Legendary rallies for Decentraland, ApeCoin and this one altcoin to come
- Cantering Clark makes bullish calls for MANA, APE, and FXS.
- His analysis comes as the entire crypto market has surged in the last week.
Cantering Clark, a widely followed pseudonymous crypto market analyst, has shared his views on altcoins that are poised for massive rallies.
In a series of Tweets to more than 156k followers, the analyst highlighted these three altcoins; Decentraland (MANA), Apecoin (APE), and Frax (FXS). The analysis notes that MANA is leading the current pump that is sweeping across GameFi and metaverse tokens.
Cantering Clark opined that MANA has the potential to get even more violent to the upside. This is because of a short squeeze that is happening in the token market. The short squeeze has pushed Open Interest (OI) to nearly double what it normally used to be and looks to have more fuel.
Gamifi and metaverse pumping.
If I had to guess, $MANA has the potential to get even more violent to the upside given that OI is nearly double what it normally was, before a bunch of Barry related shorts and hedges were tagged on.
This squeeze has more fuel. pic.twitter.com/OWnPPCTAXV
— Clark (@CanteringClark) January 8, 2023
At the time of writing, MANA is down 1.94 percent in the last 24 hours, trading at around $0.39. However, this price is a 22.1 percent gain from its price 7 days ago.
Similarly, the analyst noted that if GameFi and metaverse tokens continue to pump, APE will catch “wind in its sails.” He pointed out at the time that the Bored Apes Yacht Club (BAYC) community native token was already building bullish momentum in the weekly time frame.
“A close through 4.30 for the weekly is setting up right now with only 30 minutes left. If metaverse and gamefi is going to continue to pump, APE catches wind in its sails,” he wrote about APE.
APE currently trades at around $4.88, up 0.40 percent in the daily chart. The price is up 17.9 percent in the weekly chart as well. APE’s price performance is coming at a time when Yuga Labs-related NFT collections’ sales volume has topped the NFT market sales metrics.
Non-GameFi and metaverse tokens are also ripping
Meanwhile, Cantering Clark is not observing bullish momentum in only the GameFi and metaverse crypto market sector. The analyst noted bullishness in the market of FXS, stating that the token is expected to catch a bid again.
The sleuth also pointed out that FXS’ 3-day chart has a “granite bottom.” Hence, he is betting that it will break up and position accordingly. At press time, the governance token of the Frax Shares stablecoin protocol is trading at $5.42. The price is a 6.97 percent increase in the last 7 days, although a 1.57 percent in the daily chart.
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Aside from the three tokens, the rest of the crypto market has also shown remarkable price discovery. The cryptocurrency market capitalization has again climbed over $900 billion. This is even as Bitcoin (BTC), the benchmark crypto, surmounted $17,000.
Similarly, the entire DeFi ecosystem has entered a bull run in the last week that has analysts predicting that altcoin season has begun. According to Santiment, the fact that broader market sentiment is highly bearish is one strong indicator of this.