Crypto Analyst Predicts Further Rally for Two Explosive Altcoins, Updates Bitcoin Forecast
A popular crypto strategist and trader predicts more rallies for two low-cap altcoins that have recently shown strength.
The pseudonymous analyst known in the industry as Altcoin Sherpa tells his 184,400 Twitter followers that decentralized derivatives exchange Injective Protocol (INJ) is “the gift that keeps on giving.”
“This whole area ($2.00) is a big supply zone. That said, it’s been tapped several times in the last few weeks and I think a lot of sellers are gone around $2. I’m running this at $2.50, entry around $1 .80”
At the time of writing, INJ is trading at $1.93, up over 8% in the last seven days. A move to Altcoin Sherpa’s target suggests nearly 30% upside potential for INJ.
Another altcoin on the trader’s radar is SushiSwap (SUSHI), also a decentralized exchange protocol. According to Altcoin Sherpa, SUSHI is facing some resistance at current levels, but he believes the altcoin will continue to rally towards his target.
“SUSHI: Current range is a bit scary, I still think it will probably go to $1.60 eventually.”
At the time of writing, SUSHI is trading hands at $1.38, up over 22% in the last seven days.
As for Bitcoin (BTC), the popular analyst predicts a move down to the $18,000 level if the king crypt fails to maintain its equilibrium in the range around $19,500.
“Two scenarios that I am looking at. This is an unclear area for now. Contradictory signals and the exponential moving averages are very close to the price; theoretically it should provide some support, but when price switches between EMAs so consistently, there is less likely to be strong support or resistance, in my opinion.”
At the time of writing, Bitcoin is valued at $19,412, flat on the day and below Altcoin Sherpa’s range equilibrium.
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
