The entire cryptocurrency market is suffering from the negative consequences of the collapse of FTX, once one of the largest crypto exchanges in the world. However, some altcoin analysts have identified coins to follow. They even claimed that they would bring forth “new millionaires”. Here are six altcoins that analysts drew attention to…
The analyst primarily pointed to the popular altcoin Polygon
Analyst Camille Lemmens first shared Polygon as the coins that he expects to rise recently. “Polygon is one of the oldest,” the analyst said. They built their L2 chain on top of Ethereum. As we reported on Kriptokoin.com, Polygon has formed many new partnerships with major, global brands. Among them are starbucks, LGND Music, Disney.
There are many more big brands that have been associated with Polygon lately. For example Adidas or NFL with an NFT market. On a technical level, the Polygon team is pushing the boundaries with zkEVM announcements, too, according to the analyst. Using ZK rollups, Polygon provides scalability without impacting the user experience.
Second altcoin on the list: AZERO
AZERO is an L1 Blockchain with private smart contracts and instant certainty. Just two weeks ago, they managed to incorporate community validators into their mainnet. Their mainnet has received an upgrade. This is evidence of serious progress towards decentralization of the project. Although we are in a bear market, you can see that Aleph Zero is constantly being built.
One of the first parachains on Polkadot: ASTR
Lining was one of the first parachains in Polkadot. Primer is an L1 smart contract platform. They support various Blockchains and virtual machines. In other words, it connects the Polkadot ecosystem to Ethereum, Cosmos and all major layer 1 Blockchain. They are at the forefront of efforts to migrate from EVM to WASM (WebAssembly). EVM allows smart contracts to run. WASM, on the other hand, supports more languages and also comes with a more comprehensive set of tools than EVM. On the other hand, the Astar team is very active. Its improvements include regular technical updates, community efforts, and partnerships. For example:
- They post regular updates on social media.
- They introduced thin clients (RPC). They replace RPCs, which are the most central part of the blockchain ecosystem. Things like claiming stake rewards, bidding on NFTs, or chain voting – all go through an RPC.
- The WASM integration was mentioned by Bloomberg.
Altcoin in the Cosmos ecosystem: KAVA
KAVA is an interoperable L1 Blockchain between Ethereum EVM and Cosmos. It is also a popular lending and borrowing platform on DeFi. One of the reasons they continue to grow is their incentive program. Kava Rise is a $750 million developer grant. It encourages builders within their ecosystem. Their ecosystem is also quite impressive, as their website shows, according to the analyst. They also released a major ecosystem update in October. All these combined features should have a positive impact on the price of KAVA, according to the analyst.
Lossless has bullish prospects
“Lossless (LSS) is one of my favorite projects,” the analyst says. This is because they keep building security features silently in the background. So Lossless is all about securing projects. In case they are hacked, Lossless can recover their tokens. Its latest products continue to attract new customers, including bigger names like Aegis, Harmony and Elysium. They released the Aegis V1 on September 29. Some of its features are as follows:
- Detecting malicious addresses.
- Send real-time alerts.
- Preventing smart contract exploits.
- Insurance, providing cyber security
BNB is among the altcoins that are expected to rise
Finally, analysts draw attention to BNB. BNB, aka Binance Coin, could be one of the best crypto investments at press time, according to TradingView technical analysis presented by well-known crypto experts on TradingShot on December 18. According to this analysis, the token’s strong pullback since its November 27 high (before the lowest peak of the 8 November FTX crash) appears to have come to an end as the one-day relative strength index (RSI) plummets. The analysis includes the following statements:
In terms of price action, this is the same as the June low formation that resulted in a bottom that started the rise to the previous low high (now resistance). (…) In any case, when the 1-day RSI drops below $300 and then bounces back, it is a strong buy signal in the medium term. Symmetrical trendlines (…) formed support (green) and then resistance (red).
As a result, analysts believe that the time may come when BNB turns into a long-term buy as “testing of the upcoming $320 resistance (November 27 High) will break the 1W MA50 again.” Meanwhile, as Bloomberg’s Joanna Ossinger reported on Dec. triggered. At the same time, the RSI, moving average convergence divergence (MACD), moving average (MA) and Bollinger Bands are pointing to $242.50, down 2.71% from its current price on BNB.