Crypto Trader Names One Altcoin That Could Outperform the Market, Updates Outlook on Bitcoin and Sushi
A popular crypto analyst is mapping out his predictions for Bitcoin (BTC) and a handful of altcoins, including decentralized exchange token Sushiswap (SUSHI).
Pseudonymous trader Altcoin Sherpa tells his 184,300 Twitter followers that Bitcoin will probably need to drop a little further in price before it bounces.
“Looks like these range lows are coming with the green demand zone up first; would expect a bounce in the high $18,000s.”
BTC is trading at $19,088 at time of writing. The top-ranked crypto asset by market cap is up 0.22% in the past 24 hours.
Altcoin Sherpa also thinks SUSHI could also be due for a bounce soon according to its exponential moving average (EMA) and the support and resistance levels indicated by Fibonacci (fib) retracement.
“SUSHI: This area should provide a bounce w. 200 EMA 4h and .50 fib, would want to see some consolidation here though before entering. Careful of some weird… ‘news’ that might come out though…”
SUSHI is changing hands at $1.16 at time of writing and is down nearly 7.5% in the past 24 hours.
The crypto analyst is bullish on the decentralized oracle network Chainlink (LINK).
“LINK: Although I still see this as a stablecoin for now, I think it looks pretty reasonable on high time frame charts as an investment/longer-term trade. I think it’s in an accumulation range and we’ll eventually see this do really well.”
LINK is trading at $6.92 at time of writing. The 23rd-ranked crypto asset by market cap is down 1.44% in the past 24 hours.
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