A popular analyst is looking under the hood of four crypto assets to gauge if they have enough upside potential for buy-in.
Pseudonymous trader Altcoin Sherpa tells his 170,3000 Twitter followers that he expects the Ethereum (ETH) challenger and smart contract platform Solana (SOL) to break out past the $100 level once again.
“It’s important to note this hasn’t broken any market structure to the upside yet but I still think this is a short-term bottom.
I’ve gone back and forth on this idea but I think it looks ok still. Expecting mid $100s.”
At time of writing, Solana is up 2.79% and trading for $94.82. SOL is trading for 11.5% higher than its weekly low of $84.97 on March 18th.
Altcoin Sherpa is also eyeing ApeCoin (APE), a new crypto asset created by the founders of the popular Bored Ape Yacht Club (BAYC) that quickly surpassed the $700,000,000 market cap.
The chart guru says of APE,
“Entering the supply zone, be careful of low $13s.
Probably one to consider buying a dip on but expecting a lower high personally. Will buy a dip as a scalp.”
Apecoin launched on March 17th with a valuation of $7.40, surging 132% to as high as $17.17 the following day before correcting. APE is currently up 8.84%, priced at $13.11.
The pseudonymous trader next looks at the 200-day exponential moving average of Bitcoin (BTC), noting that the metrics indicate the top crypto by market cap could go on a nice run over the next couple of months.
“The last few times Bitcoin has crossed above the [200-day exponential moving average] bullishly, good things have happened. We’re close to that point.
[In my opinion] we go up for the next 1-2 months but still waiting for confirmation.”
Bitcoin is currently trading sideways at $42,725. BTC has held the $40,000 line since March 16th.
Last on the crypto analyst’s list is decentralized payment system Zcash (ZEC). While not a fan of the project, Sherpa acknowledges that the altcoin could potentially run to the upside if it clears resistance.
“ZEC. Can’t believe this shitcoin is doing so well. Everyone who has been in crypto a while has a ZEC story.
I think this one looks decent (I hate to say it). Flip this level and there isn’t much resistance until $200.”
Zcash has risen 22.1% from $148.99 to $182.02 in the past week. ZEC is up 3.62% in the last 24 hours at time of writing.
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Source: https://dailyhodl.com/2022/03/24/analyst-says-one-ethereum-competitor-could-flip-bullish-warns-against-altcoin-that-surged-over-130-in-hours/