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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 cryptocurrency. Black and white candlesticks show a significant upward trend followed by a sharp downward decline, with no green 4-hour candles visible. Horizontal lines indicate price levels, and a volume histogram at the bottom shows trading activity with varying bar heights. Text overlays include price values and timestamps.">
$XPL is trading for $0.95 at time of writing, down 8.2% in the last 24 hours.
Generated Image: Midjourney
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