A popular crypto analyst updates his view on Aptos (APT) and Chainlink (LINK) as he forecasts near-term price action for the broader altcoin market.
These altcoin projects are probably in a few weeks or fly!
cryptocoin.com As you can follow, the wavelength in the market has increased in recent days. The analyst, nicknamed Altcoin Sherpa, says that Tier-1 Blockchain and Ethereum (ETH) rival Aptos will likely continue to see volatility for weeks. According to altcoin Sherpa, APT may witness an upside boom once Bitcoin (BTC) takes a breather. In the short term, the analyst expects Aptos to trade between $10 and $13.75. He expresses his prediction as follows:
APT: I expect many altcoins to look like this. Hit it and don’t do much compared to Bitcoin. When BTC takes a hiatus, these altcoins will likely fly out in a few weeks.
At press time, Aptos was trading at $11.65, down 5.78% on a daily basis.
Next, Altcoin Sherpa says its decentralized oracle service Chainlink has been trading sideways for about a year, between about $9.50 and the lowest $5.50. The analyst plans to accumulate LINK if it hits the top of the range. In this regard, Sherpa makes the following statement:
LINK: This shitcoin has been changing for about a year. I will buy it after the break, not the day before. I learned my lesson last time.
At press time, LINK was changing hands at $7.02, down 3.53% on a daily basis.
Altcoin Sherpa also pursues Fetch.ai (FET), an AI-driven crypto project. The crypto analyst believes that FET is currently facing a bullish trend and could see a significant devaluation. He expresses his views on this matter as follows:
FET: I think that goes to $0.26 or below and that’s where the next liquidity area is. Overall, the trend looks tired. We’ll see if the AI narrative has more legs.
At press time, FET was trading at $0.3610, down 2.22% on a daily basis.
Bitcoin may cool soon for a new phase!
Finally, Altcoin Sherpa says that the Bitcoin rally may soon cool off to create a stronger buyer base before igniting the next leg. According to the crypto strategist, a period of consolidation for BTC could open the door for altcoins to make noise. In this context, the analyst makes the following assessment:
Looking at the volume profile, it actually looks like an argument for an earlier altcoin run than we thought. BTC price has a relative gap between $25,000 and $30,000. Usually you’ll see the price fill this and trade there. What does it mean? This means that when there is a big gap in overall trading activity, traders like to ‘fill in a bit’ and trade in that area. We can see BTC between $25,000-30,000 to fill this space and I think that will cause altcoins to fly.