A closely followed crypto analyst who is pseudonymously known as Altcoin Sherpa, is taking a close look at charts to analyze the performance of Bitcoin, Solana, and ApeCoin.
The crypto trader, Altcoin Sherpa took to Twitter to inform his 174,200 followers that if Bitcoin’s higher low trends are maintained which takes us back towards late February, then the flagship currency can surpass $55,000 level
“As long as these lows are maintained and we still see higher lows, I think the bullish market structure is still intact. Still thinking 55k+ in the coming weeks.”
At the time of reporting, Bitcoin is trading at $40,226 with a surge of 3.30% over the last 24hrs.
The next cryptocurrency that has caught the pseudonymously known trader, Altcoin Sherpa’s attention is Solana, a layer-1 blockchain protocol and he looks at perpetual future charts dated back to early March.
Sherpa, the Crypto trader believes that Solana has faced a heavy correction from its April’s rally and he claims that this smart contract platform is currently trading at bottom before heading towards another breakout with Bitcoin
“I still think this is forming a bottom.
Expecting more chop and then another move up as BTC goes.”
Currently, Solana is up by 1.57% over the last 24hrs trading at $99.10
The last cryptocurrency that the strategist talks about is ApeCoin (APE) which is created by Yuga Labs, the founder of Bored Ape Yacht Club (BAYC).
ApeCoin was launched on March 17th and after the launch the currency has experienced a series of launches.
Hence, the chart expert, Sherpa predicts that the technical analysis is not for the assets like APE and instead he opts to look at popular sentiment and consider broader fundamental analysis.
“TA usually can’t be applied to these types of coins; more look at momentum and the overall FA associated with it.
I personally wouldn’t short it, would rather start when it starts coming down. Would consider $17.80 as a scalp.”
ApeCoin (APE) is currently up by 22.25% over the last 24hrs positioned at $23.49.
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