Expect a Strong Move Up for One BNB Chain Ecosystem Altcoin, According to Economist Alex Krüger
A popular economist believes that one altcoin project supported by the BNB Chain ecosystem is setting the stage for a massive breakout.
In a new X post to his 215,200 followers, Alex Krüger says that Plasma ( XPL ) is likely to have an explosive move to the upside once the token forms a local bottom.
Plasma is a proof-of-stake (PoS) layer-1 project optimized for large-scale stablecoin payments and compatible with Ethereum ( ETH ).
“Seeing widespread FUD (fear, uncertainty and doubt) around Plasma following its two-day ~40% price correction. Dump is driven by profit taking from unlocked participants who are/were up about 20x-30x in under four months, in size.
Abnormally high funding can be indicative of spot selling. Expect a strong move up as soon as indiscriminate spot selling subsides, whenever that may be.”
Source: Alex Krüger/X
Popular analyst Altcoin Sherpa is also predicting an XPL bounce, but warns the altcoin may still have a deeper correction.
“This XPL chart is a sight to behold. Literally not one green four-hour candle and just vicious selling across the board. Seems like 90% of CT (crypto Twitter) is down on this coin, myself included.
My entry is around $1.15-$1.20 or so and I’m definitely feeling the pain. I keep thinking bounce is coming but I don’t know when/where/how it happens. I’ve already cut my perps position and just in spot at this point.”
Source: Altcoin Sherpa/X
XPL is trading for $0.95 at time of writing, down 8.2% in the last 24 hours.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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