Morgan Stanley Eyes a National Crypto Trust — Coins That Could Benefit From Custody Demand

Morgan Stanley is exploring the potential to create a national crypto trust, signaling a significant shift in the financial landscape. This move could spark increased demand for crypto custody solutions, raising curiosity about which digital currencies might see a surge in value. The article delves into the coins primed for growth amidst this rising interest.

POL Cryptocurrency at a Low Point, Poised for a Potential Rebound

Source: tradingview 

POL, previously known as MATIC, is currently trading between ten and eleven cents. This shows a bearish trend, with a recent one-week fall of over eight percent and a six-month drop exceeding sixty-five percent. However, the low RSI of about 27 indicates the coin is oversold, hinting at a possible bounce back. POL needs to breach the nearby resistance just above twelve cents to gain upward momentum. If it manages to push to the next resistance under fifteen cents, it could mean a notable rise approaching twenty-five percent from the current range. Yet, it’s essential for POL to maintain support above nine cents to avoid further declines.

Uniswap (UNI) Eyes Potential Rebound Despite Recent Challenges

Source: tradingview 

Uniswap (UNI) is currently trading between $3.24 and $4.27, showing some recovery with a weekly increase of over 13 percent. Despite a rough half-year with a drop exceeding 60 percent, the recent surge hints at a potential uptrend. The immediate task for UNI is to break through the $4.79 resistance level. Targeting the next resistance at $5.81 could present a substantial upside of over one-third from current values. However, caution is due, as the Relative Strength Index indicates it’s not yet overbought. With the price moving above key moving averages, UNI might be on the verge of turning its fortunes around if it maintains this momentum.

Chainlink Eyes Recovery Despite Recent Downturn

Source: tradingview 

Chainlink's price is hovering between $7.96 and $9.50, showing a recent uptick of nearly 5% in a week, but still down more than 13% over the past month. Its six-month dip tells a grimmer tale, with a major downswing of over 60%. However, signs of potential recovery are on the horizon. It’s currently near a resistance level of $10, and if it breaks through, the next target is $11.85. This climb could mean a jump of about 24% from current levels. The indicators suggest LINK is oversold, hinting at a possible price surge. With such dynamics, Chainlink might be prepping for a turnaround.

Conclusion

With Morgan Stanley's interest in a national crypto trust, certain cryptocurrencies could see increased demand for custody solutions. POL, UNI, and LINK are among those likely to benefit from this development. Enhanced custody services could boost confidence and attract more investors to these coins. The shift towards institutional adoption could mark a pivotal moment for these assets.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.