A trader has identified an altcoin based on Ethereum (ETH) that has the potential to surge by almost 30% from its present price.
Pseudonymous trader Altcoin Sherpa tells his 196,400 Twitter followers that Maker (MKR) has demonstrated “immense strength” given the downbeat market environment.
[adinserter block="1"]According to the analyst, the governance token of the Maker ecosystem could surge to above $1,700 if it overcomes the resistance level of around $1,330.
“MKR: What other alts look like this one in these market conditions? Not many. I was wrong on these areas being a stalling point, it’s shown immense strength. break this level and $1700-ish would be my next area up.”
MKR is trading at $1,315 at time of writing.
Next up is Altcoin Sherpa’s thoughts on Bitcoin (BTC). The trader says that if the flagship crypto asset manages to climb back above the $29,750 resistance level, it could return to the $30,000 – $32,000 range.
“BTC: Fairly key area around here, lots of the four-hour exponential moving averages (EMAs) all clumped together and the range low. IF price is accepted back here and continues above $30,000, I think that the recent price action was just a deviation and we’re going to still be back in the eternal range.”
BTC is trading at $29,498 at time of writing.
Over the medium term, Altcoin Sherpa says that he expects Bitcoin to reach up to $40,000 if it manages to surge above the current range convincingly.
“I’d like to see price continue with more strength and more time before I feel comfortable, though. Could easily reject around here and just go back below this range and dump.
Personally, I still think that this goes to $35,000 – $40,000 in the midterm though and I’m still bullish until shown otherwise. Not going all in quite yet though, more just spot long (always) and chilling in most active trades.”
The analyst also offers his outlook on the blockchain oracle Chainlink (LINK). He says that Chainlink is a “strong” altcoin and he would consider buying opportunities at roughly between $5.50 and $7.50.
“LINK: Still at the equilibrium of this range. 450 days of accumulation, this one is strong. I think it’s a pretty safe altcoin overall, would consider layering bids between here and the range low at $5.50 and just sitting on it.”
LINK is trading at $7.62 at time of writing.
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