A prominent cryptocurrency analyst is offering an optimistic price target for rival Chainlink (LINK), which has already surged nearly 85% since early 2024.
A pseudonymous trader known as Altcoin Sherpa says The 207,200 followers of social media platform
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price declines. It is based on Fibonacci ratios.
PYTH has already surpassed analysts’ first target of around $0.65. The 83rd-largest cryptocurrency asset by market capitalization is trading at around $0.658 at the time of this writing, up from $0.356 at the start of the year.
Altcoin Sherpa’s next asset targets are $0.6979 and $0.767.
Earlier this week, analysts noted that PYTH is in the midst of price discovery. This is a situation where the coin is trading at levels never seen before in history.
Altcoin Sherpa says coins trading in price discovery zones are “always magical” because they tend to have a strong upward trend with no known resistance remaining.
merchant island note Some older altcoins may be worth keeping an eye on, including public blockchain platform Chromia (CHR).
“Seeing older coins like CHR come back to life makes me think that we shouldn’t ignore them too much and instead trade more of them. The problem I see is that they are usually in a long accumulation pattern and it can take a while for them to really start moving. And my impatient butt won’t stay in that position for weeks.
That said, there are probably a lot of things out there that look pretty good. We will be looking into this further in the coming days/weeks.”
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney