According to a well-known trader, a small-cap altcoin that had a strong start to August may be poised for another round of increases.
The Flow Horse, an anonymous analyst with over 180,900 followers, believes that Yield Guild Games (YGG) could experience a significant surge.
YGG, primary token of a decentralized autonomous organizationYGG is the primary token of a decentralized autonomous organization that specializes in play-to-earn gaming.
Over the course of the month’s first week, YGG surged from $0.18 to $0.75, representing a 316 percent gain. However, the altcoin has since lost the majority of its gains and is trading at $0.33 at present.
The Flow Horse said that he’s bullish on YGG following the correction as he believes the altcoin is potentially setting up for a bounce in an effort to test its previous support as resistance.
“Good morning.
Starting off the day by longing some YGG. If you look at the other coins DWF Labs is market making, they all have the same pattern and are beginning to pump again.
Call it manipulation, but it looks semi-predictable that they want to continue to offload at better prices.”
After analyzing the trader’s chart, it seems that YGG may experience a surge towards the $0.532 level, indicating a rise of more than 61% for the altcoin.
But, this upswing may not last long since The Flow Horse’s target signifies a bearish lower high setup. In terms of the entire asset class, The Flow Horse does not anticipate a crypto bull market.
He agrees that crypto may not make substantial upward movements unless the Federal Reserve reduces interest rates and regulators give approval for a Bitcoin (BTC) exchange-traded fund.
Bitcoin price predictionAccoridng to trader Yusko, the upcoming halving event and the approval of a spot-based Bitcoin exchange-traded fund (ETF) are two catalysts that could drive Bitcoin’s price surge.
Yusko believes that the fair value of Bitcoin could reach $100,000 after the halving event in June of next year. Check out our previous article in order to learn more details.
