It looks like we’re entering the second wave of the altcoin cycle we started in January 2021, and Nick from DataDash discusses which tokens you should buy, DeFi or NFT tokens. Which ones will be the first ones to lead…
Nick starts off with a general overview. (1:30) Altcoins are setting up big time for the secondary cycle. DeFi and NFTs are probably going to do very well. We start with DeFi tokens:
PancakeSwap is leading the way for the Binance smartchain ecosystem. After a decent correction of nearly 50% there is a good entry here, “the buyers seem to return at this point”. (3:20)
Stacks is a layer-2 blockchain which enables DeFi on the Bitcoin network. The STX/BTC chart shows a possible third leg-up and after a long consolidation the momentum could come in big time. (5:30)
Uniswap is Nick’s largest position in the DeFi market space. The UNI/BTC chart shows consolidation and could start the next outbreak soon. (7:50)
In the NFT space Nick is looking at Rarible, one of the smaller caps projects. Rarible had an enormous run up and is cooling off right now. It has a correction of 38% but Nick expects a 50% correction before it will come back higher. (9:20)
Enjin starts declining after a parabolic gain in price. The smart money will wait until the pullback till the last point of resistance has finalized. (11:30)
Flow is a large NFT play but still under $1B market cap. It already had a decent correction and is almost a time to step in. (13:00)
“A lot of these NFT projects will be gone in a couple of years, but there will be some opportunities to swing trade and invest in these plays.”
This episode premiered on March 22, 2021.