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Home»Analysis»Ethereum-Based Altcoin Looks Excellent As It Gears Up For A Big Breakout, Says Crypto Analyst
Analysis

Ethereum-Based Altcoin Looks Excellent As It Gears Up For A Big Breakout, Says Crypto Analyst

2023-10-23No Comments2 Mins Read
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A popular crypto analyst says an Ethereum (ETH)-based altcoin is poised for a big burst to the upside.

The pseudonymous trader known as Altcoin Sherpa tells his 196,000 followers on social media platform

“LINK: You had over 500 days to buy this and you still faded it. Now you’re going to miss out on all the profits. I still think this is one of the best coins/projects in all of crypto. Should be excellent if it gets out of range.

Image
Source: Altcoin Sherpa/X

At the time of writing, LINK is trading at $10.71, well above the upper limit of Altcoin Sherpa’s accumulation range.

However, the trader says he still is skeptical as to whether a full-blown ‘altseason’, or a phase where many altcoins across the board witness parabolic gains, is upon us.

He says he keeps an eye on Ethereum vs. Bitcoin (ETH/BTC), which often measures investors’ risk appetite for altcoins, and Bitcoin Dominance (BTC.D), which tracks the percentage of the total crypto market cap given to Bitcoin belongs.

A relatively high BTC.D could indicate that investors are already overweight Bitcoin and that a liquidity shift to altcoins is possible. Altcoin Sherpa predicts that BTC.D will rise a little further before returning to the 56% level.

“Altseason times…could it be now? I’m doubtful. I will wait for another confluence with ETHBTC, BTC.D and BTC…

BTC.D: maybe a little higher for Bitcoin dominance and then the party can begin. Although the time could already be there.

(if you have alts you want this to go down)”

Image
Source: Altcoin Sherpa/X

At the time of writing, BTC.D is trading at 52.43%, close to Altcoin Sherpa’s upside target of around 55%.

See also  Libra co-maker Hayden Davis does not deny Wallets linked to the 'Sniped' Memecoin launching project

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