A closely watched crypto analyst says a hot altcoin has yet to see real gains despite recently 3xing in less than a month and predicts that Binance Coin (BNB) is also destined for new all-time highs.
The pseudonymous analyst known as The Crypto Dog tells his 746,000 followers that he is bullish on GMX, a decentralized exchange (DEX) that specializes in perpetual futures contracts and aims to provide low exchange fees and “zero price impact” trading.
Despite having already rallied over 200% in July from the $15 range to over $45, Crypto Dog says that GMX, the DEX’s ancillary token, is looking to move higher as price trades near an area with a very thin volume profile.
“Not much GMX has traded above this price. I think the empty space will act as an empty past here.
Basically it was in annual accumulation between $20-$40.”
According to the analyst, GMX has “not started” in it journey.
Along with GMX, the crypto analyst is also bullish on Binance Coin (BNB), the native token of Binance, the world’s largest digital asset exchange by USD volume.
The analyst says both coins are “outliers” likely to remain bullish and resistant to Bitcoin’s declines.
“Seriously though it’s nice to only focus on extremes that are clearly more bullish than the rest of the market and stick to their bases.
If a token’s supply stacks up, it doesn’t matter if BTC drops here and there.”
Specifically, The Crypto Dog says BNB is backed by Binance’s strong reputation as a company and the character of the exchange’s CEO Changpeng Zhao (CZ).
“It may feel strange to go heavy on BNB, but Man Binance has a solid track record of taking care of its holders.
CZ has been publicly bullish from the bottom and shouting that it is stacking up financially.
In my opinion, an all-time high against the US dollar is only a matter of time. I think it makes sense.”
At the time of writing, GMX is trading at $41.17 while BNB is changing hands at $311.
Disclaimer: The views expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and that any losses are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Vanessa SG/Natalia Siiatovskaia