Major cryptocurrencies are struggling to maintain critical support levels. Bitcoin and Ethereum found new buyers at $ 20,000 and $ 1,000 before the Fed meeting. Meanwhile, altcoin projects like Solana and Avalanche are returning all of their 2021 earnings.
As the altcoin market recovers, analysts are drawing attention to these 5 projects
In the past few hours, the market has reversed its trend as BTC and Ethereum have recovered from critical support levels. Both cryptocurrencies recovered from critical support levels at $ 20,000 and $ 1,000, respectively. Youtube Cheeky Crypto with 127,000 subscribers claimed in a recent video that it can do 20 times at these levels in ICP, FLOW, QNT, GMX and GALA.
Computer Internet (ICP)
The first altcoin on the analyst’s radar, Internet Computer (ICP), is down more than 3% as of this writing. ICP is currently trading at a 99.28% discount at $ 750.73 ATH. In its technical analysis, Cheeky Crypto says it expects drastic corrections despite bullish expectations.
Internet Computer (ICP) is a Blockchain network that aims to bring Internet functionality into smart contracts. In the ICO, he was in a stampede of investors. So it has long stayed away from the price spike in the 2021 upside. At the time of writing, it is trading at $ 5.33.
In second place was Quant, which connects Blockchain networks on a global scale. QNT is currently trading just above the $ 45 support. Cheeky Crypto said these levels are a good buying opportunity for QNT.
Quant is among the high potential altcoins to be in the top 100 by market capitalization. We have seen the price of QNT reach $ 428.38 in September 2021. It is now trading at an 88.73% discount from this level.
Their altcoin on the list was Flow. Flow is a Blockchain platform focused on games, apps and developers. By announcing that one of its main developers would be leaving the industry in recent months, FLOW’s price has dropped by double digits. However, FLOW is trading 96.74% below the ATH price of $ 46.16.
Speaking of FLOW, the analyst advises not to rush to buy even if the altcoin is reaching lows. In the collapse of the Terra market in early May, FLOW collapsed by more than 60%. Therefore, according to Cheeky Crypto, investors should be patient for a while.
Another altcoin with 20x potential, GMX is a DEX platform that offers low transaction fees. It reached $ 217.32 at its November 2021 peak, now trading at a 93.59% discount from that level. Due to the benefits it offers to its users, the analyst strongly recommends keeping the GMX token on the radar.
Coming to the ideal buying zone, $ 12 could fulfill that expectation, according to Cheeky Crypto.
One of the altcoins on the analyst’s radar was the popular metaverse project Gala Games. GALA is the seventh largest cryptocurrency by market capitalization. It lost the ATH price of $ 0.8367 in November. It is now trading at 93.15% discount from this level. Analyst thinks GALA will recover quickly despite this huge depreciation.
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