According to Altcoin Sherpa, APT could witness a burst to the upside once Bitcoin (BTC) takes a breather. In the short term, he expects Aptos to range trade between $10 to $13.75.
“APT: Expecting a lot of altcoins to look something like this. Chop fest and not really do a whole lot compared to Bitcoin. Once BTC takes a break, these altcoins fly (probably a few weeks).”
Aptos is trading for $12.22 at time of writing.
Next, Altcoin Sherpa says the decentralized oracle service Chainlink has spent nearly a year trading sideways between a high of about $9.50 and a low of $5.50. According to the analyst, he plans to accumulate LINK if it takes out the high of the range.
“LINK: this shitcoin has been ranging for nearly a year. I’m going to buy after the breakout, not a day before. I learned my lesson last time.”
Chainlink is worth $7.25 at time of writing.
Altcoin Sherpa is also keeping an eye on Fetch.ai (FET), an AI-focused crypto project. The crypto trader believes that FET is currently facing bullish exhaustion and could see a significant devaluation.
“FET: I think this one goes to $0.26 or lower, that’s the next area of liquidity, in my opinion. Overall, trend looks tired. We shall see if the AI narrative has more legs.”
Fetch.ai is trading for $0.37 at time of writing.
Lastly, Altcoin Sherpa says the Bitcoin rally may cool off soon to build a stronger base of buyers before igniting the next leg up. According to the crypto strategist, a period of consolidation for BTC could open the door for altcoins to make some noise.
“Looking at volume profile, it actually looks like there *could* be an argument for a sooner altcoin run than we think. [BTC] price has a relative void between $25,000 and $30,000. Usually, you see price filling that out and trading happening there.
What does this mean? It means that when there is a big void in overall trading activity, traders like to ‘fill the gap’ a bit and trade in that area. We could see BTC range between $25,000-$30,000 to fill this area out and this would result in alts flying, in my opinion.”
Bitcoin is trading for $27,543 at time of writing.Don't Miss a Beat – Subscribe to get 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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