A closely watched analyst is predicting a strong rally for leading smart contract platform Ethereum (ETH) and two more altcoins as crypto markets bounce.
Pseudonymous analyst Altcoin Sherpa tells his 180,600 Twitter followers that he believes Ethereum has more gas left in the tank despite nearly doubling its value in less than two months.
“ETH: I expect Ethereum to rally to $2,200 eventually in the interim, but we’ll see if it can break past this current support/resistance level ($1,720). The longer this grinds around here, the more bullish me in the short/medium term. Still don’t think this is ‘rock bottom’ though.”
At the time of writing, Ethereum is changing hands for $1,702.
Next up is the popular blockchain-based game Axie Infinity (AXS). Altcoin Sherpa believes Axie Infinity has room to spark a supporting rally, but he remains cautious about whether AXS can actually hit his massive target.
“What do we think of these kinds of ideas? I don’t know if it has the juice to get up to the $40s, but can certainly see some kind of bear market rally if BTC is ok.”
At the time of writing, AXS is trading hands at $18.78, nearly 135% below Altcoin Sherpa’s target of $44.
The latest altcoin on the trader’s radar is LOOKS, the parent asset of non-fungible token marketplace LooksRare. Altcoin Sherpa predicts a 50% rally for LOOKS as long as Bitcoin (BTC) remains relatively stable.
“OUTLOOK: some interesting price action; the four-hour exponential moving averages clump together and the price swings back and forth. I actually think this still looks ok. [It] wouldn’t surprise me to see 50%+ if BTC plays well.”
At the time of writing, LOOKS is trading at $0.40.
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