Altcoin Sherpa Projects Rallies For ALGO, LOOKS, Updates ETH Outlook
A popular crypto analyst and trader, known as Altcoin Sherpa, projects rallies for Algorand (ALGO), LooksRare (RARE) and updates the outlook on Ethereum (ETH).
Algorand (ALGO)
Altcoin Sherpa shared with his 170.2K followers on Twitter followers that he expects a 56% rally for Algorand (ALGO) from its current price of $0.83.
“ALGO looks good so far and continuing to move off this support area.”
The other performer on the crypto expert’s list is Ethereum-based NFT marketplace LooksRare (LOOKS), which looks to be finding a bottom, the analyst says.
“Still in this position, expecting the A&E (Adam and Eve) reversal to play out. I’m going to probably be all out by $3. 200 EMA (exponential moving average) on the 4-hour acting as resistance; probably best to wait to see if $1.80 can get flipped before buying this, in my opinion.”
$LOOKS: Still in this position, expecting the A&E reversal to play out. I'm going to probably be all out by $3. 200 EMA on the 4h acting as resistance; probably best to wait to see if $1.80 can get flipped before buying this IMO. pic.twitter.com/N3p0pI4blQ
At time of writing, LOOKS trades at $1.74, down 6.66% on the daily time frame.
Ethereum (ETH)
Looking into Ethereum (ETH), Altcoin Sherpa notes that ETH still looks bearish in the higher timeframes after printing lower highs. But, he outlines key levels that would have to be broken in order for him to flip bullish on the leading smart contract platform.
“One thing that would allow me to change my mind for Ethereum is if this $3,050 level gets broken. At that point, you have a higher high argument followed by higher lows… Ultimately if this $3,300 area really gets broken, that’s really, really strong because at that point you have clear higher lows and you have higher highs.”
At the time of writing, ETH trades at $3,030, up 1.9% on the daily time frame.
