A widely followed crypto trader says two prime setups have formed on two low-cap altcoin projects.
Pseudonymous analyst and trader Altcoin Sherpa tells his 196,000 followers on the social media platform X that he’s watching decentralized finance (DeFi) lending platform Venus (XVS), and proof-of-work cryptocurrency Flux.
Altcoin Sherpa says both coins have consolidated in prime areas right on resistance near the 200 4-hour exponential moving average (EMA), before blowing past their key levels.
“Look at these two trade setups with XVS and FLUX
-consolidation right near resistance
-right near the 200 EMA on the 4h
EXPLOSIVE move through resistance.”
XVS is trading at $4.39 at time of writing, with a $67.9 million market cap, while FLUX is priced at $0.39 with a $100 million market cap.
Altcoin Sherpa is also looking at COTI, a DAG (directed acyclic graph) protocol optimized for creating decentralized payment networks and stablecoins.
The trader says that he’s already long on COTI, and is looking to get out at $0.0469 and $0.0507 levels
“COTI: Trade I’m in from lower…
Will take profit all the way up”
At time of writing, COTI is trading for $0.0426, sideways in the last 24 hours.
Check Latest News Headlines
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.
Featured Image: Shutterstock/Kartavaya Olya/Sensvector
This article was originally reported on The Daily Hodl.