The analyst known on the https://br.investing.com/crypto/currencies market as Altcoin Sherpa said he has his eye on 5 cryptocurrencies while the Bitcoin (BTC) price trades sideways.
First on their list is Cardano ( ADA ). Sherpa said he is bullish on ADA in the near term especially after the smart contract platform managed to stay above support at $1.48.
“ADA: It won’t be in a bad place for long. Support/Resistance level, Fibonacci level of 0.50 as well. I wouldn’t hold at this point. It would be a good swing trade,” he said.
Another cryptocurrency on the analyst’s list is the Shiba Inu (SHIB) memecoin. According to the cryptocurrency strategist, SHIB should make a quick jump before resuming its downtrend, unless the token consolidates around $0.000047.
“SHIB : The short-term fund has probably arrived. Waiting for some kind of bearish rally to form. If this consolidates at 0.50 [Fibonacci level], a more explosive move will come. But it will take a lot longer in my opinion. ”
Altcoins
Another currency on the trader’s list is the decentralized finance payment network (DeFi) Terra (LUNA). As highlighted by Altcoin Sherpa, LUNA is about to set new records.
“LUNA: Still with a high uptrend [market structure], which can send to all-time highs.”
The fourth coin on the analyst’s radar is the The Sandbox (SAND) metaverse ecosystem. For altcoins, Altcoin Sherpa mapped out two potential scenarios after the token printed a tall structure:
“SAND: My plans are smaller. Let’s see where this goes. Overall, I personally think a lower high has just been printed and we’re going to go down further. If a higher low comes in, we will enter into some consolidation. So I’m guessing another higher push”.
Finally, the latest coin is Theta Network (THETA), a peer-to-peer video content distribution platform. According to Altcoin Sherpa, THETA may launch a big rally once it overcomes resistance at $9.61.
“THETA: When this moves, it will be explosive. It’s been changing for a long time, and I think this [asset] usually has its own market cycle,” he concluded.
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