2.4 C
New York
January 17, 2022
Alt Coin

Analyst Says Altcoin Season Has Arrived for One Ethereum Competitor, Predicts Dramatic Reversal for Additional DeFi Altcoin

A well-liked cryptocurrency analyst is bullish on the Fantom (FTM) blockchain and one blue-chip decentralized finance (DeFi) platform.

Starting with FTM, the pseudonymous cryptocurrency analyst Smart Contracter tells his 201,500 Twitter followers that crypto property within the Fantom ecosystem are rallying.

“It’s Fantom season as far as I’m concerned, literally every coin on Fantom is turbo sending right now.”

Fantom is a brilliant contract-enabled blockchain designed for excessive efficiency, and FTM is at the moment buying and selling at $2.83.

Next up is DeFi platform Aave (AAVE). Smart Contracter says that AAVE has bottomed and predicts that 2022 will likely be a greater 12 months than 2021 for DeFi-related crypto property.

“Strongly believe a major low is in for AAVE. 2021 was tough for DeFi as a whole but I think 2022 is going to be round two.”

According to the analyst’s interpretation of the Elliott Wave Theory, AAVE has accomplished the dominant five-wave sample heading upwards and the three-wave corrective sample heading downwards. AAVE is now set to proceed with the dominant pattern when paired in opposition to Tether (USDT), based on Smart Contracter.

AAVE might additionally outperform Bitcoin (BTC), based on the crypto dealer.

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Source: SmartContracter/Twitter

Smart Contracter additionally says that the sighting of a bullish sample on the tech-heavy US inventory index Nasdaq 100 “bodes well” for Bitcoin.

According to the crypto analyst and dealer, the Nasdaq 100 index has fashioned a bullish ABC sample on the each day chart.

The ABC chart sample consists of three inflection or pivot factors and may both be bullish or bearish. In a bullish ABC sample, the A inflection level is a low, the B inflection level is a excessive and the C inflection level can also be a low.

“Nasdaq trying very nice right here for a brand new all-time excessive – clear ABC construction on the each day chart and turbo bounced on quantity into the shut.

Also pondering it bodes properly for BTC seeing because it virtually topped when tech did albeit extra sharply.”

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Source: SmartContracter/Twitter

 

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Featured Image: Shutterstock/Alberto Andrei Rosu

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