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Tuesday, October 26, 2021

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Five Cryptocurrencies Could Rise 230% As Bitcoin Seeks Correction

The analyst’s prediction is so optimistic that he considered that SOL could hit the $ 900 mark. In addition to Solana, the analyst affirmed that he is pending Avalanche (AVAX) which according to him, like SOL, is an important competitor to Ethereum (ETH) and therefore, as he continues to announce its development, prints a new bullish pattern that is ready to end its corrective phase.

Another cryptocurrency on the traders list is Synthetix Network Token (SNX), a cryptocurrency that allows the trading of synthetic assets. According to Smart Contracter, SNX has almost finished its accumulation phase and is ready to launch its uptrend.

In the case of SNX, the analyst bases his prediction on Elliott Wave Theory, a technical analysis approach that predicts future price action by following crowd psychology manifesting in waves. According to the theory, a bull cycle goes through five different waves. Based on Smart Contracter’s five-wave count, SNX could reach $ 35, which represents a potential upside of more than 230% from its current price of $ 10.

The analyst also highlights that the cryptocurrency Curve (CRV), Curve Finance’s governance token, is showing signs that it is poised to double in value over three of its peers: the dollar, Bitcoin, and Ethereum.

The last cryptocurrency on the trader’s list is the blockchain scaling solution Polygon (MATIC), which, according to him, is prepared to reverse its downtrend and rise to $ 2.50.

Regarding Bitcoin, he suggested reassurance to investors: “In particular, I think it is healthy and important to remember that an asset with an annualized monthly volatility greater than 100% will also have hard downward movements in its price. New investors who began to consider exposure to cryptocurrencies from 2021 may be under the wrong impression that this is an easy market, so I think these moves help educate on important issues such as exposure size relative to portfolio, horizon temporary investment, etc., “he said.

On the projects in decentralized finance, DeFi that ended up also covering NFTs and blockchain games concluded: “I think this universe is beginning to emerge and has great potential to create a completely new market in users and solutions, whose impact is still difficult. I think the first step is to understand more and spend time studying these initiatives, and then, only then, allocate capital. “

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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