News

Top Crypto Analyst Says One Altcoin Will Recover Stronger and Faster Than the Rest

img-ads

A widely-followed crypto analyst and trader thinks the crypto markets may be poised for a turnaround.

The pseudonymous crypto strategist known in the industry as Smart Contracter tells his 104,000 Twitter followers he’s seeing signs that Bitcoin has hit a bottom, with a surge to a new all-time high above $60,000 in sight.

“Funding finally negative, lows swept, bought the dip.”

The trader says he’s keeping a close watch on FTX Token (FTT), which is the native asset of crypto derivatives trading platform FTX Exchange.

He expects the altcoin to bounce back faster and harder than the rest.

ADVERTISEMENT

“FTT, like it has been for months, will be one of the strongest and first to recover. Clean ABC structure, 20% dip and already bouncing hard from the lows.”

Source: Smart Contracter/Twitter

The trader uses the Elliott Wave theory, a technical analysis technique that attempts to predict price action by identifying market sentiment that manifests in recurring waves. According to the trader’s chart, he believes FTT will print a new all-time high above $40 once the correction across the crypto markets is over.

In addition, the analyst is looking at scalable smart contract platform TomoChain (TOMO), which he says has the potential to double its value against Bitcoin in the coming weeks.

“TOMO is now officially my largest alt bag. Textbook IHS (invese head and shoulders) 5 waves up and abc down to the 0.618 on the BTC pair, plus all the volume is in the right shoulder EXACTLY what we want to see in an IHS, expecting over 100% from here.”

Source: Smart Contracter/Twitter

The trader is also looking at the S&P 500’s bullish close as a barometer of investors’ recovering risk appetite.

“Strong buy back on equities, big SR flip, lots of volume, nice daily hammer forming. If equities turn north again here, I think it’ll likely save crypto as well.”

Source: Smart Contracter/Twitter

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

ADVERTISEMENT

ADVERTISEMENT

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/Art Furnace

img-ads

Leave a Comment

Your email address will not be published.

You may also like

Blockchain Markets Tech

Former MLB star sells $1M worth of NFTs in one minute

Micah Johnson, a former MLB player-turned artist, sold a whopping $1 million worth of tokenized art in just one minute on the Winklevoss-owned NFT marketplace Nifty Gateway.

The auction, which launched on Feb. 21 and lasted for 28 hours, generated $2 million worth of sales in total. The auction sold NFTs representing a painted sculpture made from hand-casted resin dubbed AKU: The Moon God.

The physical AKU sculpture was also sold during the auction, fetching $305,000. The sculpture will be deposited into a vault and is subject to a two-year lockup.

The purchaser also receives exclusive access to view the sculpture — which is stored in a physical vault at the Art Angels gallery in Miami, and can resell the sculpture at any time by transferring their token.

Speaking to Cointelegraph, Johnson expressed his intention to demonstrate how non-fungible tokens can create unique experiences and utilities that go…

View More Article
Blockchain Business Latest

Meme pioneer launches NFT lolcats on OpenSea

The original “I Can Has Cheezburger?” meme has become the latest symbol of popular culture to be immortalized as an NFT.

The meme’s creator, Eric Nakagawa, announced his foray into a series of lolcat NFTs on Feb. 23. “Happy Cat” — the crown jewel of Nakgawa’s NFT release — is being auctioned on NFT marketplace OpenSea, with the highest bid currently sitting at 0.25 ETH.

The 10 piece series, titled “No Fries Today,” comprises early lolcat memes and meme-inspired artwork. Some proceeds of the sales will be donated to charitable organizations, including the American Society for the Prevention of Cruelty to Animals, the Internet Archive, and the World Wildlife Foundation.

Each NFT includes the backstory explaining how the meme it represents was originally created, with…

View More Article
Bitcoin Blockchain

India’s largest crypto exchange adopts decentralized Unstoppable Domains

India’s largest cryptocurrency exchange, Unocoin, has adopted the blockchain-based Unstoppable Domains, which simplifies crypto transactions by turning blockchain addresses into human-readable web URLs.

Announced on Wednesday, the partnership between Unocoin and Unstoppable Domains — both funded by Silicon Valley investor Tim Draper — is expected to reduce remittance costs and simplify the transaction process for the exchange’s 1.2 million users.

Unstoppable Domains turns crypto addresses into decentralized websites on the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs ending in “.crypto” and “.zil” extensions. Domain names need only be purchased once, and then exist forever on the blockchain without requiring any renewal or maintenance fees.

The decentralized aspect of Unstoppable Domains should be of particular interest to Indian crypto users, especially amid the furor created by the Finance Ministry’s decision to ban the use…

View More Article
Bitcoin Blockchain Tech

Ethereum on track to settle $1.6 trillion this quarter

Ethereum usage is surging this year, with the value of transactions settled on the network skyrocketing during 2021.

According to research from Messari, Ethereum has settled $926 trillion worth of transactions this quarter so far — 700% more than it processed during Q1 2020. 

The network is currently on-pace to settle $1.6 trillion in transactions for the first quarter of this year. In the last 12 months, Ethereum has already settled $2.1 trillion in transactions.

If Messari’s $1.6 trillion forecast is accurate, Ethereum’s quarterly settlement value will have increased 1,280% compared to Q1 2020, and more than 5,000% compared to Q1 2019. 

Messari researcher Ryan Watkins noted the data counters the prevailing narrative that Ethereum is seeing an exodus of users amid its high gas fees, exclaiming:

“Incredible scale for a technology that critics claimed couldn’t scale.”

Ethereum’s recent surge in settlement value can be attributed to explosive growth in the…

View More Article
Bitcoin Blockchain

Bitcoin whale from 2010 moves 100 BTC for first time in 11 years

A veteran miner has cracked open their 2010 stash of Bitcoin, with crypto analysts spotting 100 BTC being transferred from two wallets that had laid dormant for more than a decade.

Prior to today’s transaction, the addresses had not seen any activity since receiving a 50 BTC Coinbase reward each nearly 11 years ago, except for two incoming transactions worth just 0.00000547 BTC each that were sent to the wallets in the last six months.

The Feb. 25 transaction combined the two mining address outputs, indicating both addresses belong to the same owner. The two blocks were mined only a couple of hours apart on Jun. 10, 2010.

Bitcoin is currently trading for $49,800, giving the coins a combined value of nearly $5 million. With BTC trading for $0.08 when the coins were mined, the whale’s holdings have increased in value by 622,500 times.

View More Article
Bitcoin Blockchain Markets

Cross-chain bridges and DeFi integration are pushing these 3 altcoins higher

The cryptocurrency market is showing signs of progress following a multiday sell-off that saw the total market capitalization drop by more than $400 billion as Bitcoin’s (BTC) price briefly fell below $46,000. 

While the majority of altcoins have entered a consolidation phase that includes a retest of underlying support levels, several projects have started to regain lost ground after new developments reignited investors’ optimism.

ADA/USDT

Cardano’s ADA started the year with a bullish spark that saw its price increase 624% from $0.165 on Jan. 2 to a high of $1.20 on Feb. 20. This week’s sharp correction pulled the price to a swing low at $0.80, but it is clear that traders bought the dip.

ADA/USDT 4-hour chart. Source: TradingView

Since hitting a swing low at $0.80, ADA’s price rallied 30% to $1.05 following the news that community members at Venus Protocol…

View More Article
%d bloggers like this: