A widely followed crypto trader is sharing his outlook for Bitcoin (BTC), ApeCoin (APE) and two Ethereum (ETH)-based altcoins amid signs of potential recovery for the crypto market.
As Bitcoin continues to trade above its 200-day exponential moving average (EMA), Altcoin Sherpa tells his 180,700 Twitter followers that the leading virtual asset needs to hold up to confirm an uptrend.
“BTC: I find this to be a key level (this and $22,000) that must be held for a higher low to be considered. The last move bounced at the .618, this one is currently around the .50 level.”
He says that the Bored Ape Yacht Club (BAYC)-affiliated crypto asset APE could surge to $9.00 depending on the price movement of Bitcoin and Ethereum. At time of writing, APE is trading for $7.43.
“APE: If BTC and ETH stay stable I think this continues to grind up to $9. I’m still in my position overall but I’ve already taken a bit of profit. In since the mid $5s.”
Altcoin Sherpa also shares his forecast for Optimism (OP) and Lido Dao (LDO), which peaked at $2.18 and $2.81, respectively this month. He says that the two altcoins are bound to go down following the price surge. OP is currently trading for $1.86, while LDO is changing hands at $2.57.
“I think both LDO and OP are probably decent shorts, at a very minimum a hedge against all of your spot holdings. High % chance these are much cheaper tokens in the mid/long term. Don’t buy here if you plan on holding for a while, in my opinion.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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