Crypto Analyst Says Cardano, Avalanche and Two Others Have Potential To Perform Well In Bear Trend
As the crypto market started recovering after Bitcoin experienced nine red weeks, some crypto projects have recorded incredible performance. That highlights their strength in a downtrend.
Crypto analyst, Austin Arnold, expressed to his Youtube community what aspects they need to consider while choosing a project to invest in a bearish market. And identified four crypto assets could perform very well in the future.
Austin, an expert crypto trader and co-host of Altcoin Daily, told his 1.23 million subscribers about five aspects to consider to check the potential of a crypto project.
These are the five attributes that grow the project when overall space rises. It includes a good team navigating the project with capable skills, the project is well funded, and the ability to solve real-life problems that occur in the blockchains. And he further noted strategic partnerships of a blockchain and its positioning in verticals also strengthen a crypto asset.
The analyst picked up the Oracle firm’s Chainlink (LINK) as the first option on his list having the above characteristics. He noted remarkable achievements of Oracle’s network on the BNB chain (BNB) and Polygon (MATIC), highlighting the developer adoption of Chainlink. Arnold further addressed the performance of the token in the previous Bitcoin bloodbath.
At the time of writing, Chainlink is trading at $7.29, down 0.77% in the past 24 hours.
Other Crypto Projects On Arnold’s List
The crypto analyst prefers the smart-contract platform Alavanche (AVAX) in the second place and calls it “one of the best (layer-1s) in the space” and “one of the best Ethereum competitors.” He shed light on the project’s move to differentiate itself from Ethereum (ETH).
Ethereum tries to gear itself towards maximum decentralization, while Avalanche is gearing itself towards maximum scalability and just maximum users with the cheapest fees.
AVAX is trading around $25 and has lost nearly 4% in the past 24 hours. It currently ranks at the 14th position by market cap.
Arnold then moved to Ethereum’s competitor Cardano (ADA), on which he is “hugely bullish.” While speaking about it, he cited Cardano’s move of minting over 5 billion NFTs saying its ecosystem is “really blooming.”
Cardano’s ADA trades at $0.57 as of now, down over 10% in the past 24 hours. ADA stands at the 7th position by market cap.
Litecoin appears as a preferred investment titled a “dark horse” at the end of Arnold’s list. Citing the recent launch in Litecoin’s network, he predicted a significant rally in the future for the LTC following the largest upgrade of the crypto project, Mimblewimble (MWEB).
At the time of writing this news, Litecoin’s price stands at over $66, down 3.74% in the past day. It is currently ranked in the 19th spot by market capitalization.
Featured image from Pixabay and chart from TradingView.com