A popular analyst is digging into the charts to set price targets for six crypto assets as the markets try to end the week on a bright note.
Pseudonymous crypto trader Altcoin Sherpa tells his 180,100 Twitter followers he’s looking at the 200-day exponential moving average (EMA) for Bitcoin (BTC) on four-hour candles to plot out both short-term highs and lows.
The crypto strategist also says that while Bitcoin has managed to establish a near-term range, he does not believe that the bear market bottom is in for BTC.
“I think that the top of range makes sense at this point, eyeing $21,600 and $22,000 as of now.
Still doubtful this is the macro bottom but it’s a very strong tradeable event. Taking profits higher where the 200 EMA four-hour is.”
Bitcoin is currently up by 1.5% over the last 24 hours, changing hands for $20,693.
Moving on to leading smart contract platform Ethereum (ETH), Altcoin Sherpa again utilizes the 200-day EMA metric to establish a price fluctuation zone of $1,013 to $1,283 while cautioning that ETH could fall to as low as $850 before the next big rally.
“Idea – [ETH] goes to the highs/hits resistance at 200 EMA four-hour and then back to the lows.
Could even go as low as $850 before springing higher. NOT the bottom yet though [in my opinion].
Ethereum is up by 2.33% on the day, priced at $1,217.
Regarding enterprise-grade blockchain platform Fantom (FTM), the crypto analyst doesn’t have high hopes but thinks FTM could at least reach the mid-point of its current trading range.
“I haven’t looked at this shitcoin in a while. I wouldn’t be surprised to see this grind up to the [equilibrium] of the range around $0.32.
It’s still super bearish though overall.”
At time of writing, Fantom is valued at $0.25.
Next on the analyst’s radar is Ethereum competitor Solana (SOL). He says he’s planning to fully exit his positions if SOL can work its way up to $42.
“I’m 1/3rd out of this position, took this one and entered at $34.
I think this can make its way to the top of the range at $42, where I’ll be mostly all out at that time.”
Solana is rallying nicely off its weekly lows in the $32 range and is currently trading at $37.01.
As for cross-chain interoperability protocol Polkadot (DOT), Altcoin Sherpa believes the bottom still isn’t in despite DOT pushing steadily downward since April.
“I don’t think this is accumulation quite yet but this is always really hard to see in real time. Chop around here another few weeks and I could maybe see it being the bottom.
Until then, I’m going to assume $5 is coming.”
Polkadot is currently changing hands for $6.74.
Last on the trader’s list is lending and borrowing protocol Aave (AAVE), which he predicts is due for a significant leg down before any rally could take place.
“I think that the cluster of EMAs could be a decent entry around the mid-$70s ($75ish) if you’re playing the lower timeframes.
It looks bullish on the four-hour but still pretty bearish on the one-day/higher timeframes.
I’d probably look to short low-$100s if/when it gets there.”
Currently, Aave is down over 4% on the day with a price of $88.85.
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Source: https://dailyhodl.com/2022/07/16/have-bitcoin-and-ethereum-bottomed-out-top-trader-examines-path-forward-for-the-two-largest-crypto-assets/