A prominent analyst outlines what’s in store for Ethereum competitors Cardano (ADA), Polkadot (DOT), Terra (LUNA) and four other altcoins.
The person, known in the industry by the nickname altcoin Sherpa, told his 165,700 Twitter followers that he is looking at where the price of smart contract platform Cardano is likely to rally.
ADA: Since a lot of people are only exposed to altcoins, I’m going to create a series of altcoin charts that I think provide good support.
This is not to say that there will not be rallies before reaching these levels, but these are very strong support levels that the price could eventually rally to.
Daily ADA/USDT Chart | The source: Altcoin Sherpa/Twitter
The analyst says that ADA is forced to hold above the $1 support, otherwise there will be a sharp sell-off towards $0.40, which is ideal for long-term accumulation.
Altcoin Sherpa is also eyeing the interoperable blockchain Polkadot (DOT), which he says could find support at $15.
DOT/USDT daily chart | The source: Altcoin Sherpa/Twitter
Next is Cosmos (ATOM), which altcoin Sherpa believes could drop to $20.
ATOM/USDT daily chart | The source: Altcoin Sherpa/Twitter
Another altcoin on the analyst’s list is Terra. According to altcoin Sherpa, the $30-$40 area could serve as a key support area for LUNA.
Weekly LUNA/USDT Chart | The source: Altcoin Sherpa/Twitter
Next is meme cryptocurrency Dogecoin (DOGE), which altcoin Sherpa believes could see a major sell-off if it breaks below the $0.128 support.
Daily DOGE/USDT chart | The source: Altcoin Sherpa/Twitter
Altcoin Sherpa is also eyeing blockchain gaming platform Axie Infinity (AXS). According to the analyst, he may see AXS falling towards the strong support at $35.
Daily AXS/USDT chart | The source: Altcoin Sherpa/Twitter
The last coin on the analyst’s radar is the decentralized oracle network Chainlink (LINK). According to the crypto strategist, LINK could see a trend reversal at $12.
LINK/USDT 3-day chart | The source: Altcoin Sherpa/Twitter
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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