The bitcoin bulls returned to the scene after yesterday’s price drop to below $39,000, sending BTC several thousand dollars higher. Today’s altcoin market is also doing well, with remarkable double-digit gains from Chainlink, NEAR Protocol, and Terra.
Michael van de Poppe, a crypto trader, is looking at many crypto assets as well as one blockchain area that he claims is seeing a lot of acceptance.
In a new tweet, the famous analyst provides his 584,800 Twitter followers with a graphic depicting the market action of decentralized oracle network Chainlink (LINK) from September 2020 until the present.
“Let me repeat the question. If a chart looks like this, and oracles are extremely heavily needed in DeFi [decentralized finance] + LINK is the largest by a mile. Would you be interested in selling or buying the underlying asset?”
At the time of writing Chainlink is trading at $13.91 and has gained more than four percent.
Ankr (ANKR), whose native protocol uses Web 3.0 to improve cross-chain contact and staking, is next on Poppe’s radar. This one, he claims, is within a range, with critical support levels beneath it. If it falls below $0.10, it’s party time. I’d like to know more about the lower levels.
At the time of writing, Ankr is trading at $0.074 and has gained more than five percent in the last 24 hours.
Reserve Rights Token (RSR), and anti-inflationary initiative that aggregates baskets of tokenized assets, is the last altcoin on the trader’s list. For several months, RSR has been steadily declining.
Would you be interested in purchasing or selling the underlying asset if the chart looked like this? Van de Poppe asks.
AVAX Price to increase 10x?
Van de Poppe wraps up his tweetstorm by pointing out how much Avalanche (AVAX), a smart contract platform, has evolved. Layer-1 blockchain initiatives, he says, have the potential to increase in value tenfold as a result of such widespread adoption.
With 500,000+ accounts registered daily on Avalanche, it has reached a new [all-time high]. In terms of adoption, the market is rapidly expanding. He stated that it is speeding up. Given the viewpoints they have, Layer-1s can easily go 10x and still have a proper value.
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Source: https://coinpedia.org/altcoin/avax-price-predicted-to-10x-rally/