A well-known cryptocurrency expert has named Terra (LUNA), Cosmos (ATOM), and three other crypto-assets as his top altcoins recommendation for March.
How Is He So Sure Of His Top Altcoin Picks For March?
Trader Jason Pizzino tells his 261,000 YouTube viewers that Terra, decentralized finance (DeFi) payment network, is looking good after rebounding from a low of $43 to over $100 in less than a month.
“[LUNA] has broken out of a lot of these patterns and a lot of the [resistance] levels, and it’s now consolidating at higher levels. So LUNA is well and truly up on my list, especially when I look at the BTC chart (LUNA/BTC). It’s broken to new highs… When you’re in new all-time highs, it basically means there’s no other overhead resistance.”
Following that is Cosmos, a blockchain ecosystem built to scale and connect. Pizzino is positive on ATOM since it shows momentum in its BTC pair (ATOM/BTC).
“ATOM/BTC is attempting to close back above the 50% [Fibonacci level]. It’s moved up to new highs, came back to 50% and now has found support [while printing] higher lows.”
Near Protocol (NEAR) is another currency on his list, a developer-focused blockchain geared for scalability and reliability. According to the crypto analyst, he expects Near to keep grinding upward before taking long bets.
“[Near] has also climbed back above the 50%… It’s above $10. I would be concerned if it broke back under $10 [and] tried to take out the low again at $7… The low-risk trade for me would be back above $14 which is [the February 6th] high right here.”
Pizzino’s final cryptocurrency on his watchlist is FTT, the native asset of crypto derivatives exchange FTX. Pizzino believes FTT is positive after remaining over $40 even after the February 24th sell-off.
“What I do like about FTT at the moment is that it has broken the downtrend. So it’s bounced off these levels ($40), and it’s attempting to consolidate above $44… So above $44 is looking alright, and above $50 is obviously stronger again.”
What are Altcoins? Can You Gain Profit Investing In These?
Bitcoin is widely regarded as the first virtual currency, laying the groundwork for a new financial technology known as cryptocurrency. It is an advancement in the realm of finance. Satoshi Nakamoto, the pseudonym founder of the one and only Bitcoin, is credited with inventing this technology.
Despite the various names that have been suggested, his identity remains unknown. It has been a popular choice among investors ever since it gained widespread appeal worldwide.
It would be incorrect to suggest that the birth of Bitcoin was designed to overtake fiat currencies entirely. Still, it did, to some extent, become the superior choice for traders who no longer had to worry about government laws when sending money to others.
During the first wave of the latest cryptocurrency, the first-ever Bitcoin purchase was two pizzas for $10,000. And so it surged to popularity, with ups and downs along the way. Following its rise, several other cryptocurrencies flooded the market.
These are known as altcoins. You can tell from the name that they are the ones who arrived after Bitcoin. So, instead of Bitcoin, now is the time to invest in cryptocurrencies in India.