The cryptocurrency market continues to show strength. The leading crypto and the leading altcoin stand out in the market with strong increases. However, analysts suggest that some cryptocurrencies have more potential. A crypto analyst with a large following says a Chainlink (LINK) rival has a lot of upside potential even after hitting a new all-time high.
According to the analyst, PYTH is in the midst of price discovery!
cryptokoin.comAs you follow from , Bitcoin has made a spectacular comeback. The sales that started after the Spot Bitcoin ETF approval reduced the BTC price to $38,000. However, it rallied to $52,000 as selling faded and record inflows into ETFs occurred. Bitcoin’s rally also mobilized altcoins. Some have soared to all-time highs.
Altcoin Sherpa, pseudonymous analyst, says data aggregation service Pyth Network (PYTH) is currently in the midst of price discovery. Crypto traders and analysts define price discovery as a situation where a coin trades at levels never seen before in its history. According to Altcoin Sherpa, these coins tend to enter a strong uptrend with no known resistance remaining. That’s why it’s “always magical”. The analyst says the following about PYTH:
PYTH: I’m considering purchasing this for a few reasons:
- In the immediate vicinity of the ATH, price discovery is always magical.
- For a new coin, it doesn’t yet have real, proper pump.
- To be honest the narrative is a bit lousy, but API3 moves hard too.
Meanwhile, PYTH was trading at $0.6561 at the time of writing, up 12.5% on a daily basis. The token recorded an all-time high of $0.6834 during the day.
Altcoin Sherpa: INJ is likely to go to new ATHs!
The analyst then turns bullish on decentralized exchange protocol Injective (INJ). Altcoin Sherpa says INJ remains in a long-term uptrend despite trading in a wide range for over a month. In this context, the analyst makes the following statement:
INJ: Getting somewhere around this range is good for the next leg. Trend is your friend; this is likely to go to ATHs. I don’t know when it will happen. This is a process where you probably won’t get a 2x fast. But it is a safe, secure and high probability transaction.
Meanwhile, Injective was trading at $34.85, up 0.3% on the day. The token recorded an all-time high of $45.19 on February 9.
Analyst also expects a boom in the crypto market
Finally, the analyst looks at the total crypto market cap. Altcoin Sherpa argues that the market is still small compared to the valuation of tech giants traded in the S&P 500. The analyst predicts that the crypto’s total market cap will explode when retail investors return. In this regard, the analyst shares the following assessment:
The total crypto market cap is still significantly lower than Apple’s. We’re playing on a small playing field and already having incredible wins/losses/opportunities. Wait until the masses arrive. Think bigger.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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