dailyhodl.com
A widely followed cryptocurrency analyst and trader is leaning bullish on Bitcoin (BTC) while offering his outlook on three altcoins.
The analyst pseudonymously known as Sherpa tells his 224,200 followers on the social media platform X that Bitcoin is experiencing “extremely tight” price compression as evidenced by the convergence of the 25-period, 55-period, 100-period and the 200-period exponential moving averages on the daily chart.
The pseudonymous analyst says,
“Big move coming, probably to the upside.”
Bitcoin is trading at $62,150 at time of writing.
Next up is layer-1 altcoin Sui (SUI). According to Sherpa, Sui has witnessed “insane” price performance over the past couple of weeks. The widely followed analyst, however, says that the supply of Sui is going to increase in future.
“This makes a great trade but maybe not the best hold given unlocks.”
Sui is trading at $1.92 at time of writing, up by over 100% over the past 30 days.
Next up is the native token of layer-1 blockchain Aptos (APT). The pseudonymous analyst says,
“APT: not sure how this is in the long run but it definitely looks really strong in the short term. Probably would be a good spot trade here where you just sit on it and wait for it to go to $10+. Decent coin.”
Aptos is trading at $9.12 at time of writing, up by nearly 50% over the past 30 days.
Next up is the Ethereum restaking protocol Eigenlayer (EIGEN). Sherpa says that the relatively new restaking protocol is at a crossroads.
“Better to wait for the true break and then hop on the train later in my opinion. We will see if this actually has any sort of sustained momentum.”
Eigenlayer is trading at $4 at time of writing.
Generated Image: DALLE-2