A popular analyst is diagnosing the state of four leading crypto assets as the markets approach the weekend on cautious footing.
Pseudonymous crypto analyst Altcoin Sherpa tells his 180,000 Twitter followers that if Bitcoin (BTC) can recapture the $20,300 area, then he’ll be eyeing $21,600 as the next leg up.
“Still need to see a reclaim of this $20,300 region before any further upside [in my opinion].
$21,600 would be the next target.”
Bitcoin is up 3.15% over the last 24 hours at time of writing, changing hands for $20,207.
The analyst next looks at decentralized oracle network Chainlink (LINK), noting LINK’s current sideways price action is likely a sign of investors loading up their bags in anticipation of a future rally.
“I think this looks like it’s accumulating to me personally. I think this continues to chop around for the next several weeks before a move up.
The strength of the next move up will depend on how long it accumulates – the longer the chop, the stronger the move.”
Chainlink is also in the green, up 1.55% on the day and trading for $6.25.
Moving on to layer-1 blockchain protocol Solana (SOL), Altcoin Sherpa says that after several weeks of negative price action SOL must establish a bottom and make a move toward the upside.
“Bounce or die spot; my stops are at break-even.
Already took off 1/3rd.”
At time of writing, Solana is up by over 6% over the last day and changing hands for $35.95.
The chart guru concludes his analysis by looking at leading smart contract platform Ethereum (ETH) on the ETH/BTC trading pair. While he’s still bearish on ETH, he says the 200-day exponential moving average (EMA) of 0.07008 BTC (or $1,416) looks to be the resistance ceiling.
“Higher time-frame charts still don’t look great; lower time frames show the 200-day EMA acting as resistance once again.
Trend is still bearish until shown otherwise [in my opinion].”
Ethereum is currently worth 0.059637 BTC, or $1,142.
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Source: https://dailyhodl.com/2022/07/07/heres-whats-next-for-bitcoin-chainlink-and-one-ethereum-competitor-according-to-top-trader/