A popular crypto trader thinks Terra (LUNA), The Sandbox (SAND) and Avalanche (AVAX) are some of the strongest altcoins right now.
Pseudonymous crypto analyst Cheds says in a new interview that he believes traders should focus on a small handful of the strongest altcoins rather than investing in a bunch.
“I would not touch anything that has been weak, especially now. It’s an incredibly terrible market environment. The newer mentality is, ‘Well, the ones that are the most beat-up have the best chance to run.’
But trends will continue, and you want to play the stuff that has been the strongest before the breakdown because that will respond the best. It will put in higher lows. It will break the higher highs.”
According to Cheds, some of the strongest altcoins out there are LUNA and AVAX. He also says he’s trading SAND.
Terra is a network of several fiat-pegged stablecoins. The network is used for e-commerce payments and decentralized finance (DeFi) services with its reserve currency LUNA underpinning the price of the stablecoins.
LUNA is trading at $88.62 at time of writing and is up 20.88% in the past 24 hours and over 75% in the last seven days.
Avalanche is a smart contract platform. Its native token, AVAX, is trading at $86.80 at time of writing. The 10th-ranked crypto asset is up 17.74% in the past 24 hours and 23.7% in the last week.
The Sandbox is an Ethereum-based virtual world that allows fans of video games to build, own and monetize their gaming experiences. The SAND token is used to transfer value, secure the network and govern the protocol.
The 40th-ranked crypto asset by market cap is trading at $3.15 and is up more than 10% in the past day.