Top Analyst Says Two Ethereum Rivals Are Showing Strength, Predicts Big Move for Interoperability Platform Cosmos (ATOM)
Cryptocurrency analyst Jason Pizzino is listing three altcoins that he expects to perform relatively well in March.
Leading with Ethereum rival Terra (LUNA) Pizzino tells his 261,000 YouTube subscribers that the native token of the smart contract-enabled blockchain that creates stablecoins is gaining strength.
Pizzino says that LUNA is currently above the 50% Fibonacci retracement level, which is used to identify support or resistance, after reversing from a recent higher low.
“I like LUNA a lot. It’s shown some strength above 50%. It’s shown that higher low as well. It has pushed up past the next range of 50%. It looks like it’s trying to consolidate above the previous lower swing top…
As for LUNA it’s definitely going on my list as a trade. It’s looking strong, it’s broken out of a lot of these patterns and a lot of the support levels and it’s now consolidating at higher levels. So LUNA is well and truly up on my list.”
LUNA is trading for $92.93 at time of writing.
Next up is Cosmos (ATOM), an ecosystem of blockchains that are designed for scalability and interoperability.
According to the crypto analyst, ATOM could be consolidating before making a big move.
“[ATOM] dropped from its double top but it has now found support at those previous lows around $20-$21 and it’s climbed back above the highs at $32. So this is really showing some strength again…
So hopefully, this is the consolidation before we get another big move.”
ATOM is trading for $32.42 at time of writing.
Next up is Near (NEAR), a layer-one Ethereum challenger that is designed to be scalable and user-friendly. Pizzino says that NEAR has risen above the 50% Fibonacci retracement level from a recent low.
“[NEAR] has also climbed back above 50%. So far these ones are all looking reasonably strong.”
According to the cryptocurrency analyst, the best entry point for NEAR is above $14.
“The low-risk trade for me would be back above $14… obviously, the rewards would be lower because you’ll be buying at a higher price. But at least this is at a stronger position.”
NEAR is trading at $11.30 at time of writing.