Sherpa, a cryptocurrency analyst, has identified five altcoins with potential for profitable trades. Here is an overview of Sherpa’s analysis:
According to Sherpa, LINK has been in a sideways range for almost a year, but its transaction volume has been on the rise since May 2022. Sherpa believes that LINK could experience a significant rally similar to the one that pushed the price to an all-time high of $52, as soon as it breaks above the current range.
Sherpa thinks that buying ARB at a Fibonacci support around the $1.45 price region would be a good decision. This area represents a significant pullback and price consolidation, coinciding with a volume profile that supports another leg in the price rally. Although ARB is already in an established uptrend, Sherpa believes that there is still room for profit.
Sherpa suggests that buying around the $11.72 price region could be a good decision for APT. He notes that consolidation is significant around that area, with several EMAs converging on the daily chart. However, Sherpa warns that activities around Bitcoin price could impact APT’s price movement. He believes that a significant drop in the price of BTC could cause APT to fall toward the $9.62 price region. Otherwise, the $11.72 level remains valid for a bounce.
Binance Coin (BNB)
Sherpa has identified the $345 price level as a significant resistance for BNB’s price, and believes that a close above that level will indicate a significant breakout. He projects that a confirmed break above this region could see BNB climb to $450 on its first leg. Sherpa considers BNB to be one of the more bullish coins in the current Bitcoin market.
Injective Protocol (INJ)
INJ is one of the most bullish coins in the current Bitcoin market, according to Sherpa. He expects the coin’s price to stall around the $10.60 area and advises anyone in the trade to consider taking some profit there. However, he also believes that INJ is in a good position for anyone who wants to partake in the bull run to look out for dips and buy them. Sherpa predicts that there is still significant momentum in INJ’s rally that could push it toward higher price levels.
In summary, Sherpa’s analysis indicates that these five altcoins have potential for profitable trades. It is important to note that cryptocurrency trading carries risk, and traders should conduct their own research and analysis before making any investment decisions.