Crypto Analyst Predicts Further Rallies for Two Explosive Altcoins, Updates Bitcoin Forecast
A popular crypto strategist and trader is predicting more rallies to come for two low-cap altcoins that have recently shown strength.
The pseudonymous analyst known in the industry as Altcoin Sherpa tells his 184,400 Twitter followers that decentralized derivatives exchange Injective Protocol (INJ) is the “gift that keeps on giving.”
“This entire area ($2.00) is a big supply zone. With that said, it’s been tapped several times the last few weeks, and I think a lot of sellers are gone around $2. I’m riding this one until $2.50, entry around $1.80”
At time of writing, INJ is trading at $1.93, up over 8% in the last seven days. A move to Altcoin Sherpa’s target suggests an upside potential of nearly 30% for INJ.
Another altcoin on the trader’s radar is SushiSwap (SUSHI), also a decentralized exchange protocol. According to Altcoin Sherpa, SUSHI is facing some resistance at current levels but he believes that the altcoin will continues to rally toward his target.
“SUSHI: Current area is scary bit I still think it probably goes to $1.60 eventually.”
At time of writing, SUSHI is swapping hands for $1.38, an over 22% increase in the past seven days.
As for Bitcoin (BTC), the popular analyst predicts a move down to the $18,000 level if the king crypto fails to hold the equilibrium of its range at around $19,500.
“Two scenarios that I’m eyeing. This is an unclear area for now. Conflicting signals and the exponential moving averages are all right near price; theoretically should provide some support, but when price is flipping between EMAs so consistently, it’s less likely to be strong support or resistance, in my opinion.”
At time of writing, Bitcoin is valued at $19,412, flat on the day and below Altcoin Sherpa’s range equilibrium.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia