4 Analysts Pointed To These 7 Altcoin Projects: They Can Jump!

Scott Melker, Benjamin Cowen and Coin Bureau analysts shared 7 altcoin projects that can reach new heights if they overcome certain hurdles. The selections are generally based on the use cases of the projects as well as the technical analysis. Now we start with 4 altcoins whose nickname Wolf Of All Streets is on the Twitter analyst’s radar. Details for LUNA will be our final thread.

Scott Melker said he is on the rise for these altcoin projects:

Our first analyst, veteran crypto trader and strategist Scott Melker, says it’s bullish for Algorand (ALGO), Polygon (MATIC) and two other altcoins. The analyst, known as Wolf Of All Streets, tells his 568,100 Twitter followers that the decentralized Blockchain protocol ALGO seems poised to move on after it retested support at $1.84 perfectly. It targets $2.60 for the next resistance point:

Excellent retest for $1.84.

As for Ethereum scaling solution Polygon (MATIC), Scott Melker thinks MATIC seems to have bottomed out and is ready to rise. He expects MATIC to return to the previous ATH level of $2.70.

Strong support. See all of the suppositories below. Assuming Bitcoin remains stable, it looks like it wants to rise.

EGLD’s next target is $340, according to Scott Melker

Melker also says it’s on the radar of smart contract platform Elrond (EGLD). Currently trading at $246.10, EGLD shows that it has pulled out key price levels and stopped at a new HH before moving on to price discovery. Melker targets $340 at EGLD:

You had your luck.

Altcoin Monero (XMR) on Melker’s list

The latest altcoin he said is on the analyst’s radar is the privacy-focused cryptocurrency Monero (XMR). After a break above $319, XMR price is following $390 and $519 as the next resistance areas.

XMR looks (good). A nice jump of support in this ascending triangle.

Altcoin projects are on the list, what about Bitcoin?

As for Bitcoin (BTC), Melker is taking a leveraged long position on the leading crypto for the first time in a month, assuming that BTC is usually ready to continue its uptrend once it has exited a bullish trend formation:

Look mom. More bullish divergence is forming with the RSI. The basis of this trade has not changed, so I am not dating and have no intention of leaving. My stop was close, a little tight.

After getting closer to the stoploss and bouncing upwards from the $43,347 level, Melker is targeting $49,356 and $52,956 for Bitcoin’s next pit stops:

It’s better to be lucky than good, but a bit of both is ideal. After narrowly missing my stop loss, the price has reversed and the trade is floating.

Benjamin Cowen sees a bright future on the horizon for Polkadot (DOT)

cryptocoin.com Another Benjamin Cowen, whose analysis we have shared with us, said that it is quite positive for the altcoin DOT price. Polkadot is an interoperable Blockchain platform. According to data from CoinGecko, the DOT was trading at $33.66 at the time of writing and has risen 8.77% over the past week, despite the market overall.

Cowen also tells his 538,000 subscribers that while Polkadot may not be undervalued compared to Bitcoin (BTC), it appears to be less valuable compared to other altcoin projects. As for what the project is currently developing, the analyst specifically points to parachains. Parachains are private blockchains that can be customized to fulfill a variety of use cases, and are about to be released later this year, according to Polkadot.

Cowen says it “seems plausible” that DOT can add up to 120% in value:

If you look at the DOT/ETH pair, it actually still has a way to go back to the ATH level… another 126% move. So, for a steady valuation of Ethereum, a 126% move would push the DOT up to $80-$85.

However, DOT may encounter these hurdles:

The analyst states that the short-term future of DOT is largely dependent on Bitcoin’s price action:

Considering the next one to two years, I’d say DOT should have a pretty bright future. But of course in the short term, it always depends on what Bitcoin is doing. As long as Bitcoin holds the line above the 20-week moving average, it looks like the path of least resistance for Polkadot will be to continue higher.

What can Terra (LUNA) do?

Analysts of the popular crypto channel Coin Bureau share with their subscribers the reasons why Terra (LUNA) has been the best performer lately and why it will continue to rise to the moon.

Overview of Altcoin Terra

Terra is an ecosystem of decentralized stablecoin tokens secured by the LUNA cryptocurrency, and the first Terra stablecoin is the KRW token from Korea. According to the analyst, Terra’s KRW was integrated into the popular Chai mobile payment app in 2019 and is used by approximately 2.5 million people in South Korea. Today Terra offers more than a dozen decentralized stablecoins, the most popular of which is UST. Analysts say:

Since the UST can also be burned to “print” an equivalent dollar amount of LUNA, this creates the economic incentive necessary for the UST to maintain its constant value. If UST is trading at, say, one dollar, then 50 LUNA holders can burn their coins to print UST and make a 50% profit. Eventually, this process brings the fixed price back to one dollar due to the increased supply of UST.

LUNA price analysis

As Coin Bureau analysts point out, all recent announcements and developments have had a predictable impact on LUNA, which has recently crossed the ATH level. This effect is mainly due to increased demand for LUNA to print UST, whose market value has increased exponentially over the past few months. In terms of price prediction, analysts say it is possible for LUNA to climb higher than a hundred dollars. This is because LUNA has a market cap of only $12 billion; this is a low value for a crypto project as awesome as Terra. Especially with all the central stablecoins floating around.

Columbus 5 upgrade

Columbus 5 will be the most significant upgrade Terra has seen since its mainnet launch and will introduce three new features to the Terra Blockchain. Analysts point to 3 key features of the Columbus 5 upgrade, including the burning of all seigniorage fees, interoperability with Cosmos’ Inter Blockchain Communication Protocol or decentralized insurance protocol IBC and Ozone.

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