A closely followed analyst, known for his timely altcoin calls, shared his new expectations. The analyst, known as Altcoin Sherpa, conveyed his comments on 3 altcoins. Here are the details…
Altcoin Sherpa describes possible scenarios for CHZ and MATIC
Currently, the markets are trading flat. Meanwhile, the analyst, known under the pseudonym Altcoin Sherpa, announced the cryptocurrencies he follows. The trader says he primarily wants to open a short position on the fan token-focused crypto project Chiliz (CHZ) as he sees the coin as bearish. So the analyst is focused on short selling in CHZ. Altcoin Sherpa is looking for a bounce from the four-hour 200 exponential moving average (EMA) before opening a short position in the $0.22 range on CHZ, according to its chart.
Next on Altcoin Sherpa’s list is Polygon (MATIC), a blockchain scaling solution. According to the crypto strategist, there are three possible scenarios awaiting MATIC. The analyst drew attention to the “cup and handle” chart pattern as the first scenario. He said that this possibility will only occur when BTC/ETH is moving well and is bullish. He states that the second possibility is a “double bottom”. In this case, he states that the price will return to the bottom. He points out that then consolidation will be seen and a bottom will be found. For the third possibility, he says “everything ends and MATIC dies”.
What’s next for Binance’s BNB?
Finally, the popular analyst has locked his radar on Binance Coin (BNB), the native token of Binance, the world’s largest crypto exchange by volume. Altcoin Sherpa said that BNB is about to undergo a major correction to the low or mid $200 range and Bitcoin (BTC) market traction is a determining factor. It also watches BNB versus BTC (BNB/BTC) to gauge its strength. He states that BNB could bounce back towards the mid-$200 depending on BTC. He states that the BTC pair is still moving strong.
Meanwhile, cryptocoin.com As we have also reported, Bitcoin has risen by 0.77% in the last 24 hours. It rose to $19,906.86. Ethereum has maintained steady growth of 4.47% over the past seven days, according to CoinMarketCap data. Then it rallied 6.12% to $1,658.68, posting bigger gains today. Other top 10 cryptocurrencies on CoinMarketCap also strengthened. Solana rose 4.04 percent, XRP 2.51 percent, Cardano 3.19 percent and Polkadot 1.56 percent.
TerraClassicUSD and Ethereum Classic remain the top winners in the last day. TerraClassicUSD gained 44.42 percent and Ethereum Classic 28.10 percent. Among the smaller altcoins, Flux, the native token of the Web 3.0 ecosystem of the same name, rose 16.77 percent. Bitcoin Gold, the hard fork of Bitcoin Cash, gained 15.93 percent.
