The pseudonymous analyst Altcoin Sherpa tells his 182,600 Twitter followers that he believes smart contract platform Cardano is in a sideways accumulation phase and that a rally close to $0.60 is in sight.
“It looks decent relative to other alts right now. I don’t think this is necessarily ‘the bottom’ and $0.55 should be resistance. That said, this almost looks like accumulation on higher timeframe charts.”
At time of writing, ADA is changing hands for $0.49.
Next up is leading smart contract protocol Ethereum. According to Altcoin Sherpa, he’s watching a key level for ETH that could suggest whether Ethereum is gearing up for a breakout.
“I still think this recent move was a bear market rally but I will keep watching it. If we see a strong break of the recent highs, maybe some sort of cup and hand;e pattern will play out? $1,730 still a strong area to watch.”
At time of writing, ETH is valued at $1,657, up over 5% on the day.
The last coin on the trader’s radar is meme coin Shiba Inu. According to the crypto strategist, he’s still invested in SHIB because of the coin’s tendency to erupt. At this point, however, he thinks the price action of the crypto asset is neutral.
“Weird price action, seeing these weird spikes. I still have a small position in it overall, simply because I think it can pump unlike any other coin. Liquidity is also good on it. That said, this area+ price action = very neutral, in my opinion.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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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 loses 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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