Expect a Strong Move Up for One BNB Chain Ecosystem Altcoin, According to Economist Alex Krüger

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.

Source: Alex Krüger/X

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. Ive already cut my perps position and just in spot at this point.

Source: Altcoin Sherpa/X

XPL is trading for $0.95 at time of writing, down 8.2% in the last 24 hours.

Generated Image: Midjourney