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Home»ALTCOIN NEWS»The trader explains where Sui is headed, saying the altcoin, which has doubled in less than a week, could rise further.
ALTCOIN NEWS

The trader explains where Sui is headed, saying the altcoin, which has doubled in less than a week, could rise further.

By Crypto FlexsFebruary 13, 20243 Mins Read
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The trader explains where Sui is headed, saying the altcoin, which has doubled in less than a week, could rise further.
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A cryptocurrency strategist who follows closely believes hot altcoin projects have more upside potential.

Pseudonymous analyst Altcoin Sherpa says 206,900 followers on social media platform

“DYM: We closed everything yesterday and now there is no round-trip profit.

It’s still a bit choppy and I’m not a huge fan of where BTC is at. I still think this could go higher, but I will be patient for now.”

Source: Altcoin Sherpa/X

Looking at the chart, the trader suggests that DYM is holding the $7.05 level as support and could rise to $7.39 based on the Fibonacci retracement level.

Dymension is trading at $7.11 at the time of this writing, up more than 100% from its February 6 low of $3.54.

Next is the merchant predict Layer 1 blockchain Sui Network (SUI) is said to increase by more than 10% from its current value.

“SUI: This will eventually reach $2. I feel pretty strongly about that. The lower period still looks pretty strong and it is important to remember that there are all types of consolidation patterns.”

video
Source: Altcoin Sherpa/X

Looking at the chart, traders suggest that SUI is still in an upward trend as several exponential moving averages (EMAs) continue to rise.

SUI is trading at $1.81 at the time of this writing and is up nearly 7% in the last 24 hours.

Finally, the merchant Called Bitcoin (BTC) is approaching a critical moment as it reaches the $50,000 mark on Monday.

“BTC: The moment of truth is here. You definitely want to see this succeed and follow up. If this is a quick deviation, be very careful. “I’m still optimistic about a higher period, but we’ll see what happens.”

video
Source: Altcoin Sherpa/X

Looking at his charts, the trader suggests that Bitcoin will remain in an upward trend if it can definitely break the $50,000 level, otherwise Bitcoin may correct to around the $46,000 level.

Bitcoin is trading at $49,624 at the time of writing, up more than 3% in the last 24 hours.

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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 are responsible for any losses that may occur. 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.

Featured image: Shutterstock/Athitat Shinagowin/SensVector

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