Cryptocurrency analyst Altcoin Sherpa has updated his outlook on Aptos (APT) and Chainlink (LINK) while predicting the near-term price action for the altcoin market. Altcoin Sherpa has a following of 184,700 Twitter users.
Altcoin Sherpa suggests that Aptos, which competes against Ethereum (ETH), might experience a few weeks of choppy trading. However, he expects the altcoin to witness a burst to the upside once Bitcoin (BTC) takes a break. In the short term, he predicts that Aptos will range trade between $10 and $13.75. Aptos is currently trading for $12.22 at the time of writing.
Chainlink has spent nearly a year sideways between a high of roughly $9.50 and a low of $5.50. Altcoin Sherpa plans to buy LINK if it breaks out of the range. Chainlink is currently trading for $7.25.
Altcoin Sherpa is also keeping an eye on Fetch.ai (FET), an AI-focused cryptocurrency. The analyst believes that FET currently faces bullish exhaustion and could see a significant devaluation. Fetch.ai is trading for $0.37 at the time of writing.
Finally, Altcoin Sherpa suggests that the Bitcoin rally could cool off soon to build a stronger base of buyers before igniting the next leg up. A period of consolidation for BTC could open the door for altcoins to rise. According to Altcoin Sherpa, BTC has a relative void between $25,000 and $30,000, and traders like to “fill the gap,” resulting in altcoins seeing a boost. Therefore, the analyst predicts that BTC could range between $25,000 and $30,000 to fill this area, resulting in altcoins flying.
The current price of Bitcoin is $27,543 at the time of writing. Altcoin Sherpa generated an image via Midjourney.
More and more investors have started to jump onto the cryptocurrency bandwagon over the past few years. However, the cryptocurrency market is always unpredictable and gruelling for investors to navigate. As a result, many investors have turned to cryptocurrency analysts such as Altcoin Sherpa for guidance in making profitable investment decisions.
Aptos (APT) is a layer-1 blockchain that competes directly against Ethereum, vying for the same developer attention as well. Aptos’ goal is to provide a platform for building decentralized applications that are fast, secure, and decentralized. The project is still in its early stages of development, with Aptos currently working on building a proof-of-concept for its network.
Chainlink (LINK) is a decentralized oracle service that aims to bridge the gap between off-chain real-world data and on-chain smart contracts. Chainlink has partnerships with Google, Oracle, and many others. Decentralized oracle networks like Chainlink are becoming increasingly popular since they allow developers to build smart contracts that interact with blockchain-neutral data sources.
Fetch.ai (FET) is a decentralized smart contract platform that uses AI to enable secure data sharing. The platform aims to be the infrastructure-level foundation facilitating the development of decentralized applications. Fetch.ai aims to eliminate intermediaries and create direct interactions between agents in the digital world, enabling shared access to data, services, and resources.
