A closely followed crypto trader thinks investors should follow the peer-to-peer payment network Litecoin (LTC).
The pseudonymous trader known as Cantering Clark told his 156,000 Twitter followers that LTC had previously formed a similar pattern and a edible rally could begin. Cantering Clark’s chart shows LTC bounced off a support level around $71 is showing.
“Could Litecoin be about to surprise everyone? I haven’t looked at this since the baby arrived, and I was expecting a breakout when I did.
Instead, I saw that the current situation has a structural and trend similarity to the previous bottom.”
The trader sees similar opportunities in Binance Coin (BNB), the native token of the world’s largest crypto exchange. He feels that the FUD (fear, uncertainty and doubt) that Binance has faced in the previous weeks regarding its solvency is a thing of the past and BNB should benefit from the increased confidence.
“[Gözler] On BNB – Binance bullshit is mostly out of the narrative. Historically BTC and ETH have been strong in trading pairs, so maybe we can show some strength and go back to previous norms. […]
Simple explanation:
We are in a contextually compelling area to define short-term bias for both directions (short and long). If we lose something like $253, the long position is invalidated, then an attractive short opportunity is created with defined risk above today’s highs.”
Last week, the popular trader said that Ethereum (ETH) rival Solana (SOL) is also showing bottom signs.
“Looks like the market is a little overcrowded here. I think my calling for another 50 percent drop and everyone else calling for $3 could be a sign that this business is totally one-sided and potentially bottoming out in the near future.”
So far, the crypto trader’s call regarding Solana has proven correct. SOL is trading at $13.48, over 62% from its low of $8.30 at the time of writing.
You can follow the current price action here.