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Analyst: This cryptocurrency will rise further after 630% initial surge

  • Scott Melker believes MAHA could continue on an uptrend, despite the asset being less than a week old.
  • Analysts are getting increasingly aware of small-cap assets in the DeFi and blockchain spaces.

With a new year about to begin, crypto investors are looking to re-strategize and set themselves up for better gains come 2021.

While many will undoubtedly be looking towards the large-cap, famous names, several analysts have pointed attention to some relatively unknown assets that could make big moves.

Get in on MAHA now

Earlier this week, Scott Melker, a notable trader and analyst, pointed out that he will be keeping a close eye on MahaDAO, a stablecoin that has been trading for less than a month. Going by the ticker MAHA, MahaDAO is the cryptocurrency that powers ARTH – a coin that promotes itself on its stability.

ARTH is backed by a basket of diverse, uncorrelated assets. These include tokenized assets, cryptocurrencies, bonds, stocks, and fiat assets. A decentralized project, ARTH has MAHA as its governance token. MAHA holders can vote on issues like stability fees and savings rates.

MAHA began trading last Thursday, starting with a price of $1.98. Since then, its market cap has grown to $49 million, and its price has surged to $10.64. However, it is worth noting that the asset is trading down 22 percent over the past 24 hours at press time.

Melker also lent his voice to the Bitcoin debate, citing an analysis from fellow trader Nicola Duke, who expects the leading cryptocurrency to correct along $21,800 and $20,900 before it starts another rally. However, Melker also points out that this price dip might never come, and Bitcoin could just continue on its rise.

Look at the DeFi and blockchain spaces

Melker isn’t the only analyst looking to draw attention to the “little guys.” Last week, famous crypto influencer Tyler Swope released a report on some assets he believed would make a significant push in 2021. His top asset was LINK, the governance token of the blockchain oracle network Chainlink.

In his analysis, Swope highlighted that LINK is usually prone to wild pump-and-dump swings, which have been rampant over the past two years.

The analyst added that the asset is currently on a downtrend, which means that it is most likely gearing up for another wild surge. LINK has been trading around the $13 range since dropping from $16.23 in November, but Swope strongly believes that the asset can crack the $20 mark between now and the year’s end.

Swope also highlighted The Graph, an Ethereum-based querying, and indexing tool. He explained that the asset’s developers have been working with Chainlink, with both projects collaborating to develop an indexing protocol for the decentralized app (dApp) ecosystem. This collaboration should help their prices, mainly since it improves both their utility.

COMP, the governance token of top decentralized finance (DeFi) lending protocol Compound Finance, also made Swope’s list. Compound Finance announced its Compound Chain blockchain platform last week, touting it as a cross-chain protocol that will kick-start its move away from the Ethereum blockchain.

With the Compound Chain boasting possibly better scalability and interoperability than Ethereum, COMP could see a major push going forward as DeFi protocol developers flock to the blockchain platform.

About Author

Jimmy

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system. When not immersed in the daily events in the crypto scene, he can be found watching legal reruns or trying to beat his Scrabble high score.

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