The state of the cryptocurrency market is currently poor. On August 18th, over a billion dollars was lost due to liquidations, leading to a continued decline in the value of many cryptocurrencies, with some reaching new record lows.
Amidst this chaos, crypto trader and analyst Miles Deutscher is making it a bit easier for his followers. He recommended coins to watch out for in this bear market.
Before listing them, note that this is not financial advice from this analyst. It is just a personal opinion, and you should do your own research before making any investment.
Miles Deutscher is quite pessimistic about Bitcoin's price after the $1 billion liquidation that happened in the crypto market not long ago. Apparently, Bitcoin took a large chunk of this liquidation volume. While the crypto market is still waiting for the Securities and Exchange Commission's decision on the spot Bitcoin ETF, there's something to look out for. Apparently, this analyst pointed out that September is historically a bad month for Bitcoin. So, you might be expecting more price decline for the apex cryptocurrency.
Binance Coin (BNB)
Binance token is also among the recommendations made by Miles Deutscher. Apparently, he is not saying BNB is among the best coins to buy. Already, the Binance token has been suffering many losses in the crypto market. It has long broken the $300 level and is down by close to the $220 range. At the time of writing, BNB is currently around $213. There might be an increase or decrease. It all depends on how the market turns out.
Next up is Base altcoins. For starters, Base is the new layer 2 protocol that promises to improve the speed and reduce the transaction fees on the blockchain. It is one of the best-rated layer 2 blockchains out there. Already, many crypto projects, such as SushiSwap, are building on this project. Furthermore, Miles Deutscher is saying the community should watch out for any altcoin that is building on this blockchain. There are chances they might blow up due to the hype and promises of the layer 2 protocol.
Rune is among the coins to watch out for due to the promises it holds in the crypto market. This is a cryptocurrency that still has many bulls supporting the price charts. At the time of writing, the price of this token stands at $1.60. One can see that it is up by more than 4% in the weekly charts. The monthly chart is perhaps the climax with more than a 61% increase. Maybe this is one of the reasons the crypto analyst Miles Deutscher is telling the community to watch out for it.
It may come as a surprise that a social media platform is included in the list of cryptocurrencies. Miles Deutscher suggests that exchanges or project developers may want to add it as an index token. Friend.tech has gained a lot of attention in the crypto market, and for good reason. This crypto social media platform has impressive statistics, surpassing top protocols like PancakeSwap and SushiSwap in terms of fees generated at one point.
Sui is among the cryptocurrencies that should be watched closely. Although this token has been in shambles in the monthly charts for some time. You can put some of the blame on the market decline. However, it has been doing good in the past 24 hours and the weekly charts. It is up by more than 9% and 7%, respectively. Nevertheless, Miles Deutscher says one should keep an eye on this token due to the uprising of the South Korean crypto exchange Upbit.
Miles Deutscher says he closely watches SEI due to its performances in the South Korean outfit Upbit. SEI was recently launched, and it obviously made many investors rich. Although it is down by more than 33% in the weekly charts, Miles Deutscher still believes it is something to look out for. According to him, this token has some good fundamentals and has the potential to be successful in the long run.
XCAD might not be known by many people, making it even more interesting to watch out for. Apparently, in the bid to monitor this token, you might see the potential to invest. Moreover, Miles Deutscher says he is attracted to the token due to the increasing and strong community. As said, one should be very careful with the type of investment they make.