A new altcoin season is in the starting blocks. Top crypto trader Scott Melker reveals the top coins that he currently considers promising. We present the four crypto currencies – including a price forecast.
When does the altcoin season start?
Numerous Altcoins are currently recording profits in the two or even three-digit percentage range. Analysts and traders are already anticipating a new “altcoin season” – a phase in the bull run in which alternative cryptocurrencies other than Bitcoin are seeing enormous profits. For example, full-time trader Michaël van de Poppe comments:
“Altcoins are moving a lot while Bitcoin is correcting.
Old season? “
– Michaël van de Poppe (@CryptoMichNL) August 19, 2021
Trader @MuroCrypto also shares a chart (GRT) on which a cryptocurrency has retreated well below its all-time high, but appears to be about to break out. In addition, he writes to his more than 164,000 Twitter followers: In the fourth quarter “we will make money again”. Muro:
“Most altcoins look like this.
We’ll make money again in Q4. “
Most altcoins look like this
Q4 we make money again pic.twitter.com/JgwlbsvNJa
– muro – won’t DM you (@MuroCrypto) August 19, 2021
Four coins for the upcoming bull run
In the case of altcoins, there could now be an exciting development – and corresponding profits. But which coins are promising? The popular crypto trader Scott Melker has devoted himself to this in a new video analysis.
He names four cryptocurrencies that he believes could be worthwhile: Cosmos (ATOM), Avalanche (AVAX), Egold (EGLD) and Sushiswap (SUSHI). What is this about? Why does Melker consider them worth mentioning? And what are the price forecasts for the coins?
The first coin on Melker’s list is the scalable blockchain network Cosmos (ATOM). ATOM will be interesting if the coin can close above 0.000357 BTC. This is currently equivalent to $ 15.85. However, the ATOM rate has already overtaken Melker’s analysis, because ATOM is currently quoted at 18.34 dollars – an increase of 21% within the last 24 hours!
Melker had previously named a price of 17 dollars as an area that ATOM has to crack – if that succeeds, it is “a very clear signal for the start of a new upward trend”. Since ATOM has left the area behind, the Coin Melker is now in a bull phase.
But what is cosmos? Cosmos wants to solve typical problems in the blockchain industry and offer an alternative to “slow, expensive, non-scalable and environmentally harmful” proof-of-work protocols. To achieve this goal, the Cosmos network uses numerous blockchains running in parallel: so-called “zones”. Some zones act as hubs for other zones. This allows different zones to work together and Cosmos is given the ability to interact with other coins and apps. Users can simply create a new zone, connect a blockchain to the Cosmos hub and then exchange coins between the zones.
- CoinCodex.com is bullish on Cosmos (ATOM): Accordingly, 26 technical analysis indicators are signaling bullish signals, while there are only four bearish signals.
- According to WalletInvestor.com, Cosmos is an “outstanding” 1 year investment. According to the forecast, Cosmos will initially rise to $ 27.85 within the next 12 months. The 5-year forecast then sees Cosmos rise to $ 74.70.
- DigitalCoinPrice.com expects the price of Cosmos to increase steadily: by the end of 2021, a price of $ 26.68 is predicted, and by the end of 2025, Cosmos is forecast to be $ 55.
Melker also finds the Ethereum competitor Avalanche (AVAX) interesting. In his analysis, Melker expects a breakout above 21 dollars – AVAX has already succeeded. AVAX was able to rise a whopping 40% overnight, currently trading at $ 30.35. Melker comments: If AVAX maintains its breakout above the level, further gains are possible. But what is Avalanche (AVAX)?
Ethereum competitor Avalanche is supposed to scale better than Ethereum 2.0. AVAX can complete transactions in less than a second, and the blockchain project offers low fees. The aim of the developers: Asset trading should be easier and merged in the AVAX network. The AVAX token is the native payment method of the Avalanche ecosystem. Among other things, it is used for transaction fees. If users stake their AVAX coins, they can also earn passive income with them.
- CoinCodex.com is generally bullish on avalanche price prediction: 23 technical analysis indicators signal bullish signals, compared to 5 bearish signals.
- WalletInvestor.com expects Avalanche to climb to $ 38.58 over the next 12 months. For the next 5 years, however, a price movement of up to $ 115.15 is predicted. Overall, AVAX is a “very good” long-term investment.
- DigitalCoinPrice.com predicts a similar development at AVAX: By the end of 2021, the AVAX forecast model predicts that the AVAX will rise to $ 45.72. In the course of 2025, Avalanche will rise to $ 92.31, and by the end of 2028, AVAX could trade at $ 138.34, according to Digitalcoin Genealogie.
The Elrond blockchain network (EGLD) is also in Melker’s top four list. The trader believes the coin will consolidate for a while. However, if EGLD can close above 0.003 BTC, this may be confirmation of an outbreak. Say: time to buy. 0.003 BTC is equivalent to $ 133.18 at current prices – and EGLD is already trading above it at $ 137.71. Melker is now looking at $ 200 as his next target.
What is Elrond?
Elrond sees itself as a “technology ecosystem for the new Internet”. According to the developers, the so-called “Adaptive State Sharding” improves throughput by a factor of 1000 compared to previous blockchain iterations. This should be achieved by processing transactions in parallel rather than one after the other. The high speed is also named as a unique selling point for Elrond.
- CoinCodex.com is generally neutral on the Elrond price prediction: 16 technical analysis indicators signal bullish signals, but there are 11 that output bearish signals.
- WalletInvestor.com is bullish on Elrond and describes the altcoin as an “excellent” 1-year investment. According to the price forecast, EGLD will rise to $ 269.60 within the next 12 months. The 5-year forecast then expects Elrond to rise to $ 794.49!
The last Altcoin on Melker’s favorites list is the decentralized Exchange SushiSwap (SUSHI). According to the top analyst, a breakout could be confirmed as soon as SUSHI rises above 0.000279 BTC in the Bitcoin pair. At current prices, that’s the equivalent of $ 12.36. For comparison: SUSHI is currently trading at $ 12.78, which is just above the critical limit. According to Melker, it is possible to double the value from here.
What is SushiSwap?
SushiSwap (SUSHI) is a so-called automated market maker (AMM) – like the popular decentralized crypto exchange Uniswap. Users can trade cryptocurrencies directly and decentrally with one another on SushiSwap – without an intermediary being interposed. SushiSwap was launched as a fork of Uniswap in September 2020. The DEX wants to diversify the AMM market and offer users more functions than Uniswap (e.g. higher rewards for network participants via the native SUSHI token).
- CoinCodex.com is generally bullish on SUSHI: 22 technical analysis indicators indicate bullish signals, in contrast to only 5 bearish signals.
- Digitalcoinrine does not expect the decentralized exchange to make big leaps in the near future. By the end of the year, SUSHI could be $ 19.17. By the end of 2026, the increase will succeed to 49.90 dollars, and by the end of 2028 SUSHI is forecast to rise to a maximum of 57.10 dollars.
- WalletInvestor.com considers SUSHI to be a “sensational” 1-year investment: According to the forecast, the price will rise to $ 24.79 within the next 12 months. The 5-year forecast expects an increase to $ 73.19 by 2026.
Last updated on August 19, 2021
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