Crypto Analyst Shares His Latest Insights on Two Altcoin Ready to Surge
A well-known cryptocurrency analyst suggests that one not so popular altcoin has significant growth potential despite hitting a new all-time high.
Altcoin Sherpa points out that Pyth Network (PYTH), a data aggregating service, is currently undergoing what’s known as “price discovery.”
$PYTH I'm looking at maybe buying this for a few reasons:
-right near ATH, price discovery is always magical
-hasn't had a true true pump yet (IMO) for a new coin
-narrative kind of sucks tbh but API3 is also moving hard (maybe that's just a better one lol) pic.twitter.com/UxrCRp27GO— Altcoin Sherpa (@AltcoinSherpa) February 12, 2024
In the cryptocurrency trading world, price discovery refers to the phase when a coin achieves unprecedented price levels.
Altcoin Sherpa explains that coins in this phase often experience substantial upward momentum with minimal resistance.
Concerning PYTH, the trader considers purchasing it for several reasons:
- It’s approaching its all-time high (ATH), typically indicative of a price discovery phase.
- It hasn’t experienced a significant surge yet, making it potentially appealing to investors.
- Despite a less favorable narrative, Altcoin Sherpa notes the positive movement of API3, offering additional potential.
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Looking ahead, Altcoin Sherpa expresses optimism about Injective (INJ), a decentralized exchange protocol. Despite trading within a wide range for over a month, the trader believes INJ maintains a long-term upward trajectory.
$INJ: getting in somewhere around this range is good for the next leg up. The trend is your friend; this one is likely to go to ATHs (dont know when though). This is 1 where you're prob not going to get a quick 2x but it's a safe solid high probability trade. pic.twitter.com/TaxNgZoSdO
— Altcoin Sherpa (@AltcoinSherpa) February 13, 2024
Lastly, Altcoin Sherpa highlights the relatively small total market capitalization of the crypto market compared to tech giants in the S&P 500. Anticipating a surge when retail investors return, the trader encourages thinking beyond current confines.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
