- In a post addressing his 184,100 Twitter followers, Altcoin Sherpa predicted that ETH can break into the $1,500 level.
- According to Altcoin Sherpa, Chainlink has shown a signal of drawing closer to the 200-day moving average, which is around $10.
The crypto market has in the past couple of days shown signs of recovery with Ethereum up by 2 percent in the last 24 hours trading at $1,344. Bitcoin is also up by 3 percent trading at $20,108 while altcoins like Dogecoin and Chainlink are up by 7 percent and 2 percent respectively over the same period. The crypto market has not made any huge recovery since losing hundreds of millions after the Terra ecosystem crash.
According to a popular crypto trader known as Altcoin Sherpa, the current trend would continue over time but some selected cryptos would steal the spotlight. In a post addressing his 184,100 Twitter followers, Altcoin Sherpa predicted that ETH can break into the $1,500 level. This would be an 11 percent surge from its current price.
ETH: I think this goes to 1500 at a minimum, to be honest. This looks like it’s forming a short-term bottom overall and I still think looks decent.
Another crypto found to be at the position of a breakout was the decentralized oracle network Chainlink. According to Altcoin Sherpa, Chainlink has shown a sign of drawing closer to the 200-day moving average, around $10. This would be a 30 percent surge from the current price.
Another crypto that is expected to stage a bull run is Injective Protocol (INJ). This is a decentralized exchange based on the Ethereum network. It offers margin trading and derivatives on a cross-chain platform. The asset is currently trading at $1.77 which is an entry point according to Altcoin Sherpa. Per the analysis, it is targeting the $2.20 range
INJ: Buy strength in this market. I’ll buy the next dip when it comes and feels comfortable about it. Probably mid $1s.
Bitcoin could continue its bearish run
Interestingly, he still finds Bitcoin bearish. According to him, there could be a leg down in the next move for Bitcoin.
BTC: Consolidation into another leg down has been the case for the entirety of 2022, is this going to be any different? The trend is still bearish until shown otherwise. It’s shitty and scary and a big move is coming.
Other analysts including Guggenheim Chief Investment Officer Scott Minerd have also been bearish on Bitcoin. When the asset was trading at a little over $30,000. Minerd predicted that Bitcoin could fall by more than 70 percent to trade at $8000. Speaking to CNBC, he stated that there is a lot more room for the downside especially as FED has been very restrictive. He further disclosed that most cryptos are not currencies, but “junk”. According to him, only Bitcoin and Ethereum would survive.
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