Altcoin Sherpa, a famous crypto trader, has caught the attention of the crypto community with a promising prediction for an Ethereum-based altcoin. The predictions may seem true as many analysts is predicting a bull run in the coming weeks and August is the month of speculation. Here are his bullish altcoin targets for this week.
Maker (MKR) – Will MKR Price Achieve a New ATH?
As we step into August 2023, there is a buzz for lesser-known altcoins in the crypto space. According to Altcoin Sherpa’s latest X post analysis, Maker (MKR), the governance token of the Maker ecosystem, has been displaying remarkable strength even during the recent market downturn.
He believes that if MKR can overcome the current resistance level of around $1,330, it could potentially surge by almost 30% to reach above $1,700. However, Maker is currently trading at $1,315. Being undervalued crypto it has higher changes to surge in August.
Bitcoin’s Return and $40,000 Price Tag
Moving on, Altcoin Sherpa has also shared insights on the current state of Bitcoin (BTC). As per his analysis, if BTC manages to climb back above the crucial $29,750 resistance level, it may return to a range between $30,000 and $32,000. However, the trader emphasizes the significance of sustained strength and time before feeling completely confident about this outcome.
If Bitcoin manages to break convincingly above its current range, the analyst remains optimistic, expecting a possible surge of up to $40,000 in the medium term. Despite this positive outlook, he remains cautious and is not going all-in with investments just yet.
Chainlink’s Strength and Best Buys
Looking at the other altcoin that caught Altcoin Sherpa’s attention is Chainlink (LINK), a popular blockchain oracle. With high hopes, the trader describes LINK as a “strong” altcoin and suggests that buying opportunities could be considered between the price range of roughly $5.50 and $7.50.
He highlights the token’s impressive 450 days of accumulation, which indicates a strong position within the market. Altcoin Sherpa believes that Chainlink is a relatively safe investment and suggests layering bids within the specified price range and holding onto the asset.
“450 days of accumulation, this one is strong. I think it’s a pretty safe altcoin overall”
At the time of writing this, BTC is trading at $29,498 while LINK is priced at $7.62.
