A widely followed crypto analyst is naming Terra (LUNA), Cosmos (ATOM) and three additional crypto assets as his top altcoin picks for the month of March.
Trader Jason Pizzino tells his 261,000 YouTube subscribers that decentralized finance (DeFi) payment network Terra looks strong after rallying from a low of $43 to nearly $100 in a little over a month.
“[LUNA] has broken out of a lot of these patterns and a lot of the [resistance] levels, and it’s now consolidating at higher levels. So LUNA is well and truly up on my list, especially when I look at the BTC chart (LUNA/BTC). It’s broken to new highs… When you’re in new all-time highs, it basically means there’s no other overhead resistance.”
Next up is Cosmos, an ecosystem of blockchains designed to scale and communicate with each other. Pizzino says he’s bullish on ATOM as it continues to flash strength in its BTC pair (ATOM/BTC).
“ATOM/BTC is attempting to close back above the 50% [Fibonacci level]. It’s moved up to new highs, came back to 50% and now has found support [while printing] higher lows.”
Another coin on his list is Near (NEAR), a developer-focused blockchain designed for scalability and stability. According to the crypto strategist, he’s looking for Near to continue grinding higher before placing long positions.
“[Near] has also climbed back above the 50%… It’s above $10. I would be concerned if it broke back under $10 [and] tried to take out the low again at $7… The low-risk trade for me would be back above $14 which is [the February 6th] high right here.”
The last altcoin on Pizzino’s radar is FTT, the native asset of crypto derivatives exchange FTX. Pizzino says FTT looks bullish after managing to stay above $40 even after the sell-off event on February 24th.
“What I do like about FTT at the moment is that it has broken the downtrend. So it’s bounced off these levels ($40), and it’s attempting to consolidate above $44… So above $44 is looking alright, and above $50 is obviously stronger again.”
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