Analysts say that while the altcoin market is confined to a narrow range, the boom is imminent for 6 cryptocurrencies. Let’s take a look at the current technical analysis, keeping in mind that the forecasts are not precise.
Crypto analyst: Ethereum and these 2 altcoins are preparing for big moves
In their latest analysis, Altcoin Sherpa says that Ethereum and Chainlink are laying the groundwork for a massive upward move. The analyst predicts a potential boom of 38% in Ethereum, which is trading in a narrow range. Sherpa said that if this happens, the ETH price will be positioned above $ 1,500:
We are still confident that this will be between $1,600-1,800 for the next big move.
Altcoin Sherpa, who switched to Chainlink, says that the Ethereum-based altcoin will also come out of its narrow range. Just like ETH, LINK will ignite a massive rally. According to the analyst:
LINK is on hold for now, but will move upwards drastically once it launches. I think it’s a reasonable medium-term investment.
While altcoin Sherpa is bullish on ETH and LINK, Avalanche (AVAX) disagrees. The crypto strategist predicts that AVAX will likely see a 36% correction:
I haven’t seen this in a while but I wouldn’t be surprised if it eventually drops to $10. If there is a rebound here, I think there will be some kind of round bottom. We’re worried though, and don’t think it’s a purchase just yet.
Altcoin Sherpa also featured a new project that has been on its radar for a while.
The next altcoin, Reserve Rights Token (RSR), is rising towards its target of $0.0077 according to Sherpa. The analyst bases this prediction on the altcoin’s range balance (EQ):
I never traded it but it hit the target and then retraced into a lower range. Probably going to at least EQ now.
Chiliz (CHZ) analyzes
Altcoin Sherpa says that while CHZ is in a bearish trend, $0.16 will present a good opportunity for bulls, especially for a short-term position:
To be honest it’s probably a good entry field, but I wouldn’t keep it that long. A suspicious and potential change in the market structure appears. It can come to the end.
Thorchain (RUNE) may be the best choice for the coming months
October has been a month of relief for RUNE, as has been the case with Ethereum and Chainlink. RUNE’s volume had a strong start to the week. After seeing relatively low volumes over the weekend, it surged significantly on October 17.
cryptocoin.com THORChain, which you follow from THORChain, recorded in one of their latest upgrades that all their vaults are on the Blockchain. The post also highlights the immutability of the vaults, or the impossibility of denying access. This feature will become more important to users as concerns about its censorship grow. If THORChain’s claim is true, it will benefit, especially after a large-scale transition to DeFi begins.
Since THORChain's vaults are entirely on-chain and anyone can send an on-chain transaction; it's not possible to block access. https://t.co/Ol6GQfummx
— THORChain (@THORChain) October 17, 2022
Many cryptocurrencies are currently in a turbulent state as a result of the 2022 cryptocurrency crash. Although THORChain reached its ATH level of $21.26, its price has plummeted since then as its market crashed. Still, RUNE bulls such as Kadir AK predict that it may rise as soon as the market rebounds.
