A prominent analyst says that an altcoin super cycle is here and he is eyeing four altcoins that are likely to outperform others.
In one video New York Times, Nicholas Merten told his 489,000 YouTube subscribers that while crypto king Bitcoin (BTC) looks a bit stagnant, a new wave is coming to altcoins soon.
“My biggest focus here is as we dive deeper into the bull market – which can be seen in every asset class, such as stocks and commodities and the forex market, and especially in a very innovative and fast-paced market like crypto – we will see more liquidity, more capital and more excitement when pricing altcoins…
No matter where Bitcoin goes, altcoins are the focus here.”
Altcoin Dominance Rate (100-BTC.D) 3-Day Chart | Source: Nicholas Merten
The analyst is currently interested in DeFi platform Aave (AAVE), which has seen a 63% increase against Bitcoin (AAVE/BTC) over the past 12 days.
“A big breakout in price here. The pair is retesting levels it hasn’t seen since October 7 and previous lows [0,005727 BTC] in June 2021.
If the bulls push the price above this range… then that will set the stage for AAVE for another seismic wave, which we saw in January as well as in May 2021.”
3-day AAVE/BTC chart | Source: Nicholas Merten
AAVE is currently changing hands at $281.43, jumping from a weekly low of $180.83.
Merten is also looking at decentralized exchange Uniswap (UNI), which he believes is forming a bottom on the BTC (UNI/BTC) pair, after declining steadily over the past several months.
UNI/BTC 3-day chart | Source: Nicholas Merten
Next is Yearn.Finance, which skyrocketed after the project announced a large buyback of its YFI tokens.
“One of the great protocols in the crypto space, up 62%…in the last 12 days alone.”
YFI/BTC 3-day chart | Source: Nicholas Merten
Merten concluded his discussion with e-Radix (EXRD), a developer-friendly layer-1 DeFi protocol.
“It flipped previous resistance into support and spiked from around $0.22 to $0.30.
Building momentum for the next round here. And we’ve seen that when e-Radix as a project is in its early stages, it has a lot of potential to explode.”
XRD/USD 3-day chart | Source: Nicholas Merten
e-Radix is starting the week on a whim, up more than 12% on the day to $0.32.
You can see the coin prices here.
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According to Dailyhodl