Top Analyst Predicts Violent Rallies For MANA, APE, and FXS

A trader in cryptocurrencies who is closely watched says that Decentraland (MANA), ApeCoin (APE), and Frax Share (FXS) are getting ready for significant price increases.

Cantering Clark, a trader who uses a fake name, tells his 156,700 Twitter followers that the metaverse protocol Decentraland shows a short bear squeeze, which is a sign that the price will go up further.

“GameFi and metaverse pumping. MANA has the potential to get even more violent to the upside, given that OI [Open Interest] is nearly double what it normally was before a bunch of Barry-related shorts and hedges were tagged on. This squeeze has more fuel.”

A short squeeze happens when traders who borrow units of an asset at a specific price in hopes of selling them for a lower price and keeping the difference are forced to repurchase the assets because the trade goes against their bias.

At the time of writing, MANA is worth $0.41, which is more than 38% higher than its low this month, which was $0.295.

Cantering Clark looks at APE and says that the Bored Ape Yacht Club community’s native token will likely keep going up after it gets past its immediate resistance.

“A close through $4.30 for the weekly is setting up right now with only 30 minutes left. If metaverse and GameFi continue to pump, APE catches wind in its sails.”

At the time of writing, APE is worth $4.52. If APE moves toward the analyst’s target price of $7.20, it would mean that the stock could go up by nearly 60%.

Lastly, FXS, the governance token for the Frax stablecoin protocol, is forming a solid bottom and could be getting ready for a breakout.