A popular crypto strategist is updating his outlook on Aptos (APT) and Chainlink (LINK) as he forecasts near-term price action for the broader altcoin market.
Pseudonymous Altcoin Analyst Sherpa says Its 184,700 Twitter followers that Tier 1 blockchain and Ethereum (ETH) competitor Aptos will likely see weeks of turmoil.
According to Altcoin Sherpa, APT could witness a bullish burst once Bitcoin (BTC) catches a breather. In the short term, he expects Aptos to be between $10 and $13.75.
“APT: I expected a lot of altcoins to look like this. Chop fest and it really doesn’t do much compared to Bitcoin. Once BTC takes a break, these altcoins fly (probably a few weeks).”
Aptos is trading at $12.22 at the time of writing.
Next, Altcoin Sherpa says Oracle’s decentralized service Chainlink has spent nearly a year trading sideways between a high around $9.50 and a low of $5.50. According to the analyst, he plans to accumulate LINK if he maxes out the range.
“LINK: This bullshit coin has been ranging for almost a year. I will buy after the break, not a day before. I learned my lesson last time.
Chainlink is worth $7.25 at the time of writing.
Altcoin Sherpa is also keeping an eye on Fetch.ai (FET), an AI-focused cryptographic project. The cryptocurrency trader believe that FET is currently facing bullish exhaustion and could suffer significant devaluation.
“FET – I think this one goes to $0.26 or so, that’s the next liquidity area, IMO. In general, the trend seems tired. We’ll see if the AI narrative has more legs.”
Fetch.ai is trading at $0.37 at the time of writing.
Lastly, Altcoin Sherpa says Bitcoin’s rally may cool off soon to build a stronger base of buyers before igniting the next leg. According to the crypto strategist, a period of consolidation for BTC could open the door for altcoins to make some noise.
“Looking at the volume profile, it actually looks like there *might* be an argument for an altcoin run sooner than we think. [BTC] the price has a relative gap between $25,000 and $30,000. Typically you will see price completing that and trading happening there.
What does this mean? It means that when there is a big gap in general trading activity, traders like to “fill the gap” a bit and trade in that area. We could see a BTC range between $25,000 and $30,000 to fill this area and IMO this would result in alts flying.”
Bitcoin is trading at $27,543 at the time of writing.
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