Coin Bureau Bullish on Two Large-Cap Altcoins, Issues Warning on Fantom (FTM) and Near Protocol (NEAR)
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The host of popular crypto channel Coin Bureau says he’s bullish on two large-cap altcoins, adding that two others may need to see corrections before further rallies.
In a new video, the analyst known as Guy says he’s watching smart contract platform Fantom (FTM). While he’s bullish on the altcoin, its relative strength index (RSI) appears to be hinting at a coming correction.
“FTM is looking strong on the charts, but the RSI suggests it starting to run out of steam. We’re also approaching a significant zone of resistance around the $2.60 mark so be on the lookout for that if you hold FTM too.”
The analyst says he’s quite optimistic about Near Protocol (NEAR), a decentralized application (DApp) platform and Ethereum competitor. According to Guy, NEAR’s fundamentals are building up along with solid price action, but warns traders not to succumb to FOMO (fear of missing out) just yet.
“Don’t get too caught up in the FOMO though. The chart suggests that NEAR is just about done pumping and we could see it drop as low as $12 to $13 in the days ahead as it enters another consolidation phase. “
Guy names two altcoins he thinks are poised to rally. First up is DeFi protocol Aave. According to the analyst, Aave’s daily chart may need a cool-off, but on a weekly scale, the altcoin looks ready to break the $300 mark and potentially run until resistance at $400, which is 53% away from current prices.
“Aave’s pump on the other hand seems to be getting started. It’s been caused by the news that a Swiss bank called SEBA will be integrating the institutional version of the save protocol o allow its protocols to do DeFi in a compliant manner…
Even though Aave is a bit overextended on the daily, the weekly chart reveals that it has the momentum it needs to break through the zone of resistance at the $300 mark in the coming months. I suspect Aave will start to stutter around the $400 mark which is its next zone of price resistance.”
Secondly, Guy has his radar locked on Cosmos (ATOM), a project that aims to be the “internet of blockchains,” and expects new all-time highs to be just around the corner.
“ATOM’s price action looks eerily similar to Aave’s in that its weekly price momentum is massive. If we see a repeat of what happened in May, it won’t be long before ATOM sees another all-time high.”
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Featured Image: Shutterstock/Tithi Luadthong/Vladimir Sazonov
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