Ethereum-Based Altcoin Looking Excellent As It Gears Up for Big Breakout, According to Crypto Analyst

dailyhodlPublished on 2023-10-24Last updated on 2023-10-24

Abstract

A popular crypto analyst says that one Ethereum (ETH)-based altcoin is looking ready for a...

A popular crypto analyst says that one Ethereum (ETH)-based altcoin is looking ready for a big burst to the upside.
The pseudonymous trader known as Altcoin Sherpa tells his 196,000 followers on social media platform X that the decentralized oracle service Chainlink (LINK) is one of the strongest projects in the industry with the altcoin breaking out from its multi-month accumulation phase.

“LINK: You had 500+ days to buy this and you still faded it. Now you’re going to miss out on alllll the gains. I still think this is one of the best coins/projects in all of crypto. Should be excellent when it breaks out of the range.”

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Source: Altcoin Sherpa/X At time of writing, LINK is trading for $10.71, well above the upper bound of Altcoin Sherpa’s accumulation range.
However, the trader says he’s still skeptical about whether a full-blown “altseason,” or a phase where many altcoins across the board witness parabolic gains, is upon us.
He says he’s keeping an eye on Ethereum versus Bitcoin (ETH/BTC), which often gauges investors’ risk appetite for altcoins, and Bitcoin dominance (BTC.D), which tracks the percentage of the total crypto market cap that belongs to Bitcoin.
A relatively high BTC.D may suggest that investors are already overweight Bitcoin and that a liquidity shift into altcoins is possible. Altcoin Sherpa predicts BTC.D will rally slightly further before reversing near the 56% level.
“Altseason times….could be now? I am dubious. Will wait to see some other confluence with ETHBTC, BTC.D, and BTC…
BTC.D: maybe just a little higher for Bitcoin dominance and then the party starts. Though it could already be that time now.
(if you have alts, you want this to go down)”

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Source: Altcoin Sherpa/X At time of writing, BTC.D is trading at 52.43%, close to Altcoin Sherpa’s upside target of around 55%.


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