Is China Unbanning Crypto? Top Analyst Lists Altcoins to ‘Stack’ Before Massive Influx of Capital
Anjali Belgaumkar7 Jun 20242 min read
Twitter is currently swarmed by alleged reports of China’s unbanning of crypto. 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 restricted Chinese users from using the platform.
Amid the alleged reports, analyst Dylan took to Crypto Banter channel and jumped on the news that China is effectively unbanning 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 bullish, hinting that a market recently restricted from crypto 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 experienced a significant pump on April 8th and 9th, coinciding with some Chinese news, resulting in a 54% move off 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 move for VET looks to be about a 10% increase, followed by an 18% move. These are the current opportunities with two of his favorite Chinese narrative tokens. Let’s see how this plays out. As an example, sometimes you 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. The alignment of news and technical indicators like this often marks significant movements in these tokens.
He suggested taking a look at CFX, noting its history of gains. For example, CFX saw a massive 210% increase from mid-January to March. While we can’t assume such a large move will happen again, it demonstrates the token’s potential.
The analyst briefly touched on XIBA, a new meme coin reminiscent of Shiba Inu, which he bought early. The market cap has grown from around $250k to $1.4 million. If this Chinese narrative continues, XIBA might see more growth.
