Renowned Trader Anticipates Another Surge for Low-Cap Altcoin that Started August Strong, With Yield Guild Games (YGG) Poised for a Potential Rebound.
In the fast-paced world of cryptocurrency, where fortunes can be made and lost in the blink of an eye, the insights of seasoned traders can often prove invaluable. One such trader who has earned a significant following is the pseudonymous analyst known as The Flow Horse, a figure previously recognized as Cantering Clark. With a substantial audience of 180,900 individuals hanging on to his every word, his latest prediction has stirred up a whirlwind of excitement in the crypto community.
The object of his attention is none other than Yield Guild Games (YGG), the native token of a decentralized autonomous organization (DAO) that has carved out its niche in the increasingly popular play-to-earn gaming sector. This altcoin burst forth from the starting line of August with undeniable gusto, ascending from a modest $0.18 to an impressive peak of $0.75 on the 7th of the month, resulting in a staggering gain of approximately 316%. However, as is often the case with such explosive surges, YGG has experienced a subsequent retracement, currently finding itself trading at $0.33 at the time of this report.
The Flow Horse’s perspective on this situation is nothing short of bullish, despite the recent correction that has taken some of the wind out of YGG’s sails. He posits that the altcoin might be priming itself for a rebound, positioning to test the waters of its previous support level, which has now seemingly transformed into a formidable resistance point.
“Good morning. Starting the day by going long on some YGG. If you observe the pattern of other coins DWF Labs is market making, they all exhibit the same trend and are starting to pump again. You might call it manipulation, but it seems somewhat predictable that they intend to continue offloading at improved prices.”
In dissecting the trader’s chart, it becomes evident that he envisions a rally for YGG that could potentially reach the coveted $0.532 threshold, suggesting a tantalizing increase of over 61% for the altcoin. However, The Flow Horse does sound a note of caution. This projected bounce, while impressive, appears to be a setup for what’s known as a bearish lower high, hinting at the likelihood of a relatively short-lived surge before another round of corrections.
While the potential for individual altcoins like YGG to showcase such noteworthy moves is undoubtedly captivating, The Flow Horse maintains a more reserved view when it comes to the broader asset class. His perspective echoes that of many seasoned market watchers, as he concurs with the prevailing sentiment that a full-blown crypto bull market is not yet on the horizon. To envision substantial upward movement in the cryptocurrency space, he believes two pivotal events must transpire: a decision by the Federal Reserve to reduce interest rates and regulatory approval for a Bitcoin (BTC) exchange-traded fund (ETF). Until these stars align, he suggests that the crypto markets are unlikely to witness the kind of widespread bullish frenzy that has captured the imagination of investors in the past.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.