Cryptocurrency trader Cantering Clark has provided reviews of three cryptocurrencies to his followers. According to Clark, Decentraland (MANA), ApeCoin (APE) and Frax Share (FXS) are laying the groundwork for large valuations.
Indeed, FXS has seen strong gains in recent days as it was one of the top 100 companies. But the cryptocurrency has been experiencing some declines recently, which has opened up room for buying. On the other hand, MANA and APE may grow as the metaverse regains investor attention.
Writing to his 156,700 Twitter followers, Clarke said the Decentraland metaverse protocol is showing a small downward pressure, which points to more upside.
“GameFi and pumped metaverse. If I had to guess, MANA has the potential to appreciate given this OI [Open Interest] It’s about twice as big as it normally was, before it was tagged in a bunch of shorts and hedges related to Barry (Silbert). This fist has more fuel.”
MANA analysis. Source: Twitter.
A short squeeze occurs when traders borrow units of an asset at a certain price in hopes of selling them at a lower price to pocket the difference. But the price is rising, going against the downtrend and hurting those who bet on falling.
At the time of writing, MANA is valued at $0.41, up more than 38% from the January low ($0.295), confirming the bullish trend.
Looking at the original symbol of boring monkeys, Clark says the monkeys’ mood is likely to continue to rise. Therefore, the coin needs to clear its immediate resistance, which is currently at $4.30.
In this sense, the token actually outperformed expectations, posting an increase of 0.9% on Wednesday (11) and reaching $4.90. If the move continues, APE could reach a 60% rally and test the $7.20 resistance.
“A $4.30 weekly close is now being prepared with only 30 minutes left. If the metaverse and GameFi keep pumping, APE is picking up wind in its sails and will bring in new valuations,” says the trader.
EPA analysis. Source: Twitter.
Finally, it says FXS, the governance token for the stable Frax protocol. In this case, the coin is forming a solid bottom and, according to the trader, it may be preparing for a breakout. No new upward movement.
“I see FXS resorting to bidding again, and this three-day chart has a granite bottom. I’m betting on this chapter and positioning myself accordingly,” he said.
Currently, FXS is valued at $5.53, according to CoinGecko.
FXS Analysis. Source: Twitter.
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