A well-known analyst in the cryptocurrency market examined the charts of the leading cryptocurrency Bitcoin (BTC), ApeCoin (APE) and Solana (SOL), researching whether cryptocurrencies are ready for a new rally and noted some levels for the next week. . As Kriptokoin.com, we convey analyst opinions and price analysis.
Bitcoin and Solana bottom before breaking
Famous analyst known in the crypto industry by the nickname Altcoin Sherpa, to 174,200 Twitter followers, if the leading cryptocurrency Bitcoin breaks the $55,000 level.
As long as these lows are maintained and we still see higher lows, I think the bullish market structure is still solid. I think the Bitcoin price will be above $55,000 in the coming weeks.
Altcoin Sherpa then looks at layer-1 blockchain protocol Solana (SOL) on its perpetual futures chart going back to early March. After Solana largely corrected an early April rally, Sherpa believes that the smart contract platform, along with Bitcoin, has made a bottom before another breakout, continuing:
I still think it’s a bottom. I expect more breakouts followed by another spike as BTC progresses.
Analyst reveals the level at which he intends to long Apecoin (APE)
Altcoin Sherpa, ApeCoin, a crypto asset created by Yuga Labs, co-founders of the popular Bored Ape Yacht Club (BAYC) (APE) is also watching. While ApeCoin has experienced a series of rallies since its launch on March 17, the analyst says traditional technical analysis (TA) doesn’t really work when applied to assets like APE. Popular prefers to measure sentiment and use a broader fundamental analysis (FA) instead.
TA is generally not applicable in such cryptocurrencies; see more acceleration and the overall FA associated with it. Personally I wouldn’t short APE and would rather invest when it starts to drop. As a scalp I would consider longing at $17.80.
ApeCoin has witnessed two dramatic price increases over the past 10 days. It first rose nearly 43.9 percent from $11.68 on April 17 to as high as $16.81 on April 20 before correcting. ApeCoin, which lost some price with its correction, rose to $ 19.40 with an increase of about 15.5 percent one day after starting to recover slowly, from $ 16.79 on April 24.
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