A closely-followed crypto strategist is predicting strong rallies for a pair of altcoin projects.
Pseudonymous analyst Altcoin Sherpa tells his 170,000 Twitter followers that he sees the smart contract platform Algorand (ALGO) surging almost 60% from its current value of $0.81.
“ALGO looks good so far and continuing to move off this support area.”
While Altcoin Sherpa is short-term bullish on ALGO, he expects the Ethereum competitor to resume its downtrend after hitting his target at $1.29.
Next up is the new Ethereum-based NFT marketplace LooksRare (RARE), which Altcoin Sherpa says is in the process of bottoming out.
“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 [to support] before buying this, in my opinion.”
At time of writing, LOOKS is exchanging hands for $1.80.
The crypto strategist is also following the price action of leading smart contract platform Ethereum (ETH). According to Altcoin Sherpa, ETH still looks bearish in the higher timeframes after repeatedly establishing lower highs. However, he says he’ll change his stance if Ethereum manages to take out a key resistance area.
“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.”
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/FlashMovie/monkographic