A popular analyst is unveiling his breakout targets for a small group of altcoins including Binance Coin (BNB) and Chainlink (LINK).
In a new strategy session, pseudonymous analyst Altcoin Sherpa says that he’s keeping a close watch on Binance Coin, the utility token of the world’s largest crypto exchange.
According to Altcoin Sherpa, BNB has been trading in a wide range for a year and a strong move above the $350 level could propel the large-cap altcoin to a level last seen in March 2022.
“If this actually does have a strong breakout, then I would view $450 probably as a first area, and there’s going to be a lot of intermediate levels in between but $450 probably be my next level up.”
At time of writing, BNB is trading for $339.
Next up is the decentralized oracle network Chainlink. According to Altcoin Sherpa, a big breakout above $9.30 could push LINK to print gains of as much as 207% considering that it has been consolidating in a wide range for about a year.
“When Chainlink starts to actually move strong, I think that it’s quite likely this goes to at least $14… Since it’s accumulated for such a long time, I wouldn’t be surprised at all to see something like $25.”
At time of writing, LINK is worth $8.19.
Another altcoin on the trader’s list is the layer-2 scaling solution Arbitrum (ARB). According to the analyst, ARB could witness a corrective move to as low as the $1.45 level before the next leg up.
“I wouldn’t be surprised if this goes above $2. If you look at it from a fundamental standpoint, it still has pretty high TVL (total value locked), pretty high usage relative to other blockchains that are close to being [the] same value.”
At time of writing, ARB is trading for $1.62.
The last altcoin on the trader’s radar is the decentralized exchange Injective (INJ). Altcoin Sherpa says INJ is in the midst of a “monster run,” which he notes is likely to continue in the short term.
“I think the next area up would be around this $10 to $10.60 area, and that’s going to be a pretty interesting area, in my opinion. Would be looking to take heavy profits around there.”
At time of writing, INJ is worth $9.01.
I
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck 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.
Generated Image: Midjourney
