Crypto Trader Updates Outlook on Bitcoin and Ethereum-Based Altcoins Exploding Over 350% in One Week
A widely followed cryptoanalyst updates his view on Bitcoin (BTC) and weighs in on the price exploding Mask Network (MASK).
The pseudonymous analyst known as Altcoin Sherpa says his 186,300 Twitter followers that BTC can cut around the $20,000 price level for a while.
He says, based on the support at several critical exponential moving averages (EMA) on the four-hour time frame, the recent move near the $21,000 price level was just a deviation.
“Things are looking good in the short term, will see $20,000 as the next area; it is a psychological number + 4-hour EMA. If the price continues to trade a little longer in this area, I suspect that the last move up was just a deviation and the price will only continue to cut in this area.”
Altcoin Sherpa then turns to MASK, which has risen in price over the past week. At the time of writing, MASK is trading hands at $5.10, up 357% over the past seven days. He says that he missed the price action, but predicts that the token’s weekly high will act as resistance and a pullback in price.
“I didn’t catch this one, but it’s a good example of how there are always opportunities in the crypto market. 4x in a few days, amazing. That said, I wouldn’t buy here, would wait for a pullback. A week’s level should act as resistance.”
MASK is a project intended to bring Web3 features to social media platforms such as Twitter and Facebook. The price shot up after crypto giant Binance announced a new Bluebird index, which tracks the prices of MASK alongside the prices of Binance Coin (BNB) and Dogecoin (DOGE), shortly after investing $500 million in Twitter.
Some suggest that the Bluebird Index is a reference to Twitter, fueling speculation Elon Musk may integrate these crypto projects into the social media platform.
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