An analyst with a large fan base in the crypto space says he’s stocking up on an altcoin that significantly outperformed both Bitcoin and Ethereum during a market downturn.
The analyst, nicknamed Capo, told his 135,000 Twitter followers that he was building Constellation (DAG), an open source platform designed to enable developers to build scalable blockchains.
According to CoinGecko, the DAG is up more than 58% over the past week. Meanwhile, BTC is down 9% and ETH is down 15%.
DAG is also doing better compared to the previous month, up 132% since May 23, while both Bitcoin and Ethereum are in the red.
Capo maps key levels for DAG in its Bitcoin pair (DAG / BTC).
The analyst assumes that DAG is in an accumulation phase versus BTC as the altcoin fluctuates between 0.000002 and 0.00000016 satoshis (sats).
“Watch out for DAG – this altcoin is still piling up.”
Source: Crypto capo
According to CoinGecko, DAG has been on the market since June 2018.
The analyst also looks at BTC and says the benchmark cryptocurrency is likely in an accumulation phase between $ 30,000 and $ 40,000.
Source: Crypto capo
The analyst also shares a chart published by Mark Cullen showing that with a slight decline, Bitcoin will bounce below an accumulation area and rise above $ 40,000 by the end of July.
This tbh https://t.co/3mRGpEYD25
– il Capo from $ NOIA (@CryptoCapo_) June 22, 2021
At the time of writing, Bitcoin is trading at around $ 35,000, up 7% over the past 24 hours, according to CoinGecko.
Disclaimer of liability: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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