Crypto expert reveals 4 altcoins with a “strong buyback right now”

The liquidity crisis at FTX has been the cause of one of the worst market crashes in the history of the cryptocurrency industry. As a result, the prices of many alternative cryptocurrencies (altcoins) traded on crypto exchanges have seen a lot of price volatility in the past week.

Leading expert on crypto trading Altocoin Sherpa highlighted four altcoins on November 11, which he considers to be “strong buybacks right now” despite the uncertainty in the crypto industry as to where the market is going next, as the dust surrounding FTX still hasn’t settled.

Altcoin Sherpa brought to light the four cryptocurrencies that are “narrative-driven” that prioritize significant utility over theoretical value – specifically identifying things as positive, such as global events, chart patterns, network development and a robust decentralized exchange (DEX).

He added:

“Best to keep an eye on everything and probably just stay on the sidelines for most. But if you want to trade actively, look for different narratives + strength to buy in this market.”

Chiliz (CHZ)

One of the tokens named was Chiliz (CHZ) which saw a huge price increase on November 11, leading the cryptocurrency market at one point in terms of gains. Chiliz has seen a surge in popularity due to the growing demand for fan tokens caused by supporters’ preparations for the 2022 FIFA World Cup.

Despite the events surrounding the token, the crypto community has not set a bullish year-end price for Chiliz based on their prediction for the CHZ price on December 31, 2022. As it stands, CHZ is trading at $6.82, up 4.35% in the last 24 hours , but down 11.9% last week at press time.

Chainlink (LINK)

Chainlink (LINK) was another token that the crypto analyst suggested has a strong buyback right now. This was because the LINK diagram looks good, according to Sherpa. Notably, on November 8, Finbold reported that Chainlink topped the 24-hour winner’s list of the top 100 cryptocurrencies by market capitalization.

Moreover, crypto trading expert and analyst Michaël van de Poppe is bullish and believes that Chainlink’s native token could reach the target of $15 in the coming months, as he tweeted on 6 November. In particular, the prominent trader has stated in recent weeks that buying LINK between $6 and $8 is “the opportunity of a lifetime.”

Currently, LINK is trading hands at $6.82, down 6.45% in the last 24 hours and another 18.96% in the last week, according to CoinMarketCap data.

Polygon (MATIC)

With Polygon (MATIC) busy with network and business development, the pseudonymous analyst noted it as one of his coins with a strong buyback. Finbold noted that Polygon added 42,869,034 unique addresses to its chain between June 7 and November 7, 2022, according to data from Polygon network explorer PolygonScan.

The Proof-of-Stake (PoS) network added over 280,000 unique addresses per day on average, growing by around 30% in five months.

An example of a large company incorporating the chain into its operations and contributing to the increase in price and network size is MetaMeta (NASDAQ: META ), which has introduced a polygon-powered platform for minting and selling non-fungible tokens (NFTs) for Instagram users. Finally, global banking powerhouse JPMorgan (NYSE: JPM ) conducted its first international decentralized financial transaction (DeFi) on the Polygon blockchain.

Currently, MATIC is trading at $1.02, down 10.19% in the last 24 hours and 10.25% in the last seven days, according to CoinMarketCap data.

dYdX (DYDX)

dYdX (DYDX) is another Altcoin Sherpa who had only mentioned that it is a management token for the layer two protocol of the namesake non-custodial decentralized cryptocurrency exchange, and is seeing gains after the antics surrounding FTX. In the last 24 hours, dYdX is up 22.88%, trading at $1.92 with a total market capitalization of $129.29 million, according to CoinMarketCap data.

Finally, it’s worth noting that all four altcoins experienced gains on the day, reclaiming losses from the previous day, prior to FTX’s announcement that it had filed for Chapter 11 bankruptcy with the filing including FTX US.

Around 3pm on all four of the charts above, they all crashed to different levels before starting to recover after the news emerged.