A popular economist believes that one altcoin project supported by the BNB Chain ecosystem is setting the stage for a massive breakout.
In a new X post to his 215,200 followers, Alex Krüger says that Plasma (XPL) is likely to have an explosive move to the upside once the token forms a local bottom.
Plasma is a proof-of-stake (PoS) layer-1 project optimized for large-scale stablecoin payments and compatible with Ethereum (ETH).
“Seeing widespread FUD (fear, uncertainty and doubt) around Plasma following its two-day ~40% price correction. Dump is driven by profit taking from unlocked ICO (initial coin offering) participants (non-US participants were unlocked) who are/were up about 20x-30x in under four months, in size.
Abnormally high funding can be indicative of spot selling. Expect a strong move up as soon as indiscriminate spot selling subsides, whenever that may be.”
Popular analyst Altcoin Sherpa is also predicting an XPL bounce, but warns the altcoin may still have a deeper correction.
“This XPL chart is a sight to behold. Literally not one green four-hour candle and just vicious selling across the board. Seems like 90% of CT (crypto Twitter) is down on this coin, myself included.
My entry is around $1.15-$1.20 or so and I’m definitely feeling the pain. I keep thinking bounce is coming but I don’t know when/where/how it happens. I’ve already cut my perps position and just in spot at this point.”
XPL is trading for $0.95 at time of writing, down 8.2% in the last 24 hours.
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