Sharing his analysis on Twitter to his 170,000 followers, "Altcoin Sherpa" shared his expectations about altcoins such as Algorand (ALGO), LooksRare (LOOKS) and Ethereum (ETH). The analyst, who takes altcoins into his close lens, maintains his long-term bullish expectation.
Stating that smart contract platform Algorand (ALGO) can record an increase of almost 60% from its current value of $ 0.81, the "Altcoin Sherpa" said, “ALGO looks good so far and continues to move away from this support area.” said. While altcoin Sherpa is short-term bullish on Algorand (ALGO), Ethereum expects its rival to continue its downtrend after hitting its target at $1.29.
Another altcoin that Altcoin Sherpa took into his close lens was LooksRare (LOOKS). For LooksRare (LOOKS), the new Ethereum-based NFT marketplace, which altcoin Sherpa says is in the process of bottoming out, “I will probably break my position at $3. Right now I'm not sure whether to hold it long term. If it holds at $1.80, I will add to LOOKS."
Making predictions about the leading altcoin Ethereum (ETH), Altcoin Sherpa stated that Ethereum (ETH) is still making bear season movements. However, adding that Ethereum (ETH) will change this course if it disables an important resistance area, the analyst added, “If there is one thing that will make me change my mind for Ethereum, it is the break of the $ 3,050 level. At this point, you have a higher argument and then higher lows. After all, if this $3,300 area is truly broken, we could see some really strong upsides.” said.
On the other hand, drawing attention to some altcoins Altcoin Sherpa pointed out, the analyst stated that he thinks general altcoin prices will perform better in the coming weeks.
Cryptocurrency markets continue in the $1.9 trillion band. While some funds were seen out of the markets in the second half of the day yesterday, there is a horizontal movement today. The average trading volume of the last 24 hours in the crypto money markets has decreased compared to yesterday and is now at the level of 87 billion dollars.