A popular crypto analyst is weighing in on a pair of altcoins as the markets try to navigate out of a rocky month of trading.
In a new strategy session, Coin Bureau host Guy tells his 2.05 million YouTube subscribers that he still anticipates cross-chain decentralized finance (DeFi) lending protocol Kava will grow, noting that KAVA’s recent drop in price was likely caused by the collapse of Terra (LUNA).
“When it comes to Kava, its KAVA coin is shooting for the stars on the upcoming launch of its own mainnet upgrade, which will feature support for the Ethereum Virtual Machine.
Kava has seen some very volatile price action and it’s important to point out that its recent dip was due to Terra’s implosion. For context, all Cosmos-based cryptocurrencies seem to have taken a hit, but luckily for Kava its price is still in a nice long-term uptrend.”
At time of writing, Kava is up 4.52% and trading for $2.89. KAVA was priced above $5 a month ago, later falling to as low as $1.54 on May 11th before slowly recovering since.
Next on Guy’s radar is KCS, native token of the KuCoin crypto exchange. The host notes that the new decentralized KuCoin Community Chain (KCC) is adding more gravitas to an already popular marketplace.
“We have KuCoin’s KCS token, which as an exchange token is merged at the hip with the actions of KuCoin’s cryptocurrency exchange.
To be fair, this seems to be changing as the KuCoin Community Chain gains adoption, the long-term price action of the KCS token also looks seriously impressive.
This again has to do with the increasing popularity of the KuCoin cryptocurrency exchange.”
The Coin Bureau host also takes a look at smart contract platform Fantom (FTM), telling viewers that he remains upbeat about the Ethereum (ETH) competitor despite the recent departure of developer Andre Cronje.
“As for Fantom, the FTM coin is responding positively to the prospect of the proposed changes to Fantom’s staked FTM and FUSD [Fantom USD] mechanics.
Like other layer-1s, FTM has seen the wind drop out of its sails, especially after Andre Cronje announced he would be leaving the project. Note that I still hold FTM and that’s because I believe there’s more to Fantom than one man, just my opinion.”
I
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/kersonyanovicha/Natalia Siiatovskaia/Nikelser Kate
Credit: Source link
