A popular crypto analyst is updating his predictions on a handful of altcoins amid the ongoing bear market.
Pseudonymous trader Altcoin Sherpa tells his 10,700 YouTube subscribers that XRP, Polygon (MATIC), Chainlink (LINK), Chiliz (CHZ) and Polkadot (DOT) could plummet by 25-50% if Bitcoin’s (BTC) price takes another big leg down.
However, he notes that Polygon, an Ethereum (ETH) scaling solution, still “looks fine” to him. He predicts it will stay within the $0.70 to $1.00 range. If Bitcoin doesn’t drop down and MATIC consolidates over the next few weeks, the analyst thinks it could surge up to near $2.
MATIC is trading at $0.881 at time of writing. The 10th-ranked crypto asset by market cap is up nearly 4% in the past 24 hours.
Altcoin Sherpa says Chiliz, the platform that powers social token platform Socios.com, should move higher in the short term. He thinks it could move up to the $0.24 range, but he cautions that there’s “a lot of unpredictability” with the asset.
CHZ is trading at $0.182767 at time of writing.
The analyst also thinks XRP’s chart “looks a little weird,” adding that he expects volatility for the ETH competitor.
“Personally, I think that this chops around for another month, to be frank and honest with you. Another several weeks. It’s possible that this maybe mean reverts up, but I think it’s more likely that this just chops around for a while.”
XRP is trading at $0.38052 at time of writing. The 7th-ranked crypto asset by market cap is up 0.25% in the past 24 hours.
Conversely, Altcoin Sherpa thinks LINK’s chart looks great. He says Chainlink’s 200-day exponential moving average is getting closer to its price and notes that the decentralized oracle network will look good if it can reclaim the $7.50 range. If it does, he says it could skyrocket by 50%.
LINK is trading at $6.79 at time of writing. The 23rd-ranked crypto asset by market cap is up more than 4% in the past 24 hours.
Lastly, the analyst says he’s bearish on Polkadot. He says DOT’s chart indicates that it could drop all the way to $3.50. Polkadot is trading at $5.45 at time of writing.
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Featured Image: Shutterstock/aanbetta