,” he comments,
suggesting possible price movements following the unlock. Solana
(SOL) And BONK SOL’s struggle to break past $58 is noted by
Deutscher, placing it in a “no trade zone” for now. However, a
breakthrough could lead to significant gains. BONK, a Solana-based
meme coin, is also on his radar due to its higher volatility and
correlation with Solana’s movements. Vertex (VRTX) Finally,
Deutscher highlights the significant volume increase on Vertex,
surpassing DYDX and Uniswap. Despite suspicions of wash trading due
to low open interest (OI) compared to volume, he sees potential in
Vertex and perceives a resurgence in the popularity of perpetual
decentralized exchanges (DEXs). Featured image from iStock, chart
from TradingView.com
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