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The popular crypto strategist, known for his timely altcoin calls, says Ethereum (ETH) and decentralized oracle network Chainlink (LINK) are setting the stage for a major upward move.
Pseudonymous analyst Altcoin Sherpa has told his 184,900 Twitter followers that the leading smart contract platform is trading in a narrow range as it prepares for a potential 38% surge.
ETH: I believe this will be between $1,600 and $1,800 for the next big move.
As of this writing, Ethereum has traded hands at $1,400.
Looking to Chainlink, Altcoin Sherpa believes Ethereum-based altcoins will also break out of their narrow confines and ignite a huge rally.
LINK: Stablecoin for now, but will go up a lot when it starts. A decent medium-term investment in my opinion.
At the time of writing, Chainlink is trading at $7.07, down over 3.4% for the day.
Altcoin Sherpa is bullish on ETH and LINK, but does not share the same outlook on Ethereum rival Avalanche (AVAX). Crypto strategists believe AVAX is likely to need a 36% correction.
“I haven’t seen it in a while, but I wouldn’t be surprised if it ends up at $10. If there’s a recovery here, I think it’s going to be some kind of rounded bottom. I don’t think I really bought it.”
At the time of writing, AVAX is worth $15.78.
Next is the Reserve Rights Token (RSR). This is a cryptocurrency intended to promote stability in an asset-backed stablecoin known as Reserve Tokens (RSV). According to traders, the RSR is moving up towards the coin’s range equilibrium (EQ) target of $0.0077.
“I never traded this, but it dropped to range low after hitting the target. Probably going to EQ at least for now.”
At the time of writing, the RSR is trading at $0.0064, down nearly 8% for the day.
The final coin on Trader’s Radar is the Fan Engagement Token Chiliz (CHZ). Altcoin Sherpa says CHZ looks bearish, but the token could present a good opportunity for the bulls at $0.16 in short-term trading.
Honestly, it’s probably a decent entry area, but I can’t hold onto this for long. I see uncertainty and potential changes in market structure.
At the time of writing, CHZ is trading at $0.182, down 3.43% over the past day.
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