The cryptocurrency market is struggling to find direction, and investors are wary of a more hawkish Federal Reserve. However, some analysts are keeping a close eye on some altcoin projects to buy when the time comes, if not now. We have compiled the altcoins that are on the radar of popular analysts for our readers.
Analyst wants to accumulate ADA, DOT and 3 altcoins
Guy Turner, host of the Coin Bureau, a widely followed crypto analyst, says he wants to grab a few altcoin projects, including two leading Ethereum (ETH) rivals, when the time is right. The analyst says it plans to add interoperable blockchain ecosystem Cosmos (ATOM) and privacy-focused protocol Monero (XMR) to its portfolio with ETH competitors Cardano (ADA), Polkadot (DOT), and Avalanche (AVAX). However, the analyst adds that now is not the best time to invest in altcoins. In this context, the analyst makes the following statement:
There are so many altcoins that I’m looking at. I also keep things like DOT and ATOM. I’m almost certainly considering dedicating more to some. Because I think they are great projects. I will also consider expanding the portfolio in general. So I can allocate it to something like ADA. I might go back to Avalanche at some point. I sold AVAX a while ago. I said earlier that I would be interested in getting into Monero. I love Monero. However, I don’t think it’s time to buy altcoins right now.
Lark Davis reviews Polkadot-based projects
Crypto analyst Lark Davis tweeted about the latest developments in the Polkadot ecosystem on Feb. He also shared an article by his team highlighting the top performing Polkadot-based altcoin projects that users should know about.
The article mentions that about 40 para-chain auctions have been completed in the network and 60 in Kusama. Moreover, Polkadot is very close to reaching the midpoint for a maximum of 100 para-chains. Davis’ team believes that as the number of DOT tokens locked increases, more rewards are generated. This in turn powers more future plans and projects on the Polkadot Blockchain.
At the top of the analyst’s list is Moonbeam (GLMR). Also, as announced in the Polkadot brief, three projects: Stella Swap, Squid and Axelar Network. Collaborated to improve cross-chain interoperability in the Moonbeam ecosystem. This collaboration improves the overall user experience by enabling dApps developed on Moonbeam to take advantage of new cross-chain functionality.
The second project on the list is Acala (ACA). The ACA token experienced a massive increase in value in February. Two weeks ago, the altcoin rose 8.24% to $0.1521108739 despite the broader crypto market slumping 1.58%. According to CoinMarketCap, the coin is currently trading at $0.1416 after growing 1.85%.
Parallel Finance (PARA) is third on the list, followed by Astar (ASTR). cryptocoin.comLast week Sony Network Communications announced a partnership with Astar Network to launch a Web3 incubation program. This program will be devoted to supporting projects that emphasize the use of NFTs and DAOs. In addition, Startale Labs, a Singapore-based company founded by Astar Network CEO Sota Watanabe, will organize the Web3 incubation program. The program is scheduled to run from mid-March to mid-June until 2023. Meanwhile, applications for the program will be accepted from February 17 to March 6.
Clover Finance (CLV), Efinity (EFI), and Composable Finance (LAYR) ranked fifth, sixth and seventh on the list. On January 26, 2023, the Japan Virtual and Crypto-assets Exchange Association (JVCEA) granted approval for the Efinity Token (EFI), which enables Japanese crypto-asset providers to process EFI.
LINK is a mandatory altcoin
Renowned crypto analyst Michael van de Poppe shared why he thinks Chainlink (LINK) is ‘a must-buy altcoin right now’. According to Van de Poppe, the price of LINK has been in a consolidation channel since it dropped in May 2022. The reason why the analyst is excited about LINK’s upside potential in the short term is that the 200-day and 100-day MA lines crossed to the upside. In addition, the two MA lines now act as supports for the price of LINK.
In his bullish thesis, the analyst shared that if the price of LINK exceeds the $9 limit, he will target $25 from now on. He also added that the upside potential of LINK’s price far outweighs its downside potential. At press time, LINK is ranked as the 20th largest crypto project by market capitalization according to CoinMarketCap. The crypto market monitoring website also shows that the LINK price has dropped 1.25% in the last 24 hours.
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