A popular crypto trader, known as Altcoin Sherpa, provides an updated outlook on Chainlink (LINK) as the digital asset continues to trade within a specific range. Altcoin Sherpa, who has over 196,200 followers on Twitter, suggests that Chainlink is likely to take several months before breaking out of its current trading range. Despite this, Altcoin Sherpa believes that Chainlink is still one of the best coins in terms of overall crypto infrastructure. The trader recommends buying Chainlink and holding onto it for at least six months, with the expectation of selling it at a much higher price later.
According to the trader’s chart analysis, Chainlink has been trading within a range of $9.33 as the high and $5.53 as the low since May 2022. As of now, Chainlink is trading at $6.28, showing a 1.7% increase in the last 24 hours.
In addition to Chainlink, Altcoin Sherpa also discusses layer-1 projects that have lost prominence during the current crypto cycle. However, the trader predicts that some of these projects will see their prices increase in the next year.
Altcoin Sherpa then looks at Avalanche (AVAX), a competitor of Ethereum (ETH). According to the trader’s chart analysis, AVAX is retesting a potential bottom at $9.82. Currently, AVAX is trading at $10.07, with a 1.2% increase in the last 24 hours.
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Moving on to Fantom (FTM), a smart contract platform, Altcoin Sherpa’s chart analysis suggests that FTM could experience a bounce after reaching the $0.202 level, a level that it last retested almost a year ago. At the time of writing, Fantom is valued at $0.203, showing a 0.8% increase in the last 24 hours.
Lastly, Altcoin Sherpa shares insights on Rollbit’s native token, RLB. Rollbit is a crypto gambling platform, and its token has seen a significant increase in value, rising from a low of $0.0189 on June 11th to $0.154 at the time of writing, representing a 714% increase. However, Altcoin Sherpa suggests that the chart for RLB doesn’t look promising. The trader expects RLB to decline and retest the support level at $0.135, or even lower at $0.126, as it failed to hold the $0.178 level.
It’s important to note that Altcoin Sherpa’s predictions and analysis are subjective and based on his personal opinion. Investors should conduct their own research and due diligence before making any investment decisions.
In conclusion, Altcoin Sherpa provides insights on various cryptocurrencies, including Chainlink, Avalanche, Fantom, and Rollbit’s native token. While Chainlink is expected to trade within its current range for several months, Altcoin Sherpa believes it has strong long-term potential. The trader suggests that layer-1 projects, including Avalanche and Fantom, have the potential to increase in value in the coming year. However, Altcoin Sherpa advises caution when considering investing in Rollbit’s native token, RLB, due to its uncertain chart pattern. As always, investors should exercise caution and make informed decisions when investing in cryptocurrencies.
