Crypto Analyst Bullish on Red-Hot Altcoin
A popular crypto analyst is bullish on an altcoin that has doubled in value in a few weeks. According to pseudonymous trader Altcoin Sherpa, Vulcan Forged (PYR) has more room to grow after breaking out of its long-term trading range.
Altcoin Sherpa likened PYR’s chart to that of Chainlink (LINK), another altcoin that broke out after being in a range for over a year.
On October 19th, PYR was trading at $2.76 and reached a high of $6.39 at the time of writing, marking a 131% increase. PYR had retraced to $5.86 at the time of writing.
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Altcoin Sherpa also expressed bullishness about Chainlink, noting that the price remains above key exponential moving averages (EMAs) on the weekly chart and predicting that LINK will hit the $20 level, which is nearly a 36% increase from its current value.
According to the trader, the next key resistance level for LINK is at $18.80. At the time of writing, LINK is trading for $14.73, up 5.6% in the last 24 hours.
Hot Take
The analyst’s bullish stance on PYR and Chainlink reflects positive sentiment about these altcoins’ potential for growth and upward momentum within the market.
