Popular crypto trader and analyst Cantering Clark believes two altcoins may be ready to take off while one sector of the markets shows signs of strength.
While Bitcoin moves mostly sideways, the pseudonymous trader tells his 60,200 followers that he closed a short position on Synthetix (SNX) as the decentralized finance (DeFi) sector is starting to show signs of bullishness.
“Closing this out before it gets run over.
DeFi showing strength right now.”
The trader’s two DeFi altcoins of choice are SushiSwap (SUSHI) and Uniswap (UNI). Both crypto assets are tokens for Ethereum-based decentralized exchanges (DEXs) that use smart contracts to create markets for any given pair of coins.
— Ryan 🐎 Cantering Clark (@CanteringClark) July 6, 2021
At time of writing, SUSHI is trading at $9.37, up 3.71% according to CoinMarketCap.
According to Cantering Clark, SUSHI may finally be primed for a turnaround. He says he’s using the Hull moving average, a directional trend indicator, to validate SUSHI’s recent bounce.
“SUSHI looks like it wants to run.
With alts down the way they are, I am relying on a Hull on the daily to filter out what is looking like it has legs.”
As for Bitcoin, the crypto analyst remains long-term bullish on the top crypto asset. However, he expects BTC to continue its sideways trading in the coming months.
“I know that I might confuse people as to what I am referring to when I tweet with a bearish or bullish tone. I focus on intraday. Can keep this pinned and updated though.
Near-term: bullish on a dead cat rally.
Mid-term: bearish, no ATH (all-time high), big range.
Featured Image: Shutterstock/Dario Lo Presti/oneinchpunch