Analyst Says Altcoin That’s Rallied Over 270% in Three Months Still Looks Bullish, Updates Outlook on Chainlink

By The Daily Hodl - 3 months ago - Reading Time: 2 minutes
Sat, Jan 20, 2024 12:45 PM

Analyst Says Altcoin That’s Rallied Over 270% in Three Months Still Looks Bullish, Updates Outlook on Chainlink

A widely followed crypto analyst and trader is staying bullish on one altcoin that’s been red hot for months.

The analyst pseudonymously known as Altcoin Sherpa tells his 205,800 followers on the social media platform X that Web3 project Internet Computer (ICP) still has more upside potential.

“ICP: another coin that looks interesting to me setup-wise, bullish demand zone plus 200-day EMA (exponential moving average) on the four-hour that hasn’t been tested in a while. I am considering longing this one.”

Looking at his chart, the trader suggests ICP could bounce if it holds the 200-day EMA as support around the key level of $11.25.

ICP is trading for $11.14 at time of writing up more than 270% since its $2.99 close on October 19th.

Next up, the trader predicts that decentralized oracle provider Chainlink (LINK) will trade around its current price level in a consolidation phase before moving another leg up.

“LINK is consolidating for the next move up, but I expect this to still just chill out for a while and continue to consolidate. Not expecting any big moves – yet.”

Chainlink is trading for $15.43 at time of writing, up more than 7% in the last 24 hours.

Generated Image: DALLE3

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Original source: The Daily Hodl