A closely followed crypto trader says that one mid-cap altcoin is primed for a significant rally in price.
Pseudonymous trader Altcoin Sherpa tells his 196,300 followers on the social media platform X that blockchain oracle Chainlink (LINK) will likely break out of a months-long trading range in the next bull market cycle.
“LINK: 500 days of accumulation/chop/ranging for one of the best crypto projects that is the core infrastructure for thousands of projects. I think LINK is going to do big numbers next cycle and is one of the few I’d probably hold. Not a good trading vehicle right now though.”
Looking at the trader’s chart, LINK has traded since May 2022 within a range with an upper bound of $9.33 and a lower bound of $5.52.
Next, the trader predicts that Bitcoin (BTC) will likely cross the 200-day simple moving average (SMA), which indicates bullishness.
“BTC: would like to see a four-hour close above and continuation. A retest would actually be healthy too.”
Looking at his chart, the trader suggests Bitcoin is likely to break out to $26,700 and then retest the $26,300 level before continuing a rally to $28,000 by September 18th.
Bitcoin is trading for $26,666 at time of writing, up 1.3% in the last 24 hours.
The trader also weighs in on the scaling solution Polygon (MATIC). He predicts Polygon could see a more than 42% decline due to a lack of trading interest if it loses support at the $0.50 level.
“MATIC: Not sure why anyone would buy this one, to be honest. Headed back to the $0.30-$0.45 area IMO (in my opinion).”
MATIC is trading for $0.52 at time of writing, up 1.3% in the last 24 hours.
Lastly, the trader predicts a collapse for the native token of the Bored Ape Yacht Club community ApeCoin (APE) as it retests the $1.14 level.
“APE: This is why you don’t lock coins up in general. This is the last stand for this sh*tcoin. Might be worth a punt if you’re into knife catches. That said, I don’t really see any sort of narrative or reason for this to go up. NFT (non-fungible token) market dead right now.”
APE is trading for $1.14 at time of writing, up 0.1% in the last 24 hours.
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Generated Image: Midjourney
