Altcoin Watchlist: Analyst Shares What’s Hot In Crypto This Week
The crypto market is always in flux, with new narratives and trends
emerging each week. Renowned crypto analyst Miles Deutscher
recently took to Twitter to share his insights on the altcoin
space, shedding light on the tokens that are catching his
attention. Crypto Watchlist For This Week Starting with UNIBOT,
Deutscher highlighted its recent performance, noting that it’s down
significantly (-60%) from its highs. He attributed this decline to
a combination of fear, uncertainty, and doubt (FUD) and a decrease
in key metrics. However, he remains optimistic, suggesting that the
accelerated selling might be slowing down. “I used the dip as an
opportunity to add to my position. I don’t think there’s a rush –
but if you believe in the narrative you’re now getting another
chance to accumulate in the double digits,” he shared, indicating a
belief in the token’s long-term potential. Related Reading: How
Bitcoin And Crypto Are Impacted By The Fed’s Growing War Chest:
Report KAVA is another token on Deutscher’s radar. He pointed out
several positive developments, including its addition to
Fireblocks, a platform that serves as a gateway for institutions.
Furthermore, the involvement of DWF Labs and Kava’s role as a
gateway to the Cosmos ecosystem for Tether are promising signs. The
recent launch of their first perpetual decentralized exchange (perp
dex) further underscores Kava’s growing momentum in the market.
“Recently added to my accumulation list + I’m watching the chart
closely,” Deutscher stated. However, not all tokens are receiving a
positive nod. The analyst expressed concerns about GALA, citing
internal disputes between its founders. “The situation over there
is crazy, with both founders suing each other,” he remarked. This
ongoing legal battle could potentially hinder the token’s
performance and future developments. Deutscher also raised concerns
about GALA’s centralization because of the fact that both the
founders own 7,000 nodes and 50,000 nodes respectively, a
revelation that emerged from recent documents. In the gaming
altcoin space, PYR stands out. Following the turbulence surrounding
GALA, liquidity seems to be moving towards other gaming tokens,
with PYR emerging as a strong contender and probably the closest
counterpart. Deutscher praised its resilience and positive
accumulation phase, hinting at its potential for growth. “Upon
checking the PYR chart, we rarely see a token in such an
extended/positive accumulation phase”, Deutcher remarked. Related
Reading: Bitcoin And Cryptos Poised For Final Surge Before US
Recession, Here’s Why Another altcoin to watch is Maker (MKR).
Currently, the community is abuzz with the news of their “End Game”
initiative. Deutscher highlighted the project’s ambitious plans,
including the proposal to launch their own native chain and move
away from Ethereum. This move, however, has not been without
controversy. “Vitalik obviously didn’t like it, as he sold his
remaining MKR,” Deutscher mentioned, pointing to the Ethereum
founder’s recent actions. Sui Network (SUI) is another token that’s
been performing well, with a 70% increase in its Total Value Locked
(TVL) over the past month. Deutscher sees potential in SUI, hinting
at its explosive growth when it gains momentum: “When SUI pumps, it
pumps hard. Definitely not one I’m fading when it wakes up (from a
price perspective).” Short Solana (SOL)? Lastly, Deutscher touched
upon Solana (SOL), a high-performance blockchain platform, which
has recently been the subject of much discussion and speculation in
the crypto community. The analyst pointed out that there’s been
“negative noise” building around Solana, particularly in relation
to the upcoming FTX liquidations. These liquidations have raised
eyebrows due to the potential impact they could have on the token’s
price. While some in the community believe that the effects of
these unlocks and the eventual “forced selling” are already priced
in, Deutscher suggests that the current lack of liquidity in the
market might amplify the price fluctuations more than many expect.
The situation is further complicated by the involvement of Galaxy,
who are responsible for handling the funds. They are scheduled to
appear in court on September 13th to present a liquidation plan.
The figures being discussed are significant, with potential
liquidations of up to “$100m weekly, and up to $200m for select
tokens.” Despite these challenges, Deutscher remains strategically
optimistic about Solana’s long-term prospects. He hinted at the
possibility of adding to his long-term positions if a price
correction occurs. However, he also noted that the current
environment might present “interesting short opportunities” for
those with a keen eye and a willingness to navigate the risks. At
press time, SOL traded at $19,22. After falling below the 50%
Fibonacci level ($20.22), a deeper retracement to $17.33 could be
on the cards. Featured image from mostafa meraji / Unsplash, chart
from TradingView.com
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