Miles Deutscher, a crypto analyst, recently shared this insights on altcoins that will catch his attention in the coming week. In a post on Deutscher also emphasizes the importance of staying informed and ready to take advantage of these shifts.
Top Altcoins to Watch This Week
Injective (INJ)
According to Deutscher, Injective (INJ) is experiencing a period of hype, but this should not undermine its strong performance throughout the year. He believes that if bullish momentum continues, INJ could reach its local highs in the $19 range. “Keep a close eye on it because it runs fast when it runs,” says Deutscher, highlighting the potential for quick wins.
At the time of writing, INJ was trading at $15.88 after being rejected at the 0.618 Fibonacci retracement level of $17.13.
Pyth Network (PYTH)
Deutscher points out that PYTH is in an interesting position with features that the market prefers: it is a new, shiny coin with a low float and perpetual contracts. However, competition from other Solana tokens such as Jupiter and JITO may temporarily distract attention. For those who already own PYTH, Deutscher recommends holding but not adding more unless the price drops.
Super farm (SUPER)
SUPER is part of the trending gaming story and has captured the attention of key creators and influencers. Despite the volatile financing, Deutscher sees potential for a FOMO-driven price increase. “It could be one of those ‘it’s already gone up too much, I’m not buying’ games,” he speculates, suggesting late buyers could push the price even higher.
Cosmos (ATOM)
The recent approval of the ATOM Halving proposal is an important development for Cosmos. This change will halve the maximum inflation rate from 20% to 10%, potentially impacting ATOM’s price action (PA). Deutscher is watching this closely for signs of a developing trend.
dYdX (DYDX)
The unlocking of $524 million worth of DYDX on November 28 is a pivotal event, especially since these tokens will be released on the DYDX chain, not supported by centralized exchanges (CEXs). Deutscher expects a complex interplay of market psychology surrounding this event. “See if the head and shoulders pattern continues to hold,” he notes, suggesting possible price moves after the unlock.
Solana (SOL) and BONK
SOL’s struggle to get past $58 is noted by Deutscher, who places the company in a “no trade zone” for the time being. However, a breakthrough could lead to significant gains. BONK, a Solana-based meme coin, is also on his radar due to its higher volatility and correlation to Solana’s moves.
Vertex (VRTX)
Finally, Deutscher highlights the significant volume increase on Vertex, which outpaces DYDX and Uniswap. Despite suspicions of wash trading due to low open interest (OI) compared to volume, he sees potential in Vertex and sees a resurgence in the popularity of perpetual decentralized exchanges (DEXs).
Featured image from iStock, chart from TradingView.com