These Altcoins in the Cosmos Ecosystem Are About To Go Vertical, According to Top Trader
A notable crypto trader is spotlighting the scalable blockchain network Cosmos (ATOM), predicting that its ecosystem is about to take off.
As top automated-market maker (AMM) on Cosmos, Osmosis, prepares to launch its first trading pairs this Saturday, June 19th, pseudonymous crypto analyst known in the industry as Altcoin Psycho says tokens connected to Cosmos are likely to explode in value.
Altcoin Psycho alerted his 272,000 Twitter followers to a message from Osmosis indicating which assets are connected to the Osmosis platform.
Those assets are ATOM, decentralized cloud storage project Akash (AKT), environmentally-focused Regen Network (REGEN), encryption platform Sentinel (DVPN), interoperable decentralized finance (DeFi) tool Persistence (XPRT), cross-chain AMM Iris Network (IRIS) and the governance token of decentralized open-source blockchain platform Crypto.com, CRO.
Any asset plugged into IBC (inter-blockchain communication), “an end-to-end, connection-oriented, stateful protocol for reliable, ordered, and authenticated communication between heterogeneous blockchains,” is going to soar, says the trader.
IMO Osmosis will be a catalyst for Cosmos ecosystem tokens to go vertical.
AMM for cosmos + eventual ERC-20 wrapped cosmos tokens.
If you want to frontrun the fun, focus on any of the chains that are connected to IBC.
— Altcoin Psycho (@AltcoinPsycho) June 16, 2021
The trader shares that his trading strategy generally focuses on a driving thesis or core belief when investing, often more than technical analysis (TA).
“I’m a price action trader, but my biggest winners have always been thesis driven trades. Betting early on a thesis will significantly outperform a good TA based entry.”
He also estimates that a bunch of crypto whales are preparing to short the market, based on evidence from large short positions on crypto exchange Bitfinex.
“The Bitfinex whales are still building their giga short position. Almost $50 million added just now, total notional value of the short is now $1 billion.
It seems like the spikes come *after* each impulse move. I don’t see why this isn’t a directional bet rather than a hedge.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Elena11
The post These Altcoins in the Cosmos Ecosystem Are About To Go Vertical, According to Top Trader appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff