Analyst Scott Melker Says New Crypto Asset Has Huge Potential After Initial 630% Surge

Analyst Scott Melker Says New Crypto Asset Has Huge Potential After Initial 630% Surge

Crypto analyst and trader Scott Melker is bullish on a small-cap altcoin that just printed 630% gains.

In a new tweet, Melker tells his 148,400 followers that he is keeping a close watch on MahaDAO.

“The potential here is crazy. TheMahaDAO is already up a few x and likely just getting started.”

MahaDAO (MAHA) is the stablecoin platform behind ARTH, which is a coin that promises to maintain its buying power regardless of market conditions. ARTH aims to protect the wealth of its investors as it is backed by a basket of diversified and uncorrelated assets including fiat currencies, stablecoins, tokenized assets, cryptocurrencies, commodities, bonds, stock indices, and others.

“ARTH is an algorithmic value-stable coin built using robust strategies like vault optimization, auto collateralisation ratio, automatic rebalancing mechanism, anti-correlated asset selection, purchasing power pegging, oracle price feeds and more.”

ARTH is also decentralized as it is being powered by the governance and utility token, MAHA. Holders of MAHA get to vote on savings rates and stability fees as well as influence the direction and future of the ARTH coin.

Today, MAHA recorded an all-time high of $14.40, up from its launch day low of $1.98 on December 17th.

Source: CoinGecko

As for Bitcoin, Melker cites a price prediction by trader Nicola Duke, who expects BTC to correct between $21,800 and $20,900 before resuming its uptrend.

Bitcoin could retrace to $21,800 perhaps $20,900 before the next leg up… expect a 3 wave correction (down-bounce-down) before higher again.”

However, Melker emphasizes that the dip Duke expects may never come and Bitcoin just continues on its ascent.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Art Furnace

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