A closely followed crypto strategist and trader is predicting that smart contract platform Avalanche and three other altcoins will catch fire and rally.
Pseudonymous trader Altcoin Sherpa tells his 157,900 Twitter followers that he’s looking for Avalanche (AVAX) to continue surging en route to his target at $130.
“Decent volume coming in overall. The 4-hour market structure is still bearish though. This is still a big bag for me. I’ll probably derisk a little at $130.”
At time of writing, AVAX is trading at 107.89, up over 42% from its seven-day low of $75.63.
Another coin on the trader’s list is interoperable blockchain Polkadot (DOT). According to the crypto strategist, Polkadot is due for a bounce to $35 before resuming its downtrend.
“$24 better continue to hold or this thing is going to goblin town. I still think it will and I think that it eventually makes some sort of lower high.”
A rally to Altcoin Sherpa’s target represents an upside potential of over 42% for DOT from its current price of $24.62.
Next up is Fantom (FTM), a network of custom blockchains that aims to power smart cities. Altcoin Sherpa says that FTM is in the midst of carving a bottom at $1.40 which he says will set the stage for a rally to $2.80.
“Solid swing trade entry right here. I’m personally waiting for some other coins/trades. Lots of confluence in this area though.”
The last coin on the trader’s radar is Curve (CRV), the governance token of stablecoin-focused decentralized exchange Curve Finance. According to the crypto analyst, he believes CRV is now in a position to take out its 2021 high of $6.39.
“One of the few strong ETH DeFi (decentralized finance) coins, I think this one looks pretty solid. That said, resistance is incoming, wait for a break of that first in my opinion.”
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The post Avalanche (AVAX) and Three Additional Altcoins Gearing Up for Rallies, According to Top Crypto Analyst appeared first on The Daily Hodl.