Analyst Says Three DeFi Altcoins Are Increasing Strength Amid Crypto Withdrawal, Updates Bitcoin Outlook
A crypto strategist says he is keeping a close eye on three decentralized finance (DeFi) altcoins that he believes are showing strength amid market consolidation.
Pseudonymous Altcoin Analyst Sherpa He says his 190,400 followers on Twitter that decentralized exchanges DYDX (dYdX), GMX (GMX) and Injective (INJ) are holding up very well as the crypto rally takes a breather.
DYDX, GMX and INJ Red days in a bullish environment make a lot of things clearer: which alternatives are strong, which ones are falling apart, etc. The perpetrators are not moving on this red day; they hold up very well. There is a lot of strength with this.”
At time of writing, DYDX is trading at $3.24, up more than 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 that the king of cryptocurrencies could be following its late-2018-early-2019 setup. Altcoin Sherpa says that in 2018, Bitcoin rallied strongly after a several-year downtrend. months.
[In] I think in 2018 we saw very clear signs of a prolonged downtrend, followed by an accumulation cycle, followed by a strong move from $3,000 to $14,000.”
Font: Altcoin Sherpa/Twitter
He says that BTC currently exhibits similar behaviors.
[In] 2023 I think we’re looking at sort of a version of 2018 going into 2019 with this current rally, but it’s all on a shorter time loop. This is true for a number of reasons, the main one being that 2022 was a slaughterhouse and it didn’t look like 2018.”
Analyst sees Bitcoin meeting to $25,000, adding that he has certain goals up to $30,000.
At the time of writing, Bitcoin is worth $23,131.
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source: dailyhodl.com
