As the year ends, the crypto market is experiencing a bloodbath. bath. The bears have taken control as BTC has slipped down to $47K level and ETH is down to $3.7K level. Most altcoins on the chart too are trading in red.
Amidst the bearish market, two large-cap cryptocurrencies, according to the host of popular crypto channel Coin Bureau, are positive, while two others may need to see corrections before further gains.
Guy, an analyst, says he’s keeping an eye on Fantom, a smart contract platform, in a new video. While he is bullish on the altcoin, its relative strength index (RSI) is indicating that a correction is on the way.
He says FTM is also reaching a large zone of resistance around the $2.60 mark, so keep an eye out for that.
At the time of writing, FTM is trading at $2.28 up by 1.3% in the last 24 hours. The token trades in green amidst highly bearish market today. The resistance on the upside is at $2.35 and the support is at $2.15.
Near Protocol (NEAR), a decentralised application (DApp) platform and Ethereum competitor, is gaining traction, according to the expert. Guy believes NEAR’s fundamentals are improving along with excellent price activity, but cautions traders against succumbing to FOMO (fear of missing out).
However he advises to not get too caught up in FOMO. The current price pattern indicates that NEAR is nearing the end of its pumping period, and it could dip as low as $12 to $13 in the next few days as it enters another consolidation phase.
At the time of writing, NEAR is trading at $13.57 down by 5.6% in the last 24 hours. The token has had a volatile trade as it swinged between the range of $13.07 to $14.47.
Guy names two altcoins that he believes are on the verge of a comeback. The first is the Aave DeFi protocol. Aave’s daily chart, according to the expert, may need to cool off, but on a weekly scale, the cryptocurrency is ready to surpass the $300 level and could go till resistance at $400, which is 53 percent higher than current pricing.
He explains that on the other hand, Aave’s pump appears to be getting started. The announcement that a Swiss bank called SEBA will be integrating the institutional version of the save protocol to allow its protocols to execute DeFi in a compliant manner has sparked outrage.
Even though Aave is slightly oversold on a daily basis, the weekly chart shows that it has the momentum to break past the $300 resistance zone in the coming months. I believe Aave will begin to stutter around $400, which is its next price resistance zone.
At the time of writing, AAVE is trading at $248.75 down by 12.2% in the last 24 hours. The token has slid down from a 24 hr high of $285.
Second, Guy has Cosmos (ATOM) on his radar, a project that promises to be the “internet of blockchains,” and believes new all-time highs are imminent.
He says that ATOM’s price behaviour resembles Aave’s in that it has significant weekly price momentum. It won’t be long before ATOM reaches another all-time high if what happened in May happens again.
At the time of writing, ATOM is trading at $26.09 down by 10.6% in the last 24 hours.