Altcoin Daily Predicts Big Price Moves Coming For Seven Altcoins
Aaron Arnold from Altcoin Daily shortlists seven altcoins that expect to soar short term: Ethereum (ETH), Cardano (ADA), Solana (SOL), Chainlink (LINK), Avalanche (AVAX), Enjin (ENJ) and XRP.
The cryptocurrency analyst and trader shares with his 947K YouTube subscribers that Ethereum (ETH) is one of the digital assets that according to him is “about to pop.”
Arnold makes a case that Ethereum’s ecosystem is thriving and that ETH is undergoing a supply shock as a result of the fee-burning mechanism that was introduced with the network London Hard Fork upgrade earlier this month.
“Speaking of cryptocurrencies about to pop, we need to talk about Ethereum. This is Ethereum’s cycle to lose, my friends. There is so much good going on in the Ethereum ecosystem. How can you not be bullish?”
[03:42] “Ethereum looks ready to pop and is definitely going through a supply shock right now. Ethereum is trading on top of stable support, while selling pressure behind it is drastically diminishing.”
The second coin on the Arnold’s list is Ethereum competitor Cardano (ADA). Cardano’s interoperability is growing as the launch of smart contracts approaches, which according to the analyst could be a bullish signal.
“This is big news for Cardano as they’re approaching their smart contracts September 12th upgrade. Something else has popped up, which is pretty, pretty cool. Cardano is getting an Ethereum-compatible side chain…
The side chain will use wrapped ADA as the assets to pay for transaction fees… This is better for Ethereum, this is better for Cardano. The point is everything is becoming interoperable, and it’s good that all of these networks are working with each other and talking to each other. Hugely bullish on Ethereum. Hugely bullish on Cardano.”
The trader mentions Solana (SOL) and blockchain oracle Chainlink (LINK) as additional altcoins that have growing interoperability.
“Solana developers can now use Chainlink’s DeFi [decentralized finance] price feed. Chainlink oracle is now live on Solana’s network. Builders now have access to reliable price data. So like I said, bullish on Solana and also Chainlink.”
Number five altcoin on the analyst’s list is the native token of smart contract platform Avalanche (AVAX), which Arnold says is currently expanding its ecosystem.
“Just like I’m bullish on Cardano, just like I’m bullish on Solana, also bullish on Avalanche…
Why is Avalanche soaring? Well, it’s pretty simple. Avalanche is onboarding blue chip DeFi protocols…
Avalanche has recently attracted blue chip DeFi projects like Aave [AAVE], Curve [CRV] and Sushiswap [SUSHI]… Besides that, several other nascent DeFi projects in the Avalanche ecosystem are likely contributing to the growth.”
Gaming and non-fungible token (NFT) blockchain platform Enjin (ENJ) is the sixth coin on the list. Enjin recently formed a partnership with a social network.
“I would consider Enjin a blue chip gaming cryptocurrency project protocol. The news is that social network Blockster … collaborates with Enjin and is rewarding 400,000 early users with NFTs.”
The last crypto asset on Arnold’s list is XRP, the native digital asset on Ripple’s XRP Ledger. According to the analyst his bullishness for XRP is based on a reading of the parabolic stop and reverse (SAR) indicator.
“XRP is on the verge of a 30% price move. XRP looks ready to spike in volatility. Could see its price move by more than 30%…
…the Parabolic [SAR] points have turned bullish, indicating that a breakout is underway.”
