9 Crypto Assets Have Parabolic Potential in May, According to Trader Austin Arnold
Crypto trader Austin Arnold is shining a spotlight on nine crypto assets that he believes have the chance to go parabolic this May.
The first asset Arnold shares in a new video is the flagship cryptocurrency itself, Bitcoin (BTC).
The analyst highlights that the trillion-dollar asset is attracting institutional investors and facing increased mainstream adoption, as US Bank announces they will custody the asset and Tesla CEO Elon Musk and Twitter CEO Jack Dorsey continue to encourage firms to put the asset on their balance sheets.
Fittingly, the second asset on the trader’s list is also the second-largest asset by market cap, Ethereum (ETH).
“Ethereum looks great in my opinion. From a fundamental point of view, from a technical analysis (TA) point of view, from a narrative point of view.”
Arnold notes that the asset governing the smart contract platform is facing a supply crunch, as more and more ETH is locked up in ETH 2.0.
The third coin Arnold mentions is Polygon (MATIC), a layer-2 scaling solution for Ethereum that aims to lighten the load on Ethereum’s network, offering a solid value proposition as the ETH platform balloons.
MATIC has skyrocketed in price as of late, increasing by over 100% in the past seven days.
Next on Arnold’s list is Ethereum competitor Cardano (ADA), which just locked in a partnership with the Ethiopian government.
“The sentiment around Cardano cannot be ignored, narratives and sentiment drive so much of the price in cryptocurrency.“
The trader adds that when Altcoin Daily polled its Twitter followers to see which Ethereum competitor has won the favor of crypto enthusiasts, Cardano overwhelmingly won over the majority.
Next up is Binance Coin (BNB). Arnold highlights that the Binance trading platform, where BNB can be used to offset trading fees, will soon allow users to trade Apple, Microsoft and MicroStrategy stocks. Beyond that, Binance announced that they will be launching their own non-fungible token (NFT) marketplace in June, allowing them to possibly take a slice of the growing sector.
Top oracle project Chainlink (LINK) comes in at number six on Arnold’s list. He notes that Chainlink can operate on every blockchain, and is the crypto price oracle that “everyone” uses. Additionally, Arnold believes that LINK looks good from a TA perspective as well.
Seventh on the trader’s list is VeChain (VET), which Arnold says is “morphing into what people want” by offering non-fungible tokens (NFTS) and playing into the growing popularity of unique digitized art, land and gaming assets.
Aave comes in at number eight, as it aims to bring yield-farming to its decentralized finance (DeFi) platform, enticing users to migrate to its v2 platform.
Finally, Arnold highlights Injective Protocol (INF), which is essentially a decentralized version of Robinhood with support from crypto fund Pantera Capital and Shark Tank star Mark Cuban, notes the analyst.
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Author: Daily Hodl Staff
