A Potential Surge for Maker (MKR)
A trader known as Altcoin Sherpa believes that Maker (MKR), an altcoin based on Ethereum, has the potential to surge by almost 30% from its current price. The trader points out the “immense strength” demonstrated by MKR in the downbeat market environment. If MKR can overcome the resistance level of around $1,330, Altcoin Sherpa predicts that it could surge to above $1,700.
Bitcoin’s Potential Range
Altcoin Sherpa also shares thoughts on Bitcoin (BTC), stating that if it climbs back above the $29,750 resistance level, it could return to the $30,000 – $32,000 range. The trader emphasizes the importance of this area and suggests that the recent price action may have been just a deviation. Altcoin Sherpa believes that BTC could reach up to $40,000 in the medium term if it convincingly surges above the current range.
Chainlink’s Strong Position
Altcoin Sherpa provides an outlook on Chainlink (LINK), describing it as a “strong” altcoin. The trader considers buying opportunities for LINK between the price range of $5.50 and $7.50. Altcoin Sherpa sees LINK as a safe altcoin and suggests layering bids between the current price and the range low at $5.50.
Hot Take
Altcoin Sherpa’s analysis highlights the potential for significant price movements in Maker, Bitcoin, and Chainlink. The trader’s bullish outlook on these cryptocurrencies suggests that there may be opportunities for crypto enthusiasts to profit from their investments in the near future.