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Altcoin

Analyst Predicts Epic Rallies for New Ethereum-Based Crypto Asset and Top ETH Competitor

A closely-followed crypto strategist is predicting sturdy rallies for a pair of altcoin initiatives.

Pseudonymous analyst Altcoin Sherpa tells his 170,000 Twitter followers that he sees the sensible contract platform Algorand (ALGO) surging nearly 60% from its present worth of $0.81.

“ALGO looks good so far and continuing to move off this support area.”

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Source: Altcoin Sherpa/Twitter

While Altcoin Sherpa is short-term bullish on ALGO, he expects the Ethereum competitor to renew its downtrend after hitting his goal at $1.29.

Next up is the brand new Ethereum-based NFT market LooksRare (RARE), which Altcoin Sherpa says is within the means of bottoming out.

“Still in this position, expecting the A&E [Adam and Eve] reversal to play out. I’m going to probably be all out by $3. 200 EMA [exponential moving average] on the 4-hour acting as resistance; probably best to wait to see if $1.80 can get flipped [to support] before buying this, in my opinion.”

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Source: Altcoin Sherpa/Twitter

At time of writing, LOOKS is exchanging palms for $1.80.

The crypto strategist can be following the price motion of main sensible contract platform Ethereum (ETH). According to Altcoin Sherpa, ETH nonetheless appears to be like bearish within the greater timeframes after repeatedly establishing decrease highs. However, he says he’ll change his stance if Ethereum manages to take out a key resistance space.

“One thing that would allow me to change my mind for Ethereum is if this $3,050 level gets broken. At that point, you have a higher high argument followed by higher lows… Ultimately if this $3,300 area really gets broken, that’s really, really strong because at that point you have clear higher lows and you have higher highs.”

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Featured Image: Shutterstock/FlashMovie/monkographic

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