A veteran trader says one Ethereum-based altcoin has the best looking chart on the market and that two ETH rivals are set to rally.
The pseudonymous crypto trader known as Cantering Clark says that he’s watching Frax (FXS), an algorithmic stablecoin system.
Based on the trader’s analysis, FXS can potentially run to his target at $42
The closely tracked analyst also has his eye on smart contract platform Avalanche (AVAX). According to Cantering Clark, AVAX also has a uniquely strong market structure, threatening to print fresh 2022 highs.
“Would you just look at how technically sound AVAX looks for a move to the highs.”
At time of writing, AVAX is trading for $99.36.
Cantering Clark also says decentralized application (DApp) platform Near (NEAR) is gearing up for a strong rally. He points out that NEAR’s last daily candle exceeded both of the previous two and says it could be on its way above $17.
“Send NEAR up through the gap already. Bullish engulfing candle of the last two-day range and above the range highs.”
Late last year, the NEAR ecosystem announced an $800 million fundraising effort to stimulate growth for its native projects and startups. With half of the funding already distributed, Cantering Clark says traders should take notice.
“NEAR protocol with over $400 million in funding for the ecosystem announced. Tailwinds during a time like this. Use it to your advantage until it stops working.”