- A popular analyst is calling attention to a new and exciting native asset that could easily explode by 60 percent in August.
- In the first two weeks of the month, YGG has recorded a surge in excess of 300 percent moving from $0.18 to $0.75.
One popular trader has highlighted one of the most promising altcoins on offer in the market. Despite this coin adding more than 300 percent in profits since the start of the month, the trader still expects at least 60 percent more this month, offering a massive profit opportunity for buyers.
Analyst The Flow Horse, formerly known as Cantering Clark, has been discussing Yield Guild Games (YGG), the native asset of the play-to-earn gaming decentralized autonomous organization (DAO). The project aims at developing the largest virtual economy, optimizing its assets such as NFTs to maximize utility and share revenues with its stakeholders. Its objective has allowed it to build a community of players and investors, both with a major role in the ultimate success of the project.
According to the analyst, the token is setting up for a bounce after recently undergoing a recent correction that drove prices to $0.33, where it continues to trade at the time of press. The latest correction confirms a retest of its previous resistance as its new support.
The analyst told thousands of his followers;
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.
A chart by the analyst further shows that he expects the token to rally and hit around $0.50 in the short term. This represents a nearly 50 percent jump from current levels. However, the setup remains unstable, and prices could quickly retrace from those highs.
The greater market setup remains bearish with major coins like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) struggling to maintain bullish momentum. The Flow Horse does not expect any significant move from these coins unless the Federal Reserve cuts rates and regulators approve a Bitcoin (BTC) exchange-traded fund. A Bitcoin ETF and/or Ethereum ETF is one of the most anticipated developments.
The entry of institutional investors could drastically increase crypto adoption and ultimately increase crypto prices.