A popular crypto analyst remains optimistic about a red-hot altcoin that has more than doubled in value in just a few weeks.
Pseudonymous trader Altcoin Sherpa tells its 197,900 followers on social media platform
The trader says PYR will likely remain in an uptrend after suddenly jumping out of a long-term trading range, similar to what decentralized oracle provider Chainlink (LINK) has done.
“PYR: This chart honestly reminds me a lot of the LINK chart. Breaking out of the range it’s been in for over a year is looking pretty strong.
PYR traded at $2.76 on October 19 and at the time of writing, hit a Thursday high of $6.39, up more than 131%. PYR has returned to $5.86 at the time of writing.
Then the trader say he remains bullish on Chainlink, noting that the price remains above the key exponential moving averages (EMAs) on the weekly chart.
He predicts that LINK will eventually reach the $20 level, an increase of almost 36% from its current value.
“LINK goes to $20 and there’s nothing you can do about it. EMAs are all optimistic about the past week [chart] and this one chopped for 500 days before it exploded.”
Looking at his chart, the trader suggests that the next major resistance level to the upside is $18.80.
LINK is trading at $14.73 at the time of writing, up 5.6% in the last 24 hours.
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Featured image: Shutterstock/Redshinestudio/Sensvector