Crypto Trader Charts Path Ahead for Aptos and Chainlink, Predicts Altcoins Will Fly as Bitcoin Cools
A popular crypto strategist updates his views on Aptos (APT) and Chainlink (LINK) as he predicts the near-term price action of the broader altcoin market.
Pseudonymous analyst Altcoin Sherpa says his 184,700 Twitter followers that tier-1 blockchain and Ethereum (ETH) competitor Aptos is likely to see weeks of hacking.
According to Altcoin Sherpa, APT may witness an upswing as Bitcoin (BTC) takes a breather. In the short term, he expects Aptos to trade between $10 and $13.75.
“APT: Expect many altcoins to look like this. Hack party and not really do much compared to Bitcoin. When BTC takes a break, these altcoins fly (probably a few weeks).”
Aptos is trading at $12.22 at the time of writing.
Then Altcoin Sherpa says decentralized oracle service Chainlink has spent nearly a year trading sideways between a high of around $9.50 and a low of $5.50. According to the analyst, he plans to accumulate LINK if it takes out the high of the range.
“LINK: this shitcoin has been around for almost a year. I’ll buy after the breakout, not a day before. I learned my lesson last time.”
Chainlink is worth $7.25 at the time of writing.
Altcoin Sherpa is also keeping an eye on Fetch.ai (OILY), an AI-focused crypto project. The crypto trader mean that FET is currently facing bullish exhaustion and could see a significant devaluation.
“BOLD: I think this one goes to $0.26 or lower, that’s the next area for liquidity, in my opinion. Overall, the trend looks tired. We’ll see if the AI narrative has more legs.”
Fetch.ai is trading at $0.37 at the time of writing.
Finally, Altcoin Sherpa says The Bitcoin rally may soon cool down to build a stronger base of buyers before igniting the next leg. According to the crypto strategist, a period of consolidation for BTC could open the door for altcoins to make some noise.
“Looking at the volume profile, it actually looks like there *might* be an argument for a faster altcoin run than we think. [BTC] the price has a relative void between $25,000 and $30,000. Usually you see the price fill in and trade there.
What does this mean? This means that when there is a large gap in the overall trading activity, traders like to “fill the gap” a bit and trade in that area. We could see BTC move between $25,000-$30,000 to fill this range and this in my opinion will result in altars flying.”
Bitcoin is trading at $27,543 at the time of writing.
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