A closely followed crypto strategist believes a red-hot altcoin project has more upside potential.
Pseudonymous analyst Altcoin Sherpa tells his 206,900 followers on the social media platform X that the native token of modular blockchain Dymension (DYM) could soon revisit higher levels after a retracement.
“DYM: closed all of this yesterday, not going to round trip profit right now.
It’s still a bit choppy and not a huge fan of where BTC is. Still think this could go higher but going to be patient for now.”
Looking at his chart, the trader suggests that DYM is holding the $7.05 level as support and could rally to $7.39 based on Fibonacci retracement levels.
Dymension is trading at $7.11 at time of writing, up from a low of $3.54 on February 6th, a gain of more than 100%.
Next up, the trader predicts that the layer-1 blockchain Sui Network (SUI) will increase more than 10% from its current value.
“SUI: this will hit $2 eventually, feel pretty strongly about it. Low time frames still look pretty strong and it’s important to remember there are all different types of consolidation patterns.”
Looking at his chart, the trader suggests that SUI remains in an uptrend as several exponential moving averages (EMAs) continue to rise.
SUI is trading for $1.81 at time of writing, up nearly 7% in the last 24 hours.
Lastly, the trader says Bitcoin (BTC) is facing a critical moment as it touches the $50,000 level on Monday.
“BTC: moment of truth here. You want to see this clearly smash through AND HAVE FOLLOW UP. If this is a quick deviation, be extremely careful. Still bullish on high time frames but let’s see what happens.”
Looking at his chart, the trader suggests that if Bitcoin can convincingly break the $50,000 level it’ll remain in an uptrend, otherwise he suggests Bitcoin could correct down to around $46,000.
Bitcoin is trading for $49,624 at time of writing, up more than 3% in the last 24 hours.
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Featured Image: Shutterstock/Athitat Shinagowin/Sensvector
Source: https://dailyhodl.com/2024/02/12/trader-says-altcoin-thats-doubled-in-less-than-a-week-could-go-higher-outlines-path-forward-for-sui/