Cryptocurrency analyst Cantering Clark claims that Decentraland (MANA), ApeCoin (APE) and Frax Share (FXS) are laying the groundwork for massive rallies.
Anonymous cryptocurrency analyst Cantering Clark told his more than 155,000 Twitter followers, claiming that the metaverse protocol Decentraland showed a short short squeeze, signaling more upside action:
“GameFi and the metaverse rally. MANA has the potential to be even more violent on the upside, given that the OI (Open Interest) was almost twice what it normally was before MANA was tagged with a bunch of shorts and hedges on Barry. This short squeeze has more fuel.”
A short squeeze happens when traders who borrow units of an asset at a certain price in hopes of selling them at a lower price to pocket the difference, but have to buy back assets as the price moves against trading biases.
Moving to APE after MANA, Cantering Clark said that the Bored Ape Yacht Club community expects his native token to likely continue upwards after breaking resistance ahead of him:
“A close above $4.30 on the weekly chart is currently only 30 minutes left. If Metaverse and GameFi are to continue the rally, APE will catch wind in their sails.”
Finally, Cantering Clark states that FXS, the management token of stablecoin protocol Frax, seems to have made a solid bottom and may be preparing for a breakout.
“I see FXS getting a bid again and there is a granite bottom on this three-day chart. I’m betting on this breakout and positioning accordingly.”