Altcoins
Will China ban crypto? Top Analyst Lists Altcoins to “Stack” Ahead of Massive Capital Influx
Twitter is currently flooded with alleged reports of China lifting its crypto ban. Tech pioneer Kyle Chasse took to social media and revealed that Bybit has opened registrations for Chinese users. Previously, the third largest offshore exchange strictly banned Chinese users from using the platform.
Amid the so-called reports, analyst Dylan turned to Crypto Banter channel and jumped on the news that China was indeed banning crypto, with several clues emerging recently. Specifically, Bybit, the third largest offshore exchange, has now opened registration and authentication for users in China. Previously, Bybit strictly prohibited Chinese users from registering or using the platform. This news caused a surge in bullish sentiment.
According to him, this development is extremely optimistic, suggesting that a market recently restricted to cryptocurrency trading is now entering the scene. This influx of capital could pump various cryptocurrencies, including altcoins.
The analyst explained that the first cryptocurrency he is focusing on is NEO. Recently, NEO saw a significant rise on April 8-9, coinciding with Chinese news, leading to a 54% decline from the 50-day moving average. Currently, NEO is trading below this average, but if it gains momentum, it could rise quickly.
Next on his list is VET and the first change in VET appears to be an increase of around 10%, followed by an increase of 18%. These are the current opportunities with two of his favorite Chinese narrative tokens. Let’s see how it goes. For example, you sometimes have to wait days or even weeks for a token to move, like with SUI or RENDER.
Another token to watch is CFX, an old favorite in the Chinese narrative space. It recently broke above its 50-day moving average, indicating a potential upward trend. Alignment of news and technical indicators like this often marks significant movements in these tokens.
He suggested taking a look at CFX, noting its earnings history. For example, CFX saw a massive 210% increase between mid-January and March. While we cannot assume that such a move will happen again, it demonstrates the potential of the token.
The analyst briefly discussed XIBA, a new coin reminiscent of Shiba Inu, which he purchased early. The market capitalization fell from around $250,000 to $1.4 million. If this Chinese discourse continues, XIBA could see more growth.