Right now, sadly, most long-term investors who have put money into crypto are underwater. Since last November’s highs, prices for many altcoins have lost anywhere from 75% to 99%.
On-chain data seems to point to the fact that most of the weak hands have been washed out which means we might see a reversal soon. However, some assets might reverse sooner than others and or perform better in the long haul.
Here are three cryptocurrencies, in particular, that are showing signs of strength while the broader crypto market waffles.
Binance Coin (BNB) has been one of the better performing altcoins over the past month and $BNB charts appear to be sending bullish signals. The most recent dip pulled BNB’s price below the $300 mark. After a brief rally, BNB got rejected at $320. However, on May 30, BNB broke through the $320 resistance.
Recently, the community of voters at CoinMarketCap (with a record of 83% accuracy) estimated that BNB would trade at an average of $403.23 by the end of June 2022. That’s an estimated 30% increase over the altcoin’s current price in under a month.
In the long term, very few projects have the potential to unseat Binance from the number three spot by market cap after Bitcoin and Ethereum — neither of which offers the low fees, fast transactions, and powerful trading tools offered by Binance.
Fantom (FTM) is an open-source blockchain that is highly scalable, secure, and EVM-compatible while incorporating industry-leading oracles such as Chainlink and Band Protocol. The platform has a solid chance of catching up with top blockchains such as Cardano and Solana.
Some analysts say that with the price of $FTM under a quarter, the bottom is in sight for Fantom. If the price reaches the 1.382 Fib level it could fall to as low as $0.15, matching the low set in mid-2021. A strong bounce can be expected at that level. The upper 1.272 Fib is likely to be retested again at $0.41. If the Fantom price can reclaim and break through $0.50, traders should see a retest at $1.
Fibonacci extensions beyond that level show price targets in the range of $4 to $5. Although this could take a year or two, it would produce a whopping 10X-plus return.
Gnox is a DeFi utility platform. Although the platform doesn’t launch until July 18th, GNOX is currently in presale. Many early adopters have already seen returns north of 50%. Once the platform launches, its business model truly makes the sky the limit.
The reasons for this are twofold. First, GNOX tokenomics are designed to incentivize early adoption and long-term holding. And second, they are designed to discourage short-term trading and high volatility. This is achieved by charging a 10% “tax” on all transactions making it undesirable as a day trade or swing trade asset.
Out of the 10%, 6% goes into a treasury that is invested in a diversified basket of DeFi protocols — including liquidity pools, lending platforms, and staking rewards — for ongoing passive income. Gains are then periodically used to buy back and burn GNOX tokens on the open market thus increasing the value of the token. Early adoption is incentivized by offering all holders a redistribution of 1% (out of the 10% tax) every hour. The remaining 3% are used to run and market the platform.
With the treasury being diversified into low-risk DeFi protocols that provide passive income, and a great deal of incentive to hodl, there’s seemingly nowhere to go but up for GNOX.
Learn more about Gnox:
Join Presale: https://presale.gnox.io/register
Website: https://gnox.io
Telegram: https://t.me/gnoxfinancial
Discord: https://discord.com/invite/mnWbweQRJB
Twitter: https://twitter.com/gnox_io
Instagram: https://www.instagram.com/gnox.io/
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
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