Tuesday, December 6

A popular crypto trader is forecasting rallies for Ethereum (ETH), Chainlink (LINK) and an altcoin from the decentralized finance (DeFi) sector.

The pseudonymous analyst known as Altcoin Sherpa tells his 184,100 Twitter followers that he expects ETH to at least break through the $1,500 level, about 11% up from current prices.


   

“ETH: I think this goes to 1500 at a minimum to be honest. This looks like it’s forming a short term bottom overall and I still think looks decent.”

Source: Altcoin Sherpa/Twitter

Altcoin Sherpa says decentralized oracle network Chainlink also appears to be in a breakout position. Based on the analyst’s chart, he expects LINK to make its way close to the 200-day moving average, around the $10 mark, about 30% away from its current price of $7.67.

“LINK:Are you ready?”

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Source: Altcoin Sherpa/Twitter

Altcoin Sherpa also has his eye on Injective Protocol (INJ), a decentralized exchange (DEX) on the Ethereum network that offers margin trading and derivatives on a cross-chain platform.

The pseudonymous analyst says he’s aiming for an entry point near the $1.70 level before targeting the $2.20 range.

“INJ: Buy strength in this market. I’ll buy the next dip on it where it comes and feel comfortable about it. Probably mid $1s.”

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Source: Altcoin Sherpa/Twitter

Looking at Bitcoin, Altcoin Sherpa is still generally bearish on BTC, and expecting another leg down to be the next big move.

“BTC: Consolidation into another leg down has been the case for the entirety of 2022, is this going to be any different? The trend is still bearish until shown otherwise. It’s shitty and scary and a big move is coming.”

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Source: Altcoin Sherpa/Twitter

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/storoch/VECTORY_NT/David Sandron

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