Two analysts, known by the pseudonyms Altcoin Sherpa and Pentoshi, shared the altcoins they expect to rally. They also conveyed the levels they expected. Here are the details…
Pentoshi drew attention to ADA and SOL price movements
The trader known as Pentoshi tells his 584,000 Twitter followers that after a strong and long downtrend, Cardano is most likely in the process of a major recovery. According to the analyst’s chart, Cardano could rise to its first target at $0.64. Above this level, the next target is in the $1 to $1.10 range. The analyst predicts a wild turn for ADA and will definitely not “short” ADA.
Pentoshi is also looking to Solana for potential opportunities. According to the trader, Solana (SOL) will continue to suffer more as long as it stays below the $130 level. He thinks SOL is on track for $20 before the end of the year. However, he says that rallies in between will likely give a bullish sign to the $60-$80 range.
Finally, with Bitcoin well below its all-time high and still in a relentless downtrend, Pentoshi addressed a question from one of his followers about the possibility that BTC will never fully recover. According to the analyst, Bitcoin is in a strong cycle of long-term rally and fear-fueled corrections fueled by greed, and there are no signs that this will end anytime soon. As we have also reported as Kriptokoin.com, BTC has risen above $20,000 again the other day.
What are the expectations of Altcoin Sherpa?
A widely followed crypto strategist said that Ethereum (ETH) rival Polkadot (DOT) could witness a massive 56 percent cut from the current price level before finding some stability. Altcoin Sherpa told its 179,900 Twitter followers that Polkadot could find support at significantly lower price levels. The analyst pointed to the $3-$5 range as these lows.
The strategist is also looking at Cosmos (ATOM) and LookRare (LOOKS). Altcoin Sherpa states that ATOM and LOOKS are still in a heavy downtrend. But he says they have a chance to record a short-term reversal pattern. LOOKS, the service token of Ethereum-based NFT marketplace LookRare, is trading at $0.27, down nearly 4% on the day. Cosmos, a blockchain ecosystem designed for both scalability and interoperability, is currently worth $8.
Altcoin Sherpa, who also looks at the leading cryptocurrency Bitcoin, says that he predicts that BTC will remain in the bear zone for a long time. According to the analyst, it will take months to move into the accumulation phase after the bottom is found. He argues that the bottom may not come even after the next few months. Overall, it points to the prospect of a long bear market.
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