Trader and DataDash founder Nicholas Merten is unveiling some of his top crypto picks for this year as a new altcoin season emerges.
In a new installment of DataDash, Merten says he’s keeping a close watch on Uniswap against Bitcoin. The trader notes that UNI/BTC is poised to end its downtrend as it prints a technical reversal pattern.
“The general gist is that you have a complete U-shaped recovery from the relative highs at the launch and then we have room to possibly break out even higher in valuation… If Uniswap continues to get higher volumes, this might be a bit more rational than it looks right now.”
The DataDash founder predicts that UNI/BTC could rise above 0.007, representing an increase of 180% from its current value of 0.00025.
Another coin that’s on Merten’s list is dHedge DAO (DHT), an Ethereum-based decentralized asset management protocol that allows users to become their own hedge fund. He expects the DHT/BTC pair to skyrocket above 0.00014 from its price of 0.000058.
“Another U-shaped recovery here. I love the fact that we’ve got, in this case, not only a bottom here in the market over here, but we’ve got a higher low here that we set a month later from early November to late December. Now, we’re starting to get some vertical movement. Some of the highest volume we’ve seen here.”
The analyst is also bullish on Chainlink (LINK/BTC). Merten says the pair is starting to show signs of life after printing a massive green candle on the weekly chart.
“Chainlink having a nice base here, a very healthy bottom over the course of multiple weeks going into early January and now starting to kick up.”
Merten is also tracking Polkadot (DOT/BTC). He believes that the pair has ended its downtrend earlier this month and it is now poised to climb as high as 0.0013 from its current value of 0.00047.
“I do think we’re going to see a nice dip here, possibly to maybe 40,000 satoshis (0.0004)… Then after that we’re going to be able to see a breakout attempt here (0.0006) above its previous point of resistance against Bitcoin and really start to climb higher.”
Another coin on Merten’s radar is Cardano. He says the ADA/BTC pair looks healthy from a technical standpoint after breaching resistance of 0.0001.
“It’s a matter of making [the resistance] into support over the next few days and possibly kicking up for even higher levels against Bitcoin.”
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The post Crypto Analyst Nicholas Merten Says Altcoin Cycle Has Arrived, Lists Top Picks Poised to Outpace Bitcoin appeared first on The Daily Hodl.