By The Daily Hodl - 7 months ago - Reading Time: 3 minutes
Crypto Trader Says One Ethereum-Based Altcoin Primed To ‘Do Big Numbers’, Updates Outlook on Bitcoin and Polygon
A closely followed crypto trader says that one mid-cap altcoin is primed for a significant rally in price.
Pseudonymous trader Altcoin Sherpa tells his 196,300 followers on the social media platform X that blockchain oracle Chainlink (LINK) will likely break out of a months-long trading range in the next bull market cycle.
“LINK: 500 days of accumulation/chop/ranging for one of the best crypto projects that is the core infrastructure for thousands of projects. I think LINK is going to do big numbers next cycle and is one of the few I’d probably hold. Not a good trading vehicle right now though.”
Source: Altcoin Sherpa/XLooking at the trader’s chart, LINK has traded since May 2022 within a range with an upper bound of $9.33 and a lower bound of $5.52.
Next, the trader predicts that Bitcoin (BTC) will likely cross the 200-day simple moving average (SMA), which indicates bullishness.
“BTC: would like to see a four-hour close above and continuation. A retest would actually be healthy too.”
Source: Altcoin Sherpa/XLooking at his chart, the trader suggests Bitcoin is likely to break out to $26,700 and then retest the $26,300 level before continuing a rally to $28,000 by September 18th.
Bitcoin is trading for $26,666 at time of writing, up 1.3% in the last 24 hours.
The trader also weighs in on the scaling solution Polygon (MATIC). He predicts Polygon could see a more than 42% decline due to a lack of trading interest if it loses support at the $0.50 level.
“MATIC: Not sure why anyone would buy this one, to be honest. Headed back to the $0.30-$0.45 area IMO (in my opinion).”
Source: Altcoin Sherpa/XMATIC is trading for $0.52 at time of writing, up 1.3% in the last 24 hours.
Lastly, the trader predicts a collapse for the native token of the Bored Ape Yacht Club community ApeCoin (APE) as it retests the $1.14 level.
“APE: This is why you don’t lock coins up in general. This is the last stand for this sh*tcoin. Might be worth a punt if you’re into knife catches. That said, I don’t really see any sort of narrative or reason for this to go up. NFT (non-fungible token) market dead right now.”
Source: Altcoin Sherpa/XAPE is trading for $1.14 at time of writing, up 0.1% 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 Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
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
The post Crypto Trader Says One Ethereum-Based Altcoin Primed To ‘Do Big Numbers’, Updates Outlook on Bitcoin and Polygon appeared first on The Daily Hodl.
Original source: The Daily Hodl