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Analyst Nicholas Merten Says XRP Competitor Could Go Up by 200%, Updates Outlook on Aave, Compound and Uniswap
Published
2 months agoon
By
adminWidely followed analyst Nicholas Merten is offering his forecast on four crypto assets amid an industry-wide market rally.
Starting with payments-focused blockchain network Stellar (XLM), Merten tells the 510,000 YouTube subscribers of the DataDash channel that the XRP rival is sitting at a “typical discount range”.
According to Merten, XLM could appreciate by around 200% against Bitcoin (XLM/BTC).
“You’ve got an opportunity here [with XLM] to have a 3X against Bitcoin, right from 0.00000200 BTC to 0.00000600 BTC. I like those kind of plays.”
XLM is trading at 0.00000210 BTC ($0.14) at time of writing.
Turning to decentralized finance (DeFi), the widely followed analyst says that some of the altcoins in the sector such as Aave (AAVE), Compound (COMP) and Uniswap (UNI) are oversold.
On Aave, Merten says that the decentralized lending protocol is in a “nice trend” against the US dollar, signifying the potential for more upside.
AAVE is trading at $130 at time of writing.
On Compound, the crypto analyst says,
“Nice solid momentum. Solid foundation here built up on some of these plays, far away from those prior May 2021 highs [of ~ $854]… And I’m not saying it’s going to go all the way up there.”
Compound is trading at $87.07 at time of writing.
Turning to decentralized exchange Uniswap, Merten says that UNI is “another really strong play.” According to the crypto strategist, Ethereum (ETH) could act as a catalyst for Uniswap and other DeFi tokens that are built on the second-largest blockchain by market cap.
“I think some of these plays could really start to pick up as Ethereum is starting to pick up as well on the market.”
UNI is trading at $14.95 at time of writing. Ethereum is trading at $3,975 at time of writing, up about 150% since mid-October.
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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 loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Ethereum DeFi Altcoin Showing Bullish Divergence As Indicator Enters ‘Bounce Zone’: Santiment
Published
5 months agoon
December 15, 2023By
adminAn Ethereum (ETH)-based native token for a decentralized finance (DeFi) project is flashing a couple of bullish divergences, according to the crypto analytics firm Santiment.
Aave (AAVE), a DeFi lending protocol, is trading at $93.89 at time of writing and is up more than 2.3% in the past 24 hours.
Santiment notes that the asset’s top 150 non-exchange wallets now hold 9.61 million AAVE, a five-month high.
The analytics firm also says AAVE’s Relative Strength Index (RSI) has dropped below 40, which has historically been a “bounce zone” for the asset.
The RSI is a widely used momentum indicator that aims to determine if an asset is overbought or oversold. The indicator scales from 0 to 100, and a reading of below 30 is typically considered bullish while a reading of over 70 is typically considered to be a bearish sign.
In terms of other crypto assets, Santiment notes that Ethereum competitor Cardano (ADA) noticed a sudden loss of small wallets back in mid-November.
“A drop of addresses this size or smaller often indicates capitulation, and a potential price turning point. ADA is +65% since.”
ADA is trading at $0.635 at time of writing. The eighth-ranked crypto asset by market cap is up nearly 8% in the past 24 hours.
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Top Analyst Predicts Breakout Rally for XRP, Updates Outlook on Solana and Ethereum-Based Altcoin
Published
7 months agoon
November 2, 2023By
adminA crypto strategist who accurately called the top of Bitcoin’s (BTC) 2021 bull market is expecting another leg up for XRP.
Pseudonymous analyst Pentoshi tells his 706,900 followers on the social media platform X that XRP looks bullish after taking out a key resistance level at $0.548.
“XRP fans.
A breakout above $0.548 should lead towards $0.62-$0.63.”
At time of writing, XRP is trading for $0.59, up about 3% in the last 24 hours.
The analyst is also updating his forecast on the layer-1 protocol Solana (SOL). According to Pentoshi, the bulls are already celebrating SOL’s big rallies as of late which tells him that the crypto asset may be close to witnessing a pullback.
“The timeline is getting a little loud on this one. Probably local top soonish, in the purple box.”
Looking at the trader’s chart, he seems to predict that SOL will likely meet resistance at $38.70. At time of writing, SOL is worth $38.59.
Another altcoin on the analyst’s radar is the governance token of the Ethereum (ETH)-based decentralized finance lending protocol Aave (AAVE). According to Pentoshi, AAVE will see a big breakout rally if it manages to breach resistance at $90.
“This one likely consolidates a bit more. A break above $90 likely brings $112-$115. For now, it’s under resistance that opens that up.”
At time of writing, AAVE is trading at $81.81.
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Whales Showing More Interest Than Ever in Ethereum-Based Altcoin Amid 832% Rally in Two Months: Santiment
Published
7 months agoon
October 26, 2023By
adminThe crypto analytics firm Santiment says that whales are showing significant interest in a red-hot Ethereum (ETH)-based Chainlink (LINK) rival.
The native asset of decentralized oracle protocol Tellor (TRB) clocked 51 unique $100,000+ transactions on Monday, a new all-time high.
TRB is trading at $91.66 at time of writing, up from around $9.83 two months ago, a staggering increase of more than 832%. Despite the massive gains, however, the asset remains more than 43% down from its all-time high of $161.12, which it hit in May 2021.
Santiment also notes that TRB’s unique active addresses and newly created addresses are both surging.
“Tellor’s price has now jumped ~+750% since July, and whales are showing more interest than ever before while new addresses continue to pour in. TRB is now the #192 market cap asset (and rising) as it leads the altcoin charge here in October.”
Additionally, the analytics firm notes that LINK, blockchain scaling solution Polygon (MATIC), layer-1 blockchain Aptos (APT), and lending platform Aave (AAVE) are all witnessing their “best-performing de-couplings” of the year.
“Unlike Bitcoin’s previous two brief visits to $30,000, this latest resistance level break to end the weekend has occurred as altcoins surge, rather than falling behind BTC’s price.”
LINK, the 14th-ranked crypto asset by market cap, is trading at $10.31 at time of writing. MATIC, the 13th-ranked, is worth $0.625. APT, ranked 35th, is currently changing hands at $6.23. The 41st-ranked AAVE is trading for $83.31.
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