A crypto analyst says Cardano, Avalanche and two others have potential

A crypto analyst says Cardano, Avalanche and two others have potential

As the crypto market began to recover after Bitcoin experienced nine red weeks, some crypto projects recorded incredible performance. This emphasizes their strength in the downward trend.

Crypto analyst, Austin Arnold, expressed his Youtube community what aspects to consider when choosing a project to invest in the bear market. And the four crypto assets identified could have very good results in the future.

Related Reading | Cardano’s (ADA) Bulls back to the surface, what are the next target levels?

Austin, a professional crypto retailer and co-host of Altcoin Daily, told his 1.23 million subscribers about five aspects that need to be considered to test the potential of the crypto project.

These are the five attributes that develop a project when the total space increases. It includes a good team that manages the project with capable skills, the project is well funded and the ability to solve real life problems that occur in blockchains. He further noted that the strategic partnership of the blockchain and its positioning in the verticals also strengthens crypto assets.

The analyst chose Oracle’s Chainlink (LINK) as the first option on its list to have the above characteristics. He pointed out the outstanding achievements of the Oracle network in the BNB chain (BNB) and Polygon (MATIC), emphasizing the adoption of Chainlink by the developers. Arnold further referred to the performance of tokens in the previous Bitcoin bloodshed.

At the time of writing, Chainlink is trading at $ 7.29, down 0.77% in the last 24 hours.

Bitcoin returns $ 30,000. | Source: BTC / USD price chart from TradingView.com

Other crypto projects on Arnold’s list

The crypto analyst prefers the Alavanche smart contracts platform (AVAX) in second place and calls it “one of the best (layer-1) in space” and “one of the best Ethereum competitors”. He shed light on the project’s move to be different from Ethereum (ETH).

Ethereum is trying to focus on maximum decentralization, while Avalanche is focusing on maximum scalability and only maximum users at the cheapest fees.

AVAX traded around $ 25 and has lost almost 4% in the last 24 hours. It is currently ranked 14th in terms of market capitalization.

Arnold then switched to Ethereum’s competitor Cardano (ADA), according to which he is “big bull”. Speaking about that, he quoted Cardan’s move to forge over 5 million NFTs, saying that his ecosystem “is really flourishing”.

Cardano’s ADA is currently trading at $ 0.57, down more than 10% in the last 24 hours. The ADA is ranked 7th in terms of market capitalization.

Related Reading | TA: Ethereum fell from 2 thousand dollars, why 100 SMA could cause a new increase

Litecoin appears as a desirable investment called the “dark horse” at the bottom of Arnold’s list. Referring to the recent launch in the Litecoin network, he predicted significant future growth for LTC after the largest crypto project upgrade, Mimblewimble (MWEB).

At the time of writing, the price of Litecoin is over $ 66, down 3.74% over the past day. It is currently ranked 19th in terms of market capitalization.

Featured image from Pixabay and chart from TradingView.com

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