A popular crypto currency analyst has revealed bullish price targets for a Chainlink (LINK) rival, which has seen an almost 85% increase since the beginning of 2024. The senior crypto analyst put forward price targets after examining the current data of the altcoin.
Analyst’s Critical Statement
Known by the pseudonym Altcoin Sherpa, the crypto analyst announced on social media that he plans to use Fibonacci extensions to set his targets for the data aggregation service Pyth Network (PYTH). Investors use Fibonacci extensions in technical analysis to predict profit targets and price retractions. PYTH has surpassed the analyst’s initial target of around $0.65.
Ranked 83rd by market value, the crypto currency is currently trading around $0.658, up from $0.356 at the start of the year. Altcoin Sherpa’s next target for the token is $0.6979, followed by $0.767. Earlier this week, the analyst mentioned that PYTH is in the midst of price discovery, indicating that the token is trading at levels never seen before in its history.
CHR Price Prediction
Moreover, Altcoin Sherpa stated that it is impressive to see a crypto currency in the price discovery zone entering a strong uptrend without any known resistance. The analyst also suggested that it could be beneficial to pay attention to some older altcoins, including the blockchain platform Chromia (CHR), adding the following in his remarks:
Seeing some older cryptos like CHR come back from the dead makes me think I shouldn’t underestimate some of these old cryptos and instead consider trading with them more. The problem I see is that they are often in long accumulation patterns, and it can take a while for them to really start moving… and my impatience won’t allow me to hold a position for weeks. Nevertheless, there are probably quite a few that look pretty good. We will start looking more at these in the coming days/weeks.
