Bitcoin has closed the last three months with 20% red candles. The altcoin market is accompanying the decline and has lost more than half of most ATH prices. Discounts can be seen as an opportunity, but time will tell. In this article, let’s examine 3 altcoin projects approaching strong support levels from crypto analyst Motiur Rahman’s list. Analyst’s shares cryptocoin.com compiled for our readers.
3 reasons for deals
The cryptocurrency market continues its sideways trend and there does not seem to be enough demand for a rally in the near term. This could be an opportunity for bottom hunters to buy discounted altcoin projects. The analyst explains three reasons why this doesn’t make sense:
- Pullbacks like this are not new to crypto, in fact, it has happened before and prices have rebounded sharply.
- The crypto market has seen the rise of many innovative projects, especially in the altcoin space.
- No doubt we will see big rises in the market and now entrants can get big returns.
3 altcoins to follow for bottom fishing
First-line Polygon (MATIC) sees itself as an Ethereum scaling solution designed to provide higher speeds and lower fees. The project has been making big moves in the last few months and is adding a number of new projects. The MATIC token saw tremendous growth in 2021 and the analyst expects the momentum to continue. At the time of writing, the MATIC was selling for $1.58.
Avalanche (AVAX) is a smart contract platform that tries to offer higher speeds and lower fees. It is also seen as a direct competitor to Ethereum and has been one of the fastest growing altcoin projects in the last 12 months. Currently, the native token AVAX is trading at $62.16.
According to the analyst, it can be put on the Yearn Finance (YFI) watchlist for a high potential DeFi project. YFI token offers many new features and receives investment from the institutional side. At the time of writing, it is trading at $22,480.46 with a market capitalization of approximately $827 million.
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