Crypto trader says an Ethereum-based altcoin is primed to hit “big numbers,” updates outlook on Bitcoin and Polygon
A closely followed crypto trader says a mid-cap altcoin is primed for a significant price rise.
Pseudonymous trader Altcoin Sherpa tells his 196,300 followers on social media platform X that blockchain oracle Chainlink (LINK) is likely to break out of a months-long trading range in the next bull market cycle.
“LINK: 500 days of accumulation/chop/ranging for one of the best crypto projects, representing the core infrastructure for thousands of projects. I think LINK will do big numbers in the next cycle and will be one of the few that I would probably hold. However, it is not a good trading tool at the moment.”
Source: Altcoin Sherpa/X
A look at the trader chart shows that LINK has been trading in a range with a ceiling of $9.33 and a floor of $5.52 since May 2022.
Next, the trader predicts that Bitcoin (BTC) is likely to break above the 200-day SMA (Simple Moving Average), indicating bullishness.
“BTC: would like to see a four-hour close and continuation. A new test would actually be healthy too.”
Source: Altcoin Sherpa/X
Looking at his chart, the trader expects Bitcoin to likely break out to $26,700 and then retest the $26,300 level before continuing higher to $28,000 by September 18th.
Bitcoin is trading for $26,666 at the time of writing, up 1.3% in the last 24 hours.
The trader also comments on the Polygon (MATIC) scaling solution. He predicts that Polygon could see a decline of more than 42% if it loses support at the $0.50 level due to a lack of trading interest.
“MATIC: To be honest, I’m not sure why anyone would buy this. In my opinion it went back to the $0.30 to $0.45 range (in my opinion).”
Source: Altcoin Sherpa/X
At the time of writing, MATIC is trading at $0.52, up 1.3% in the last 24 hours.
Finally, the trader predicts a collapse for the Bored Ape Yacht Club community’s native token ApeCoin (APE) as it retests the $1.14 mark.
“APE: For this reason, coins are generally not locked up. This is the final stand for this sh*tcoin. Might be worth a try if you’re into knife catching. However, I don’t see any real reason or reason for this to go up. The NFT (non-fungible token) market is currently dead.”
Source: Altcoin Sherpa/X
At the time of writing, APE is trading at $1.14, up 0.1% in the last 24 hours.
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