Avalanche, Algorand, Cosmos, Tezos, Eden, and More | Crypto Price Predictions | Token Metrics AMA
Here is altcoin overtime, avax good lord. This thing right. This was the original resistance. What resistance trade now over the weekend. I said. 45 was resistance, and mr market showed me a print of 60. if the decline stops, i cant say for sure whether or not avax would take out 60.. I think eth is a better trade. I think if i wasnt holding avax, i would hold off and think about solana on the dip. That said, if i was hodling avax and i had gotten in at 20, id pull my initial investment out and who knows what thing can do right? I think eth is a better trade, but im not going to get in front of this okay algorand. This is a novogratz favorite by the way, okay kind of a an interesting d fight proposition that just no one was paying attention to it. Just went from one dollar to two dollars like that. Now this trade may not be over. It may not be because you know it went. It took out resistance at 180 and it came back and it retested. So if this market has one or two more down days and al goran doesnt go back below 180, i think you put this on a hmm buy list because remember this is available on coinbase. So if this thing goes, avax right or solana takes out its previous highs from february and may every other coin, like this thats done.
That has moved so i dont want you chasing everything, but on a dip, al goran may be worth looking at now. Speaking of you know, who cares about resistance, cosmos god? This thing went from 24 to 44 in like four days now. 44 is resistance and its almost like star trek. Sometimes i feel like resistance is futile. You know. Cosmos has been dormant for so long that if this trades really going to take off, i actually think this and polka dot could go together. So i cant like polka dot and not like cosmos 44, is resistance. There is a lot of fomo here. I would wait to see what it does at 44, but if the if the cosmos and polka dot trade are linked, then this can actually go up more all right. I i wouldnt full mo right now, but it can go up more now, where i think fomo may be justified. Yes, i know you got to get back in your seat because i just said fomo may be justified in tezos, like this dead play that no one has looked at if this project can somehow get involved in this defy ethereum challenge. Nft narrative, there is some unbelievable. Looking elliott wave in tezos now, are you gon na get rich off this, probably not, but if youre on coinbase and youre looking for something to put say five or ten percent of your portfolio in this coin is interesting because of this coiling process.
That sort of stops, starting that i always talk about on the show. So if these other coins continue to moon prior to eve, bottoming tezos could be a good play now, even okay, a coin we like that is a part of the magnificent seven right is actually giving you almost a gift dip. I figured this thing at nine and a half was gone and was just gon na go and, as it turned out, everybody sold it right so now its a lot easier to pound the table on it, particularly if it can recover back above a big fib line. At 570., so i didnt think i was going to get a dip in this and i got one which is a valuable lesson. We talked about this with solana right. You know you dont, think youre going to get the dip its going to take off and go up forever. The next thing you know youre buying it half off: okay, quant! Oh, my god, a coin i actually fo mode into after seeing this on our ai right, rai, flagged quant right back when it was like, i dont know at 80., and it continued to flag it once or twice when it was at 160.. I just lowered my baseball cap covered my eyes and go im full mowing into this, because its a payment system, like the swift system, where dollars travel around the world, its the same thing for qnt, except its for crypto central bank, digital currencies, stable coins, etc.
Its the plumbing of moving crypto from one place to another. Okay, if 343 acts as support im just going to stay with the trend and say its going to go to 550.. Now i could get hosed, it could be a top. I know that, but i knew that at 175. you know what im just going to stay with the trend. The trend is my friend now d y dx is this coin overvalued. Maybe um forrest may be able to say a few words on it. It looks like the place where you want to buy. This is down at eight dollars and sixteen cents thats the 62 retracement of the original ramp up forrest. I i believe we were looking at like three to four dollars as fair value for this. When it came out, am i am i right about that yeah? So we did a pretty in depth analysis comparing the valuation of dydx to its closest competitor, perpetual protocol, which were big perp fans here. So, by extension, were pretty big dydx fans, because its decentralized derivatives right now dydx as compared to perp, has a lot more users because they did a campaign and they did this big airdrop thing to to people that were trading on dydx, so dydx actually has about 10 times the amount of users that that perp has, however, they dont generate that much more revenue. Right, perp does a lot. You know a ton of trading volume, as does dydx, but theyre pretty comparable in a lot of regards in terms of the revenue they generate.
The only thing that dydx really has an advantage on is the number of users right in terms of code review and fundamental score, theyre very, very, very similar. So when we did a fair value, comparison of where dydx should launch at in comparison to perps value based on fully diluted valuation right because uh, you know, we dont want to get caught in the trap of of investing in a cryptocurrency that has a high dilution Rate thats going to get diluted with incoming supply rather quickly. The thing about dydx you got to watch out for is that only 8.1 percent or so of its supply is actually circulating at this point. So when we take into account the circulating supply versus the uncirculating supply and then crunch, the numbers based on comparing perp to dydx the price, where dydx becomes very very attractive, as an investment is somewhere between two and six dollars. Now i know thats a bit of a broad range but thats significantly lower than the ten dollars to twelve dollars that its currently trading at right now, thats, not to say that dydx couldnt just completely melt up. We are in a speculative market. We are in uh, somewhat of an all season and crypto bubble, so could dydx melt up from 10 to 40? Of course it could right were bullish on decentralized derivatives, but the point at which the risk to reward ratio gets really really attractive. For us for dydx is somewhere between two and six dollars because thats more in line with where it should be valued, based on fully diluted valuation as compared to perp protocol all right.
So with that all right, you definitely have to be hitting the like button, because i would, i would say that theres nowhere else and nobody else, like my colleague forrest, who break down dydx type valuations on youtube, so give us some love and for dydx heres, a Heres the chart read the 62 retracement is eight dollars, eight dollars and sixteen cents. If there was a wick down below eight dollars, that may be a flash crash to six, because who knows what can happen? It is rectember after all, thats, probably where you want to be picking up dydx, because it was the same as with per right. How many times did perp go to five dollars or four dollars before it finally went to 20 or 25? I i cant even count right so keep that in mind with dydx now alpha decentralized finance, a launch pad for other d5 protocols, and they want to get in the nft business. So there can be both buyers, sellers or an order book. Like you see on exchanges, except for nfts, now, naturally like everything else, its currently getting hammered, but that could be a good thing, because its a teacup and handle handles, as you know, are a complete pain in the you know. What theyre really hard to trade and at 88 cents, if theres a flash dip in alpha that could be an opportunity? Okay, synthetics! You know i just cant get enough of derivatives. Synthetics, considering the market trades terrible is actually holding up.
Okay, sub 10 synthetics, i think, is going to wind up paying off at 26 or 30 right once eath actually takes off in q4. Okay perp, as we discussed now the start, stop the start. Stop and the start. Stop in perp have been epic right. Perp goes from 14 to 25 and im guilty. I thought it was going to 40. and what does it do? Reward patient traders like drumroll forest, who always they wait? They wait. They say. Okay, you know. I i missed the first round and look at look. What happens mr market gives you a chance to buy it on big fib support at 14., so dydx came out and everybody gave up on perp, no folks theres more than one derivatives player wall street theres, goldman sachs, theres, morgan stanley, theres ubs et cetera right. So i dont know why everybody would think perp would be dead, but thats, okay, because its giving you an opportunity at 14 and unless ive totally drawn this wrong, its a perfect elliott, wave setup where perp and the eth universe take off. As we talked about earlier. Okay orn, looking at this very interesting looking bottom went from 2 to 28, okay and now its making. What might be a strange looking head and shoulders bottom formation really intriguing chart im, not an expert on the project, but its holding support at 8.36. Im always on the hunt for these alt coins that went all the way up all the way down and then made a base, because sometimes the bigger the base, the higher into space.
I dont know if thats true in this case, but its something i always look out for with alt coins. Speaking of bigger the base, i saw this in the comments and i saw that one of our big youtube colleagues has picked up on this. The graph, a big big favorite of multi coin capital, huge hedge fund in austin, texas, currently the graph as usual in the handle formation, getting hammered down ten percent today, who knows maybe its down another five to ten percent tomorrow graph is at 80 cents. Where is it going to be the next ethereum defy up cycle, not at 80 cents lets put it that way: okay, kusama! Now a lot of fomo in the polka dot test net right. No one wanted kusama at 80 when i was talking about it with ian molina and oh hey, maddie uh, when it was at 20.. Oh hey maddie actually fired off a buy order, while it was charting it. Okay, so oh hey maddie got to ride it. All the way up to 600 and then hopefully he got out because it went all the way down to 160 and now its back at 440.. Now the trade for kusama has been great, but is the next big move in polkadot right? The kusama test net has done well, but the kusama trade, or this up move could be a foretelling of how big the next trade could be in polkadot. Tokenmetrics is a cryptocurrency investment platform that helps users leverage machine learning to become better crypto investors.