A popular crypto analyst is remaining bullish on one red-hot altcoin that more than doubled in value within a few weeks.
Pseudonymous trader Altcoin Sherpa tells his 197,900 followers on the social media platform X that the gaming studio and NFT (non-fungible token) marketplace platform Vulcan Forged (PYR) has more room to run.
The trader says that PYR will likely remain in an uptrend after suddenly jumping out of a long-term trading range, similar to what the decentralized oracle provider Chainlink (LINK) has done.
“PYR: this chart reminds me a lot of the LINK chart to be honest. Escaping the range that it’s been in for over a year, looks pretty strong.”
PYR was trading at $2.76 on October 19th and reached a Thursday high of $6.39 at time of writing, a more than 131% increase. PYR has retraced to $5.86 at time of writing.
Next, the trader says he remains bullish on Chainlink, noting how the price remains above key exponential moving averages (EMAs) on the weekly chart.
He predicts LINK will eventually hit the $20 level, a nearly 36% increase from its current value.
“LINK is going to $20 and there’s nothing you can do about it. EMAs all bullish on the one-week [chart] and this one chopped for 500 days before exploding.”
Looking at his chart, the trader suggests the next key resistance level to the upside is at $18.80.
LINK is trading for $14.73 at time of writing, up 5.6% in the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, 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 losses 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/Redshinestudio/Sensvector
