Over the last 24 hours, the market has continued to rise. Bitcoin and Ethereum, the market leaders, rose about 6% overnight, with sharp jumps higher. Meanwhile, the remainder of the leading cryptocurrencies gained even more ground.
A well-known crypto trader and analyst is putting out some short-term predictions for a number of cryptocurrencies, including Cardano (ADA).
After its recent surge, Altcoin Sherpa, a pseudonymous trader, advises his Twitter followers that Cardano (ADA) still has some gas left in the tank. Before selling out, the trader believes that ADA should at the very least continue to run to its immediate resistance.
He believes that $1.25ish is the very minimum, that there will be a pullback, and that shorts should aim higher.
At the time of writing, ADA is trading at $1.22 up by 8.1% in the last 24 hours. The resistance would be at $1.5 and the support at $1.
Near is the next decentralized application (DApp) platform to be discussed. NEAR could pull off a 30 percent rebound to $16 after some consolidation around $12, according to Altcoin Sherpa, before aiming for $20.
“NEAR: The plan remains the same: Wait for consolidation at the range high around $12 and then target $16ish as long as BTC stays stable.”
At the time of writing, NEAR is trading at $13.27 up by 4.1% in the last 24 hours. The token has traded in the range of $12.59 – $13.44.
Zcash, a privacy-focused cryptocurrency, is also on the analyst’s radar (ZEC). According to Altcoin Sherpa, ZEC is poised to continue its recent rallies in a big way, aiming for a 25% gain over its current price of $206.
He says the ZEC/BTC pair has no apparent trend, with higher lows and lower highs. Depending on how you perceive it, there might be a breakout. The ZEC/USD pair is still looking good, and he believes it will eventually reach $250.
At the time of writing, ZEC is trading at $201.82 up by 2.2% in the last 24 hours. The token has traded in the range of $195.85 – $209.53.
Finally, the analyst is interested in ApeCoin, an altcoin designed for the non-fungible token (NFT) community of the Bored Ape Yacht Club.
While APE appears to be in good condition, the analyst believes it is preparing to print a double top pattern before correcting.
At the time of writing, APE is trading at $15.15 up by 8.7% in the last 24 hours. The token has traded in the range of $13.69 – $15.44.