The post Ethereum-Based Altcoin Looking Excellent As It Gears Up for Big Breakout, According to Crypto Analyst appeared on BitcoinEthereumNews.com.

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

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Filed under: News - @ October 24, 2023 12:18 am