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A popular cryptocurrency analyst is setting bullish price targets for Chainlink (LINK) competitors, which have surged nearly 85% since the beginning of 2024.
The trader, known as Altcoin Sherpa, told his 207,200 followers on the social media platform X that he plans to use Fibonacci extensions for the target of the data aggregation service Pyth Network (Pyth).
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price pullbacks. They are based on Fibonacci ratios.
PYTH has already surpassed the analyst's initial target of around $0.65. At the time of writing, the trading price of the cryptocurrency asset, ranked 83rd by market capitalization, is around $0.658, up from $0.356 at the beginning of the year.
Altcoin Sherpa's next targets for the asset are $0.6979 and then $0.767.
Earlier this week, the analyst noted that PYTH is in price discovery mode, where coin trading levels are unprecedented in its history.
Altcoin Sherpa noted that coins trading in the realm of price discovery are "always fascinating" as they tend to show strong upward trends with no known resistance.
The trader also pointed out that it might be worth keeping an eye on some older altcoins, including the public blockchain platform Chromia (CHR).
"Seeing some of these older coins come back to life like CHR, I feel like I shouldn't disregard these older coins but should consider trading them more. The issue I see is they often go into long-term accumulation modes and may take a while to really start moving... and my impatient ass won't hold this position for consecutive weeks."
"So there may be a lot of good-looking setups. We will start researching these more in the coming days/weeks." |
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Post time 21-2-2024 20:48:08
