A closely watched crypto strategist believes that a red-hot altcoin project has more upside potential.
Pseudonymous analyst Altcoin Sherpa tells its 206,900 followers on social media platform
“DYM: closed all this yesterday and is now not going to make a profit.
It’s still a bit choppy and not a big fan of where BTC is. I still think this can go higher, but I’ll have to be patient for now.
Looking at his chart, the trader suggests that DYM holds the $7.05 level as support and could rise to $7.39 based on the Fibonacci retracement levels.
Dymension is trading at $7.11 at the time of writing, up from a low of $3.54 on February 6, a gain of more than 100%.
Then the trader predicts that the layer-1 blockchain Sui Network (SUI) will rise more than 10% from its current value.
“SUI: This will eventually be $2, I have a strong feeling about it. Low time frames still look quite strong and it is important to remember that there are all different types of consolidation patterns.”
Looking at his chart, the trader suggests that SUI remains in an uptrend while several exponential moving averages (EMAs) continue to rise.
SUI is trading at $1.81 at the time of writing, up almost 7% in the last 24 hours.
Finally, the trader say Bitcoin (BTC) is facing a critical moment as it hits the $50,000 level on Monday.
“BTC: moment of truth here. You clearly want to see this break through AND HAVE FOLLOW-UP. If this is a quick deviation, be extremely careful. Still optimistic about the high time frames, but let’s see what happens.”
Looking at his chart, the trader suggests that if Bitcoin can convincingly break the $50,000 level, it will remain in an uptrend, otherwise he suggests that Bitcoin could correct to around $46,000.
Bitcoin is trading at $49,624 at the time of writing, up more than 3% in the past 24 hours.
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Featured image: Shutterstock/Athitat Shinagowin/Sensvector