A popular crypto trader shares his outlook for Bitcoin (BTC)ApeCoin (APE) and two Ethereum (ETH)-based altcoins amid signs of a potential crypto market recovery.
As Bitcoin continues to trade above its 200-day exponential moving average (EMA), altcoin Sherpa tells its 180,700 Twitter followers that the leading virtual asset needs to hold to confirm an uptrend.
“BTC: I find this to be a key level (this and $22,000) to hold for a higher low to be considered. The last move bounced at 0.618, which is currently around 0.50.”
He says that Bored Ape Yacht Club (BAYC)-linked crypto-asset APE could surge to $9.00 depending on bitcoin price action on Ethereum. At the time of writing, APE is trading at $7.43.
“APE: If BTC and ETH remain stable, I think this will continue to move higher to $9. I’m still in my position overall, but I’ve already benefited a bit from it. Since the mid-$5 mark.”
Altcoin Sherpa also shares its forecast for Optimism (OP) and Lido Dao (LDO), which topped this month at $2.18 and $2.81, respectively. He says that the two altcoins will inevitably fall after the price rises. OP is currently trading at $1.86 while LDO is changing hands at $2.57.
“I think both LDO and OP are probably decent shorts, at least a hedge against all your spot holdings. High percentage probability that these are much cheaper tokens in the medium/long term. Don’t buy here in my opinion if you plan on keeping it for a while.”
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Source: Crypto News Deutsch