A widely followed crypto trader is sharing his outlook for Bitcoin (BTC), ApeCoin (APE) and two Ethereum (ETH)-based altcoins amid signs of potential recovery for the crypto market.
As Bitcoin continues to trade above its 200-day exponential moving average (EMA), Altcoin Sherpa tells his 180,700 Twitter followers that the leading virtual asset needs to hold up to confirm an uptrend.
“BTC: I find this to be a key level (this and $22,000) that must be held for a higher low to be considered. The last move bounced at the .618, this one is currently around the .50 level.”
He says that the Bored Ape Yacht Club (BAYC)-affiliated crypto asset APE could rise to $9.00 depending on the price movement of Bitcoin and Ethereum. At the time of writing, APE is trading for $7.43.
“APE: If BTC and ETH stay stable I think this continues to grind up to $9. I’m still in my position overall but I’ve already taken a bit of profit. In since the mid $5s.”
Altcoin Sherpa also shares his forecast for Optimism (OP) and Lido Dao (LDO), which peaked at $2.18 and $2.81, respectively this month. He says that the two altcoins are bound to go down following the price surge. OP is currently trading for $1.86, while LDO is changing hands at $2.57.
“I think both LDO and OP are probably decent shorts, at a very minimum a hedge against all of your spot holdings. High % chance these are much cheaper tokens in the mid/long term. Don’t buy here if you plan on holding for a while, in my opinion.”
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