A popular crypto analyst is laying out bullish price targets for a Chainlink (LINK) rival that’s already surged nearly 85% since the beginning of 2024.
The pseudonymous trader known as Altcoin Sherpa tells his 207,200 followers on the social media platform X that he plans to use Fibonacci extensions for targets for the data aggregating service Pyth Network (PYTH).
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price pullbacks. They are based on Fibonacci ratios.
PYTH already surpassed the analyst’s first target, which was around $0.65. The 83rd-ranked crypto asset by market cap is trading around $0.658 at time of writing, up from $0.356 at the top of the year.
Altcoin Sherpa’s next targets for the asset are $0.6979 and then $0.767.
Earlier this week, the analyst noted PYTH was in the midst of price discovery, a situation where a coin trades at levels never seen before in its history.
Altcoin Sherpa says coins that trade in price discovery territory are “always magical” as they tend to go on a strong uptrend with no known resistance left.
The trader also notes that it might be worth paying attention to some older altcoins, including the public blockchain platform Chromia (CHR).
“Seeing some of these old coins like CHR come back from the dead makes me think I should not be so dismissive of some of these older coins and instead think about trading them more. The problem I see is that they are usually in long accumulation patterns and can take a while to actually start to move… and my impatient ass is not going to hold the position for weeks on end.
That said, there are probably a lot of these that look pretty good. Going to start looking more at these over the next few days/weeks.”
Generated Image: Midjourney