A closely tracked analyst is predicting a strong rally for leading smart contract platform Ethereum (ETH) and two additional altcoins as crypto markets bounce.
Pseudonymous analyst Altcoin Sherpa tells his 180,600 Twitter followers that he believes Ethereum has more gas left in its tank despite nearly doubling its value in less than two months.
“ETH: I expect Ethereum to make its way up to $2,200 eventually in the midterm, but we’ll see if it can break past this current support/resistance level ($1,720). The longer this grinds around here, the more bullish I am in the short/midterm. Still dont think this is ‘the bottom’ though.”
At time of writing, Ethereum is changing hands for $1,702.
Next up is popular blockchain-based game Axie Infinity (AXS). Altcoin Sherpa thinks Axie Infinity has room to ignite a relief rally, but he’s still remaining cautious on whether AXS can actually hit his massive target.
“What do we think about this type of idea? I dont know if it has the juice to get up to the $40s, but could certainly see some sort of bear market rally if BTC is ok.”
At time of writing, AXS is swapping hands for $18.78, nearly 135% below Altcoin Sherpa’s target of $44.
The last altcoin on the trader’s radar is LOOKS, the native asset of non-fungible token marketplace LooksRare. Altcoin Sherpa predicts a 50% rally for LOOKS as long as Bitcoin (BTC) stays relatively stable.
“LOOKS: some interesting price action; the exponential moving averages on the four-hour are all clumping together and price is flipping back and forth. I think this actually looks ok still. [It] wouldn’t surprise me to see 50%+ if BTC plays nice.”
At time of writing, LOOKS is trading at $0.40.