Experts named cryptocurrencies that are able to significantly increase their value against the background of the recovery of the digital asset market
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Cryptanalyst and trader Scott Melker named three tokens that, in his opinion, can show high profitability in the near future. Melker claims that Cosmos (ATOM), Elrond (EGLD) and SushiSwap (SUSHI) expect rapid growth. Experts of RBC-Crypto commented on the prospects of these altcoins.
According to Melker, the Cosmos token rate has not yet recovered after the collapse of the crypto market in May, when bitcoin fell by more than a third in a day and reached $30 thousand for the first time since January. In the near future, the price of the token will begin to test the level of $23 (an increase of 9.5% from the current levels), the trader claims. According to his forecast, in case of a successful breakout and consolidation above $23, the cost of Cosmos can grow to $32 (an increase of 52%).
On August 24, Cosmos is trading at $21, the capitalization of the token is $5.8 billion, according to CoinGecko. During the month, the digital coin grew by 112%.
The Cosmos token has a chance to “make X’s” under the condition of strong marketing and further development of the blockchain, says Andrey Podolyan, CEO of the Cryptorg crypto exchange. According to him, the token has prospects for multiplying capitalization.
What are “x’s” in cryptocurrency and how to get them
Cosmos (ATOM) is a decentralized network of independent parallel blockchains that work on the basis of Byzantine fault tolerance (BFT) algorithms. These blockchains are able to interact with each other through the Cosmos network, called the “Internet of Blockchains”.
The Elrond token exchange rate is aimed at overcoming the resistance zone, which is at the level of $148.6 (an increase of 2%), Melker believes. After the cryptocurrency reaches this mark, its price may rise to $203 (an increase of 39%), and then to $245 (an increase of 68%), the trader predicted.
On August 24, the value of Elrond is $145.6. The capitalization of the digital coin exceeded $2.8 billion. Over the past month, the digital coin has risen in price by 90%.
The Elrond token has a great growth potential due to the fact that the blockchain platform already supports sharding, Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service, explained. According to him, due to the sharding technology, a high speed of transactions is achieved, which allows developers to create effective smart contracts.
“This area, I am sure, will continue to grow, as the decentralization of financial services is in demand by the market, in demand by retail investors, because they are offered more opportunities to obtain profitability with a lower entry threshold,” Soshnikov added.
Elrond is a blockchain platform for creating high-performance and secure applications (dApps) based on smart contracts. The Elrond network is capable of processing up to 15 thousand transactions per second, which makes it one of the most productive blockchains. Transactions in Elrond are confirmed almost instantly.
After overcoming the resistance level at $13.5, the price of the SushiSwap token will aim to reach $22.5 (an increase of 72%), says Melker. According to him, there is no serious resistance between the levels of $13.5 and $22.5, which could prevent the growth of the digital coin.
As of August 24, the SushiSwap token is trading at $13.1, and the capitalization of the cryptocurrency is $2.5 billion. Over the past four weeks, the digital coin has risen in price by 82%.
The SushiSwap token will continue to grow in the near future due to the growth of the DeFi sector and trading volumes on decentralized crypto exchanges, the director of the cryptocurrency exchange service Alfacash predicted.
SushiSwap is a decentralized platform for “profitable farming”. Users can deposit funds to it as a deposit and receive a percentage of it in SUSHI tokens.