Top Analyst Predicts Ethereum Explosion, Updates Outlook on Binance Coin and Two Low-Cap Altcoins
Pseudonymous analyst Altcoin Sherpa tells his 193,300 Twitter followers that he’s keeping an eye on the chart of Ethereum against Bitcoin (ETH/BTC).
According to the crypto trader, he believes Bitcoin will continue to lead the market in the short term with Ethereum erupting later on.
“ETHBTC: I wouldn’t be surprised to see this bounce around this level, but I ultimately think it goes to 0.055 (BTC) in the coming months. I think BTC outperforms Ethereum for a bit and then ETH explodes later. It had a multi year accumulation. This is probably the same case.”
At time of writing, ETH/BTC is trading for 0.065 BTC, or $1,824. Based on the trader’s chart, a move toward his target of 0.055 BTC ($1,543) suggests a bullish higher low setup for ETH/BTC on the weekly timeframe.
Looking at BNB, the utility token of crypto exchange Binance, Altcoin Sherpa thinks that the fourth-largest crypto by market cap is threatening to take out a key resistance level that has kept it bearish since May 2022.
“BNB: When is this area going to break? First two-day close since the last deviation in November 2022 – watching this $330 level closely.”
At time of writing, BNB is trading for $337, slightly above the trader’s resistance level.
Next up is MASK, the governance token of privacy-centric crypto project Mask Network. According to Altcoin Sherpa, MASK looks bullish but is likely to witness a retracement before the next leg up.
“MASK: Looking very strong but at a resistance area; would look for $5 for a dip buying opportunity. $5-$4.50 seems like a solid entry area.”
At time of writing, MASK is worth $5.88.
The last altcoin on the trader’s radar is decentralized borrowing protocol Liquity (LQTY). Altcoin Sherpa believes that LQTY may be currently consolidating in preparation for the next rally.
“LQTY: Eyeing this.”
Looking at the trader’s chart, it appears that he’s looking to accumulate LQTY at current prices with invalidation of his bullish view below $2.39. At time of writing, LQTY is worth $2.41.
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