Crypto Trader Names One Altcoin That Could Outperform Market, Updates Outlook on Bitcoin and Sushi
A popular cryptoanalyst charts his predictions for Bitcoin (BTC) and a handful of altcoins, including decentralized exchange token Sushiswap (SUSHI).
Pseudonymous trader Altcoin Sherpa says his 184,300 Twitter followers that Bitcoin will probably have to fall a bit further in price before it bounces.
“It looks like these lows are coming with the green demand zone coming up first; would expect a pullback into the high $18,000s.”
BTC is trading at $19,088 at the time of writing. The top-ranked crypto asset by market capitalization has risen 0.22% in the past 24 hours.
Altcoin Sherpa too thinking SUSHI may also be due for a bounce soon according to its exponential moving average (EMA) and the support and resistance levels indicated by the Fibonacci (fib) retracement.
“SUSHI: This area should give a bounce w. 200 EMA 4h and .50 fib, want to see some consolidation here before entering. Be wary of some weird… “news” that might come out…”
SUSHI is trading hands at $1.16 at the time of writing and is down almost 7.5% in the last 24 hours.
The cryptanalyst is bullish on the Chainlink (LINK) decentralized oracle network.
“LINK: While I still see this as a stable coin for now, I think it looks quite reasonable on holiday time frame charts as an investment/long term trade. I think it is in an accumulation area and we will eventually see this become very good.”
LINK trades for $6.92 at the time of writing. The 23rd ranked crypto asset by market capitalization has declined 1.44% in the last 24 hours.
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