A closely followed crypto analyst and trader is laying out some near-term forecasts for a series of altcoins, including Cardano (ADA).
The pseudonymous trader known as Altcoin Sherpa tells his 170,000 Twitter followers that Cardano (ADA) still has some gas left in the tank after its recent surge.
According to the trader, at the very least, ADA should continue running to its immediate resistance before selling off.
“ADA: I think that $1.25ish comes at a minimum. Could be pullback there and would target higher for shorts.”
Next up is decentralized application (DApp) platform Near. Altcoin Sherpa says that after some consolidation around $12, NEAR could then pull off a 30% rally to $16, before then targeting $20.
“NEAR: The plan remains the same: Wait for consolidation at the range high around $12 and then target $16ish as long as BTC stays stable.”
Also on the analyst’s radar is privacy-focused Zcash (ZEC). Altcoin Sherpa says that ZEC is primed to continue its recent rallies in a strong way, ultimately going for a 25% rally above its current price of $206.
“ZEC: No clear trend on the ZEC/BTC pair, higher lows and lower highs. Potential breakout depending on how you interpret it. The ZEC/USD pair looks great still, and I think it goes to $250 eventually.”
Lastly, the analyst has his eye on ApeCoin, an altcoin created for the Bored Ape Yacht Club non-fungible token (NFT) community.
According to the analyst, while APE looks healthy, it may be getting ready to print a double top pattern before correcting.
“Doing well today but not so sure on this one, potential shift in market structure on lower time frames. I’m still waiting for a much larger dip on this one before buying. Watch a double top if it comes.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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