Crypto Market Attempts to Recover! Traders, Keep Eye On These Altcoins
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The worldwide crypto market cap climbed by 1% to $2.61 trillion in the last day. Bitcoin is currently trading for around $60,000, down over 8% in the last week.
Ethereum has risen 1% to $4,239 in the last 24 hours. It has lost about 9% in the last seven days.
Nicholas Merten, a well-known crypto analyst, has his eye on three digital assets that he believes will thrive after the altcoin market outperforms Bitcoin.
Merten tells his YouTube subscribers in a new strategy session that with altcoins poised for a breakthrough, he is focusing on one sector that could be the most promising.
He says even as we’re still laying the groundwork for altcoins to have a huge breakout and continue to outperform Bitcoin for the remainder of the year. He’d want to jump forward and talk about a sector that has piqued his curiosity, i.e layer emerging layer 1’s.
Merten recommends layer 1 protocols as the “best bet” for investors in this market, citing three coins to keep an eye on.
e-Radix (EXRD), the first layer-1 created particularly for decentralized finance (DeFi), is showing outstanding momentum in its Bitcoin pair (EXRD/BTC), according to Merten.
He notes that it broke out of a descending wedge against Bitcoin and volume has exploded, the price has begun to break out, and the momentum is incredible. The token has made support on previous resistance every time it pulled back, he adds.
At the time of writing, EXRD is $0.459336, down by 0.2% in the last 24 hours. The resistance from here is at $0.527526 and the support lies at $0.452110.
Moving on to Energi (NRG), a fundamental blockchain with smart contract capacity, decentralized voting, and a self-funded treasury, the analyst believes the altcoin is about to break out after a long period of dormancy.
He believes that with a lot of the fundamentals coming out of Energi right now, it might lay the scenario for it to pop up higher and start climbing even higher, possibly kicking off its first major bull run in a long time.
NRG is trading for $3 as of writing, up by 61.9% in the last 24 hours. In the last 7 days, the coin has risen 75.3% according to Coingecko.
Merten concludes by mentioning MIOTA, an open-source distributed ledger aimed at the internet of things. MIOTA, like EXRD, has been in a long accumulation pattern, according to the analyst, and is due for a breakout.
At the time of writing, it is trading at $1.34 down by 3.2% in the last 24 hours.