Crypto Analyst Says Cardano, Avalanche and Two Others Have Potential To Perform Well In Bear Trend
June 01 2022 - 5:00PM
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As the crypto market started recovering after Bitcoin experienced
nine red weeks, some crypto projects have recorded incredible
performance. That highlights their strength in a downtrend. Crypto
analyst, Austin Arnold, expressed to his Youtube community what
aspects they need to consider while choosing a project to invest in
a bearish market. And identified four crypto assets could perform
very well in the future. Related Reading | Cardano’s (ADA) Bulls
Resurface, What Are The Next Target Levels? Austin, an expert
crypto trader and co-host of Altcoin Daily, told his 1.23 million
subscribers about five aspects to consider to check the potential
of a crypto project. These are the five attributes that grow the
project when overall space rises. It includes a good team
navigating the project with capable skills, the project is well
funded, and the ability to solve real-life problems that occur in
the blockchains. And he further noted strategic partnerships of a
blockchain and its positioning in verticals also strengthen a
crypto asset. The analyst picked up the Oracle firm’s Chainlink
(LINK) as the first option on his list having the above
characteristics. He noted remarkable achievements of Oracle’s
network on the BNB chain (BNB) and Polygon (MATIC), highlighting
the developer adoption of Chainlink. Arnold further addressed the
performance of the token in the previous Bitcoin bloodbath.
At the time of writing, Chainlink is trading at $7.29, down
0.77% in the past 24 hours. Other Crypto Projects On Arnold’s
List The crypto analyst prefers the smart-contract platform
Alavanche (AVAX) in the second place and calls it “one of the best
(layer-1s) in the space” and “one of the best Ethereum
competitors.” He shed light on the project’s move to differentiate
itself from Ethereum (ETH). Ethereum tries to gear itself towards
maximum decentralization, while Avalanche is gearing itself towards
maximum scalability and just maximum users with the cheapest fees.
AVAX is trading around $25 and has lost nearly 4% in the past 24
hours. It currently ranks at the 14th position by market cap.
Arnold then moved to Ethereum’s competitor Cardano (ADA), on which
he is “hugely bullish.” While speaking about it, he cited Cardano’s
move of minting over 5 billion NFTs saying its ecosystem is “really
blooming.” Cardano’s ADA trades at $0.57 as of now, down over 10%
in the past 24 hours. ADA stands at the 7th position by market cap.
Related Reading | TA: Ethereum Dips From $2K, Why 100 SMA Might
Spark Fresh Increase Litecoin appears as a preferred investment
titled a “dark horse” at the end of Arnold’s list. Citing the
recent launch in Litecoin’s network, he predicted a significant
rally in the future for the LTC following the largest upgrade of
the crypto project, Mimblewimble (MWEB). At the time of writing
this news, Litecoin’s price stands at over $66, down 3.74% in the
past day. It is currently ranked in the 19th spot by market
capitalization. Featured image from Pixabay and chart from
TradingView.com
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