A closely followed crypto strategist believes that one Ethereum (ETH)-based digital asset is setting up for an explosive run.
Pseudonymous analyst Altcoin Sherpa tells his 196,400 followers on the social media platform X that the decentralized oracle network Chainlink (LINK) is a solid crypto project from a fundamental standpoint.
According to the trader, LINK could outperform the broader altcoin markets in the next bull cycle as the coin has been trading within a well-defined range for over 500 days.
“LINK: Still one of the few coins that I would consider just buying a bag of and letting it sit for the next six months [plus]. I think this is going to be a very strong one for the next cycle. Core infrastructure for a ton of projects with few competitors.”
Source: Altcoin Sherpa/X
At time of writing, LINK is worth $7.53, up over 8% in the last 24 hours.
Another altcoin that Altcoin Sherpa thinks may perform well in the next market cycle is Rollbit Coin (RLB), the native asset crypto gambling platform Rollbit. While the trader is long-term bullish on RLB, he believes the altcoin will see declining prices in the coming weeks.
“RLB: this one is going to be very good in the bull market, but for now I think it will go to $0.07 or lower eventually.
Several things could go wrong though in terms of regulation/etc. I’m not interested in these current prices.”
Source: Altcoin Sherpa/X
At time of writing, RLB is worth $0.106, down over 3% in the last 24 hours.
As for Bitcoin (BTC), Altcoin Sherpa warns that it is now within the realm of possibility for the crypto king to slide close to $20,000 as it struggles to sustain its bullish momentum.
“High timeframe view: a potential shift in market structure for many of these exchanges where we had a lower low. I’m still viewing this area as a potential low being formed, but I’m not super excited about it and wouldn’t be surprised to see us go lower to the low $20,000s eventually.”
Source: Altcoin Sherpa/X
At time of writing, Bitcoin is trading for $26,276.
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The post One Ethereum-Based Altcoin Gearing Up for ‘Very Strong’ Performance, Says Trader – Here’s His Timeline appeared first on The Daily Hodl.
