A widely followed crypto trader shares his predictions for Bitcoin (BTC), ApeCoin (APE) and two Ethereum (ETH)-based altcoins amid signs of a possible recovery for the crypto market.
With Bitcoin still trading above the 200-day exponential moving average (EMA), Altcoin Sherpa told his 180,700 Twitter followers that the leading virtual asset needs to hold to confirm an upward trend.
“BTC: I find that this is the key level (this and $22,000) to hold until a higher decline is considered. The last move rebounded at 0.618, and this move is currently around the .50 level.”
He says the Bored Ape Yacht Club (BAYC) crypto-asset could rise to $9.00 depending on the movement of Bitcoin and Ethereum prices. At the time of writing, APE is trading at $7.43.
“APE: If BTC and ETH remain stable, I think this continues to grind up to $9. I’m generally still in the position but I’ve already made some profits. Since mid-$5.”
Altcoin Sherpa also shares its forecasts for Optimism (OP) and Lido Dao (LDO), which peaked at $2.18 and $2.81 respectively this month. He says altcoins are bound to fall after the price goes up. OP is currently trading at $1.86, while LDO is trading at $2.57.
“I think both LDO and OP are probably good shorts, at least a hedge against all your spot holdings. There is a good chance these tokens will be much cheaper in the medium/long term. Don’t buy here if you plan to hold them for a while. , in my opinion “.
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