Coin Bureau Warns Traders On TRON, STEPN, Nexo And XDC Network
Widely followed YouTube channel host of Coin Bureau warning traders that a set of altcoins that were performing well last week, are likely to head downwards amid crypto market correction.
TRON (TRX)
In a recent video, the Coin Bureau host and crypto analyst known as Guy shared with the channel’s over 2 million subscribers that smart contract platform TRON (TRX) doesn’t seem to have much upside potential left, despite recent rallies after news of its new decentralized stablecoin broke.
“There’s TRON whose TRX coin is rallying on the upcoming release of the USDD stablecoin which will have a similar mint and burn mechanism to Terra’s UST. TRX is also in a long-term uptrend and though this trend looks stronger than most other cryptocurrencies at first glance, TRX hasn’t moved all that much in percentage terms over the last couple of years. So keep that in mind before you get too excited.”
STEPN (GMT)
Next up on the list is STEPN, move-to-earn project whose GMT token made nice gains in the past weeks. According to Guy GMT could potentially continue to rally, but there is a big chance that it will move down along with the rest of the crypto market.
“As for STEPN, the GMT token is continuing its upwards trajectory, thanks to listings on Coinbase and Gemini, which has made it accessible to more investors. The exponential adoption of the STEPN app is certainly contributing too. GMT seems to be building a solid zone of support around current levels which will help when it tries to break new all-time highs. Just bear in mind, that if we break down below this zone, GMT could crash by more than 30%. Some would argue that it’s only a matter of time the way the market is looking.
Guy is also warning about Nexo, a blockchain-based lending platform that offers users instant cryptocurrency-backed loans. Its native token NEXO is up after a surprise Binance listing.
While the analyst is bullish on the project, he cautions that regulators have their eyes on companies like Nexo, which might limit its upside.
Nexo (NEXO)
“When it comes to Nexo, the NEXO token is reaching for the sky on the back of a Binance listing last week, as well as the recent release of Nexo’s crypto card, which I definitely need to get my hands on… What’s nice is that Nexo is in a very strong long-term uptrend but I wonder how much more it can grow given the crackdowns we’re starting to see on apps that let you earn interest on your idle crypto.”
XDC Network (XDC)
Last altcoin on Guy’s warning list is XDC Network (XDC) – an enterprise-grade, EVM-compatible, hybrid blockchain, equipped with public and private states and interoperable smart contracts. According to the analyst, limited access to XDC through exchanges, combined with an overall downward crypto market could equal downside to XDC.
“The XDC coin is apparently pumping on the news that Panama will be promoting its adoption as part of the aforementioned crypto bill, in addition to a whole bunch of other altcoins including ETH, XRP and ALGO. While the XDC coin is still in something of a long-term uptrend, I would exercise caution here as exchange support is currently limited – never mind the fact that it probably won’t be able to pump against the dump for long.”
