Altcoin Sherpa, a famous crypto trader, has caught the attention of the crypto community with a promising prediction for an Ethereum-based altcoin. The predictions appear to be true as many analysts predict an uptrend in the coming weeks and August is the month of speculation. Here are his bullish altcoin targets for this week.
Maker (MKR) – Will MKR price hit a new ATH?
As August 2023 begins, there is a buzz in the crypto space for lesser-known altcoins. According to altcoin Sherpa’s latest X-Post analysis, Maker (MKR), the governance token of the Maker ecosystem, has shown remarkable strength even during the recent market downturn.
He believes that if MKR can clear the current resistance level around $1,330, it could potentially rally by almost 30% to above $1,700. However, Maker is currently trading at $1,315. Since the cryptocurrency is an undervalued cryptocurrency, it will see a bigger surge in August.
Bitcoin return and price of $40,000
It also continues with Altcoin Sherpa divided Insights into the current state of Bitcoin (BTC). If BTC manages its analysis to revisit the crucial $29,750 resistance level, it could return to a range between $30,000 and $32,000. However, the trader stresses the importance of continued strength and time before becoming fully confident on this outcome.
Should Bitcoin manage to convincingly break out of its current range, the analyst remains optimistic and sees a potential rally up to $40,000 in the medium term. Despite these positive prospects, he remains cautious and is not yet fully invested.
The strength and best buys of Chainlink
Looking at the other altcoin that caught Altcoin Sherpa’s attention is Chainlink (LINK), a popular blockchain oracle. With high hopes, the trader describes LINK as a “strong” altcoin and suggests buying opportunities between the roughly $5.50 and $7.50 price range could be considered.
He highlights the token’s impressive accumulation of 450 days, which indicates a strong position in the market. Altcoin Sherpa believes Chainlink is a relatively safe investment and suggests layering bids within the given price range and holding the asset.
“450 days of accumulation, this one is strong. I think it’s a pretty safe altcoin overall.”
At the time of writing, BTC is trading at $29,498 while LINK is priced at $7.62.
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