A widely watched cryptocurrency trader shares his outlook on Bitcoin (BTC), ApeCoin (APE) and two Ethereum (ETH)-based altcoins amid signs of a possible recovery for the crypto market.
As Bitcoin continues to trade above its 200-day exponential moving average (EMA), Altcoin Sherpa tells his 180,700 Twitter followers that the leading virtual asset needs to hold to confirm an uptrend.
“BTC: I see this as a key level (that and $22,000) to hold to consider a higher low. The last move bounced to 0.618, it is currently around the .50 level.”
He says that the crypto asset linked to Bored Ape Yacht Club (BAYC) could rise to $9.00 depending on the price movement of Bitcoin and Ethereum. At the time of writing, APE is trading at $7.43.
“APE: If BTC and ETH hold steady, I think this continues to reach $9. I’m still in position overall, but I’ve already taken a small profit. From mid-$5.”
Altcoin Sherpa also shares his prediction for Optimism (OP) and Lido Dao (LDO), which peaked at $2.18 and $2.81, respectively this month. He says the two altcoins are bound to decline after the price rally. OP is currently trading at $1.86, while LDO is changing hands at $2.57.
“I think both LDO and OP are probably decent shorts, at least a hedge against all your points. High % chance that these are much cheaper brands in the medium/long term. Don’t buy here if you plan to hold for a while, in my opinion.”
Disclaimer: The views expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and that any losses are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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