A closely watched crypto trader says a mid-cap altcoin is poised for a significant price increase.
Pseudonymous trader Altcoin Sherpa tells With its 196,300 followers on social media platform
“LINK: 500 days of accumulation/chop/ranging for one of the top crypto projects that is the core infrastructure for thousands of projects. I think LINK will do big numbers next cycle and is one of the few I would probably keep. But at the moment it is not a good trading tool.”
Looking at the trader’s chart, LINK has been trading within a range since May 2022 with an upper limit of $9.33 and a lower limit of $5.52.
Next, the trader predicts that Bitcoin (BTC) is likely to cross the 200-day simple moving average (SMA), indicating bullishness.
“BTC: Would like to see a four-hour close above and continuation. A retest would actually also be healthy.”
Looking at his chart, the trader suggests that Bitcoin is likely to break through to $26,700 and then retest the $26,300 level before rising further to $28,000 on September 18.
Bitcoin is trading at $26,666 at the time of writing, up 1.3% in the past 24 hours.
The trader also weighs in on the scaling solution Polygon (MATIC). He predicts that Polygon could see a drop of more than 42% due to a lack of trading interest if it loses support at the $0.50 level.
“MATIC: Honestly, I’m not sure why anyone would buy this. Back to the $0.30-$0.45 area IMO (in my opinion).”
MATIC is trading at $0.52 at the time of writing, up 1.3% in the last 24 hours.
Finally, the trader predicts a collapse for the native Bored Ape Yacht Club community token ApeCoin (APE) as it retests the $1.14 level.
“APE: This is why you don’t lock coins in general. This is the last stand for this sh*tcoin. Might be worth it if you like knife catches. That said, I don’t really see a story or reason why this would increase. NFT (non-fungible token) market is currently dead.”
APE is trading at $1.14 at the time of writing, up 0.1% in the last 24 hours.
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Generated image: Midjourney