Altcoin Sherpa, a renowned pseudonymous trader, has identified an altcoin based on Ethereum (ETH) that he believes has the potential to surge by almost 30% from its present price. Maker (MKR), the governance token of the Maker ecosystem, has caught Altcoin Sherpa’s attention due to its “immense strength” in the current downbeat market environment.
According to the trader, if MKR can overcome the resistance level of around $1,330, it could significantly surge to above $1,700. Altcoin Sherpa is impressed with the performance of MKR in these challenging market conditions and sees it as a standout opportunity among other altcoins.
As for Bitcoin (BTC), Altcoin Sherpa shares his thoughts on its current situation. If BTC climbs above the $29,750 resistance level, the trader believes it could return to the $30,000 – $32,000 range. He considers the area around this price crucial, with several four-hour exponential moving averages (EMAs) converging, suggesting a significant decision point for the flagship cryptocurrency. Should Bitcoin break through convincingly, Altcoin Sherpa expects it to reach up to $40,000 over the medium term.
However, the trader is cautious and wants more strength and time before feeling entirely comfortable with this prediction. He acknowledges that there is a possibility of rejection and a return to the previous range.
Altcoin Sherpa also shares his outlook on the blockchain oracle Chainlink (LINK). He considers LINK a “strong” altcoin and would be interested in buying opportunities ranging from roughly $5.50 to $7.50. The trader believes LINK is a reliable asset and considers it a safe altcoin investment.
As of the time of writing, MKR is trading at $1,315, BTC at $29,498, and LINK at $7.62. Altcoin Sherpa remains bullish on Bitcoin, expecting it to reach $35,000 – $40,000 in the midterm potentially. However, he is cautious and not going all-in on his predictions, maintaining spot-long positions and monitoring active trades.
It’s essential to remember that cryptocurrency trading is highly speculative and carries inherent risks. Investors should conduct their research and consider their risk tolerance before making investment decisions based on analysts’ predictions.