The last seven days have not been the best for the crypto market. Most altcoins followed Bitcoin, which experienced ups and downs as it tried to break out of the bearish zone. Crypto analyst Rahul Nambiampurath examines 5 altcoin projects where he saw a glimmer of hope this week. In addition, popular analyst Michaël van de Poppe shares his predictions for Litecoin (LTC).
5 altcoins that the analyst sees a glimmer of hope
Toncoin (TON)
Toncoin is the famous token of The Open Network, a project taken over from Telegram. Although no longer run by Telegram, the project continues to make progress through community development. The altcoin recorded a massive 40% increase in price during the week after announcing a non-SIM signup feature. In addition, the number of wallet holders on the network has also increased. In addition, Gate.io exchange introduced the TON/USDT pair for futures. Toncoin is currently trading at around $2.69.
OKC Token (OKT)
OKC exchange’s OKC Token saw a 21% price increase after OKCoin Japan confirmed that it will list its meme coin Shiba Inu. Meanwhile, OKCoin Japan is one of the largest crypto exchanges in the country. Another reason for the token’s jump is due to the fact that decentralized autonomous organization (DAO) infrastructure company Hedgey has launched it on the OKC network. It is possible for users to use the Hedgey protocol to distribute locked tokens and perform DAO to DAO token swaps. The altcoin has jumped from $20 last week to around $23.42 now.
UNUS SED LEO (LEO)
Bitfinex’s UNUS SED LEO (LEO) token saw a 10% increase in market capitalization during the week. The jump in value is likely due to Bitfinex enabling deposits and withdrawals for Chinese yuan on the TRON network. LEO provides advantages to users in the iFinex ecosystem. These include trading discounts on Bitfinex, such as buyer fee discounts. iFinex has also committed to repurchase the tokens until none of them remain in circulation. The altcoin is currently worth around $3.89.
XDC Network (XDC)
XDC Network (XDC) market cap increased by 20% after major integration. The team announced that it will integrate STASIS’ euro-backed stablecoin into the XDC network. EURS stablecoin is the first euro stablecoin on the XDC Network, a ‘hybrid Blockchain that functions to improve global trade and finance through enterprise-level interoperable dApps’. The altcoin is currently trading at around $0.024.
DigiByte (DGB)
The DGB price has increased 10% in the past seven days after the announcement of the partnership with the LCX exchange. The partnership will include, among other actions, a one-time donation from LCX to the DigiByte Foundation. Half of the transaction fees in the new DGB/USDC pair will go to the DigiByte Foundation for a certain period of time. DGB/USDC parity is listed on the stock market. The exchange will also run a full DGB node to support the network. The altcoin has risen from $0.0076 last week to around $0.0082 now.
Michaël Van de Poppe’s choice: Litecoin (LTC)
Aalist says past price movements show Litecoin (LTC) is poised for an epic rise. cryptocoin.com Michaël van de Poppe, whose predictions we have included, continues his analysis in the following direction:
In fact, Litecoin is in an uptrend. So we have a nice uptrend for Litecoin. There are some nice levels to watch. Also, around $63 a week is definitely a level we should keep an eye on… When you look at an area of interest for Litecoin itself, this whole block ($63). Actually, this whole level is an area where you will want to start filling your position if we want to continue this uptrend. In case of a fresh rally towards $100, you want to see this level ($63) hold for support and possibly take a bounce here ($80). Then we consolidate and continue to do this run.
According to Van de Poppe, LTC’s recent price action reflects the market structure when it bottomed out at the end of 2018. The crypto analyst highlights that in December of that year, Litecoin witnessed a 28% decline before sparking a massive rally. Van de Poppe says Litecoin could be in a similar situation and LTC could continue its rise once the correction is over. In this context, the analyst makes the following statement:
This is very similar to what we saw in a price action in 2019. We’ve seen this lateral movement, the breakout, the full rebound, the bottoming out, the lateral movement, the breakout.
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