Altcoin Sherpa Predicts Rallies for SOL, AVAX, DYDX & REN, Bullish on Bitcoin
A pseudonymous cryptocurrency analyst and trader, known as Altcoin Sherpa, predicts upcoming rallies for the native tokens of two smart contract platforms Solana (SOL) and Avalanche (AVAX), and two other altcoins dYdX and Ren.
Solana (SOL)
The analyst shares with his 130K Twitter followers that looking at the recent price action in smart contract platform Terra (LUNA), it looks like Solana will break out “sooner rather than later”
“SOL: I had an idea that Solana would range between 130-175 for a while but seeing what LUNA just did, I think this actually breaks out sooner rather than later.”
$SOL: I had an idea that #Solana would range between 130-175 for a while but seeing what LUNA just did, I think this actually breaks out sooner rather than later. pic.twitter.com/zPS2GzghvH
At the time of writing SOL trades for $167, with 22% gains on a weekly chart, according to CoinMarketCap.
Avalanche (AVAX)
Regarding Avalanche, Altcoin Sherpa reveals that did take some profits at $70. But, he still has a position and he predicts one more leg up for AVAX along with other layer 1 projects.
“AVAX: I still have a large bag of this; I took some profits at $70 but have mostly chilled in it the last few weeks. Playing some coins on the AVAX ecosystem but thats about it. With NFTs doing well, I think L1s have 1 more leg to come.”
$AVAX: I still have a large bag of this; I took some profits at $70 but have mostly chilled in it the last few weeks. Playing some coins on the #AVAX ecosystem but thats about it. With NFTs doing well, I think L1s have 1 more leg to come. pic.twitter.com/q8UECtShwE
The analyst is also bullish on decentralized exchange dYdX (DYDX), which has moved up 15% over the past week. It’s trading at $23.83 at the time of writing. According to Altcoin Sherpa, DYDX could move past its all-time highs after a small pullback.
“DYDX: This is what you want to see for continuation-consolidation at the .382.
We may see a small pullback at ATH lvls but I expect this to break all time high levels.”
$DYDX: This is what you want to see for continuation- consolidation at the .382. We may see a small pullback at ATH lvls but I expect this to break all time high levels. pic.twitter.com/zbpVVpAiCP
The last altcoin on the trader’s list is digital asset-transfer software Ren (REN). He predicts that REN will go through an up trend with higher highs and lower lows on the chart.
“REN: To me, the trend still looks really bullish.
Clear highs and lows painted on the chart.
A new low around $1 could be a solid buying area.”
$REN: To me, the trend still looks really bullish. Clear highs and lows painted on the chart. A new low around $1 could be a solid buying area.
"highs and lows are obvious on the chart". It's a simple statement but it's true. These often take a while to form- @CryptoCredpic.twitter.com/id1k4QDWML
At the time of writing REN trades at $1.18 at time of writing, with 13% gains on a weekly chart.
Bitcoin (BTC)
Altcoin Sherpa also takes a look at leading digital asset, Bitcoin. He says that he is very bullish on BTC, and targets $53,000 as the next breakout level after a pullback to $48,000.
“BTC: I’m still incredibly bullish in the mid-term; I think that we may see some small pullback from 53->48 or something but I am not expecting much lower.
Bullish MS once 53k gets broken IMO.”
$BTC: I'm still incredibly bullish in the mid term; I think that we may see some small pullback from 53->48 or something but I am not expecting much lower. Bullish MS once 53k gets broken IMO. #Bitcoinpic.twitter.com/Z0n6z2x9yW
