Trader and analyst Joe Parys, who conveyed cryptocurrency forecasts and analyzes to his nearly 300,000 subscribers, shared five altcoins that could shine in 2022.
Due to the situation in BTC, the crypto money market seems to have entered a bear mode. Popular cryptocurrency analyst Joe Parsys recently shared with his subscribers 5 altcoins that will take flight in 2022. According to the analyst, the price of these 5 altcoins has great potential to increase in the next year.
The first cryptocurrency Joe mentioned is VeChain (VET). VeChain, a blockchain designed to improve supply chain management and business processes, is well known to many traders. Its purpose is to facilitate these processes and information flow for complex supply chains through distributed ledger technology (DLT).
Parys has this to say about VET;
“Vechain's chart has a nice symmetrical triangle, this will potentially present a huge opportunity once the price reverts to the trendline. In the short term, I think investors can catch 200% or even 300% opportunities”.
Expecting up to 300% increase for VET in the short term, Joe claims that the price could appreciate 10 times in 2022.
The second cryptocurrency that the analyst is talking about is Phantom (FTM). It is a decentralized, permissionless, open source smart contract platform for decentralized applications (dApps) and digital assets. It is just one of many blockchains created to provide an alternative to Ethereum.
Parys says the Phantom sits on the trendline. According to Parys; A good response can be seen. If this trend and resistance is broken, a return to $3 price could be possible in February or March 2022.
Cardano (ADA), a blockchain platform built and developed on the Ouroboros proof-of-stake consensus protocol, ranks third in the list.
Parys wants short-term traders to follow the support zone on the chart it shared.
“Cardano is trading at an incredibly low value. In this crypto downtrend, there could be bigger losses if its price returns to a dollar.”
Moonriver is an EVM-compatible blockchain running as a parachain on the Kusama network. The network offers a variety of features to developers, including the ability to deploy Solidity smart contracts, Web3 compatible API, oracle data feeds, and Ethereum network bridges. The analyst added this altcoin to his list because it is an alternative with high potential but low current value.
Thinking that the price is back to the trend line and the $500 region will be regained, Joe Parys describes the current $189 price as quite cheap. The total supply of the token is only 10 million and this is one of the main reasons driving the price, he says.
MATIC, an altcoin that can remain relatively strong even on days when the market is under heavy pressure, is also on Parys' list. Polygon has a mission to create Ethereum compatible blockchains and connect them. It supports a multi-chain Ethereum ecosystem and offers scalable rollups on Ethereum.
Price recently tested the ATH zone. However, it bounced back from the $2.45 levels. The price clinging to the uptrend region is guarded by the excitement of purchasing Mir for $400 million. Polygon acquired Mir, a zero-knowledge proof solution, for $400 million to further develop its technological capabilities. Joe thinks this money spent on infrastructure will skyrocket the price of MATIC next year.