A popular crypto trader and analyst is predicting rallies for a trio of altcoins as long as Bitcoin (BTC) can hold onto current price levels.
The pseudonymous trader known as Altcoin Sherpa tells his 169,400 Twitter followers that he’s eyeing potential gains for smart contract platform Terra (LUNA), the non-fungible token (NFT) marketplace LooksRare (LOOKS), and multi-chain liquidity hub Kyber Network Crystal (KNC).
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The trader says he’s also looking at cross-chain liquidity network THORChain (Rune), blockchain-based game Axie Infinity (AXS), and layer-1 blockchain protocol Solana.
— Altcoin Sherpa (@AltcoinSherpa) March 1, 2022
At time of writing, Terra is up 5.95% and priced at $93.29, while LooksRare has jumped 8.63% and is changing hands for $1.42.
Kyber Network Crystal is also surging, having risen 18.15% to $2.84 at time of writing.
Regarding Bitcoin, Altcoin Sherpa says he expects the king crypto to keep running higher past $50,000.
“If this is anything like September then you’re not going to many pullbacks for a little bit; my guess is low/mid 50ks.
This vertical accumulation is in play but I would wait to see what happens around 46k; a key level in my opinion.”
The trader sets $40,000 as an important support level after BTC’s recent lurch to the upside.
“Watching 40k to see if we get a pullback. If this is like September then we’ll see vertical accumulation and Bitcoin is not going to dip (unless on low time frames) much at all for a bit.
I’m guessing I won’t get this in the short term.”
The pseudonymous crypto analyst follows up on a tweet where he polled whether people expected Bitcoin to retest lows in the $27-$30,000 range. He updates the low range to $34,000.
“Personally, this was the area I was viewing for a long time. With that said, yesterday’s candle might have changed the outlook for many.
At a minimum I was viewing 34k to get tested once again. That is still a possibility of course.”
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.
Featured Image: Shutterstock/BokehStore/Natalia Siiatovskaia
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