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Altcoin Sherpa, an anonymous crypto analyst and trader, known for his expertise in Ethereum (ETH) Blockchain, expects a significant price increase for Maker (MKR), an altcoin project built on the Ethereum Blockchain. The analyst also made noteworthy evaluations on Chainlink (LINK) and the largest cryptocurrency, Bitcoin (BTC).
Expecting a Major Breakout in MKR
Altcoin Sherpa stated that despite the current market conditions, which seem to be under selling pressure, MKR demonstrates tremendous strength. Altcoin Sherpa believes that if MKR surpasses the resistance level of around $1,330, it could reach over $1,700, representing an increase of about 30% from its current price.
At the time of writing this article, MKR has seen a 1.10% increase in the last 24 hours, trading at $1,317, and it is quite close to the $1,330 level indicated by the analyst for a major breakout.
Following Maker, Altcoin Sherpa, who focuses on the decentralized oracle network Chainlink (LINK), stated that LINK is a strong altcoin and sees the range of approximately $5.50 to $7.50 as a buying opportunity. The analyst added that despite the 450-day consolidation phase, Chainlink continues to remain strong and could be a secure choice for investors looking to adopt a long-term strategy.
Predicting a Rise to $40,000 for Bitcoin
Lastly, Altcoin Sherpa commented on Bitcoin, expecting the largest cryptocurrency to return to the range of $30,000 to $32,000 if it surpasses the $29,750 level. The analyst also added that the four-hour exponential moving averages (EMA) are concentrated in this crucial area, which could potentially impact the market. Altcoin Sherpa expects that if Bitcoin re-enters this range and surpasses $30,000, the recent price movement will be only a short deviation, and Bitcoin will return to its previous upward trend.
Furthermore, Altcoin Sherpa expects Bitcoin to reach up to $40,000 if there is a convincing breakout above the range of $30,000 to $32,000 in the medium term. Although the analyst personally maintains optimism about Bitcoin reaching $35,000 to $40,000 in the medium term, they prefer a more cautious approach and are not yet ready to make any moves.
