Popular crypto analyst Nicholas Merten has his eye on three digital assets that he says could flourish when the altcoin market begins to outperform Bitcoin.
In a new strategy session, Merten tells his 480,000 YouTube subscribers that with altcoins set for a breakout, he is focusing on one sector that could be most promising.
“So generally speaking, we’re still setting up the framework here for altcoins to make a killer breakout and still continue to outpace Bitcoin over the rest of the year. But I want to go ahead and talk about the sector that’s garnered a lot of interest from me.
There’s the Metaverse out there, there’s NFTs, there’s decentralized finance (DeFi)…so what is there that really is almost a time-tested and true trend that we’re seeing within the crypto space? Well, we’re seeing emerging layer 1s.”
Merten says up-and-coming layer 1 protocols are the “best bet” for investors in this market, naming 3 coins in the category to watch.
According to Merten, e-Radix (EXRD), the first layer-1 built specifically for decentralized finance (DeFi), is demonstrating exceptional momentum in its Bitcoin pair (EXRD/BTC).
“You can see here against Bitcoin it had a descending wedge break out, volume has really surged, price has really started to break out, and the momentum is really phenomenal. Every time we’ve been pulling back, we made support on previous resistance…”
EXRD is changing hands at $0.4965 as of writing, a near 500% increase from its 30-day low of $0.1017.
Moving on to Energi (NRG), a foundational blockchain with smart contract capability, decentralized voting and a self-funded treasury – the analyst says the altcoin could be ready to break out after laying dormant for a considerable amount of time.
“I think now, with a lot of the fundamentals that are coming out of Energi, it could set the stage where it could pop up higher and start to climb up even further and maybe even kick-off its first major bull rally in some time. I like to find these plays that have been silent, working behind the scenes on fundamentals.”
NRG is trading for $2.28 as of writing, a 29% increase from its 7-day low of $1.62.
Lastly, Merten brings up MIOTA, which is an open-source distributed ledger focused on the internet of things. The analyst says MIOTA, like EXRD, has been in a long accumulation pattern and is due for a breakout.
MIOTA is currently trading at $1.39, a 21% increase from its 7-day low of $1.15.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/yuhu/Vladimir Sazonov/Andy Chipus
Credit: Source link
