A widely followed crypto trader says the FTX collapse has spurred astonishing amounts of fear, uncertainty, and doubt (FUD).
Before mapping out his plans for top altcoins XRP, Chainlink (LINK), and one token that’s experiencing tremendous growth, crypto analyst Michaël van de Poppe comments on the current crypto mood.
“Definitely understandable that people are feared and that we’re getting contagion from the FTX fallout, but the amount of FUD and negativity the past week on literally everything within the ecosystem is just astonishing.”
Getting into the charts, the analyst suggests LINK’s current price level could potentially see an upside.
“This one is still consolidating at the range lows and is a good entry if you’d want to be looking for investment purposes.”
Next, Van de Poppe looks at SafePal (SFP), an altcoin that’s rocketed up 124% in the last seven days.
“At some levels I’d be watching on this one for daytrading purposes.”
SafePal is a decentralized cryptocurrency wallet backed by crypto exchange Binance. It allows users to manage their crypto wallets using their mobile phones. The SFP token was created on the Binance Smart Chain blockchain and can be used to vote on the network’s governance protocol and staked to earn awards.
Finally, the crypto analyst charts out XRP, the seventh-largest crypto by market cap.
“I can’t say much about this one as the markets are still consolidating at support levels and full of mega fear.
Would be an entry, when it comes to investments, but patience is required.”
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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/Athitat Shinagowin