Ethereum Based Altcoin MKR Poised for 30% Surge, According to Prominent Crypto Trader.
In a bullish prediction that has caught the attention of the cryptocurrency community, an experienced trader operating under the pseudonym Altcoin Sherpa has pinpointed an Ethereum-based altcoin that seems ready to make significant gains. Altcoin Sherpa, boasting an impressive 196,400 followers on Twitter, has singled out Maker (MKR) as a cryptocurrency exhibiting remarkable strength despite the prevailing bearish market sentiment.
This seasoned analyst believes that Maker’s governance token, MKR, could potentially soar to surpass the $1,700 mark if it successfully overcomes the resistance barrier situated around $1,330. Altcoin Sherpa expressed confidence in the altcoin’s performance, stating, “MKR: Few other altcoins demonstrate this level of resilience amid current market conditions. My previous concerns about potential stagnation have been proven wrong; it has exhibited remarkable strength. Should it breach this level, we could see a move towards the $1700 range.”
At the time of writing, MKR is valued at $1,315.
Shifting focus to Bitcoin (BTC), Altcoin Sherpa has provided insights into the flagship cryptocurrency’s trajectory. The trader emphasizes that a decisive climb beyond the $29,750 resistance level might pave the way for BTC’s resurgence into the $30,000 to $32,000 range. Altcoin Sherpa’s perspective on Bitcoin is optimistic, as he notes, “BTC: The current juncture holds significant importance, with multiple four-hour exponential moving averages (EMAs) converging alongside the range low. A successful acceptance of price beyond $30,000 could invalidate recent deviations, indicating a potential return to the prolonged range-bound state.”
Presently, BTC is trading at $29,498.
Looking ahead, Altcoin Sherpa extends his outlook for Bitcoin, projecting the possibility of a climb towards $40,000 if it secures a convincing breakthrough beyond the current range. While maintaining a bullish stance, he maintains a cautious approach, stating, “I’m inclined to observe further price strength and temporal stability before fully committing. Although a retracement is possible around this juncture, my midterm projections oscillate within the $35,000 to $40,000 range. As of now, I remain cautiously optimistic, engaging primarily in spot long positions and monitoring active trades.”
Altcoin Sherpa also provides his assessment of the blockchain oracle Chainlink (LINK), identifying it as a robust altcoin with potential buying opportunities. He identifies the price range of $5.50 to $7.50 as a zone where he might consider accumulating more positions. Altcoin Sherpa elaborates, “LINK: Positioned at the equilibrium of an extended 450-day accumulation phase, this altcoin maintains its strength. A prudent strategy could involve staggered bids between the present level and the range’s lower boundary at $5.50, allowing for patient holding.”
As of now, LINK is trading at $7.62.
Altcoin Sherpa’s astute analysis and predictions underscore the dynamic nature of the cryptocurrency market, providing both seasoned and novice traders with valuable insights to inform their investment decisions. Please note that all market values are reflective of the time of writing and are subject to fluctuations.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.