A popular analyst is digging into the charts to see if a diverse trio of crypto assets might be primed for rallies.
The pseudonymous crypto trader Altcoin Sherpa tells his 174,200 Twitter followers that if Bitcoin (BTC) maintains its trend of higher lows dating back to late February, he believes the leading cryptocurrency can roar past 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 intact.
Still thinking 55k+ in the coming weeks.”
At time of writing, Bitcoin is down 4.83% and trading for $38,326. BTC hasn’t been above $50,000 since December 27th of last year.
The pseudonymous trader next looks at layer-1 blockchain protocol Solana (SOL) on the perpetual futures chart dating back to early March.
After Solana corrected heavily from an early April rally, Sherpa believes the smart contract platform is forming a bottom in advance of another breakout in tandem with Bitcoin.
“I still think this is forming a bottom.
Expecting more chop and then another move up as BTC goes.”
Solana is currently down by 3.58% for the day and trading for $96.99. SOL is down 44.6% from a monthly high of $140.30 on April 2nd.
Altcoin Sherpa is also eyeing ApeCoin (APE), a crypto asset created by Yuga Labs, the founders of the popular Bored Ape Yacht Club (BAYC).
While ApeCoin has experienced a series of rallies since launching on March 17th, the chart guru says that traditional technical analysis (TA) doesn’t really work when applied to assets like APE. He prefers to gauge popular sentiment and employ a broader fundamental analysis (FA) instead.
“TA usually can’t be applied to these types of coins; more look at momentum and the overall FA associated with it.
I personally wouldn’t short it, would rather start when it starts coming down. Would consider longing $17.80 as a scalp.”
ApeCoin has witnessed two dramatic price increases over the past 10 days. It first jumped 43.9% from $11.68 on April 17 to $16.81 on the 20th before correcting.
After slowly working its way back up, APE next lurched 15.5% from $16.79 on April 24th to $19.40 a day later. The altcoin is trading for $18.23 at time of writing.
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