Trader Says Altcoin That’s Doubled in Less Than a Week Could Go Higher, Outlines Path Forward for Sui
A carefully adopted crypto strategist believes a red-hot altcoin challenge has extra upside potential.
Pseudonymous analyst Altcoin Sherpa tells his 206,900 followers on the social media platform X that the native token of modular blockchain Dymension (DYM) may quickly revisit increased ranges after a retracement.
“DYM: closed all of this yesterday, not going to spherical journey revenue proper now.
It’s nonetheless a bit uneven and never an enormous fan of the place BTC is. Nonetheless assume this might go increased however going to be affected person for now.”
his chart, the dealer means that DYM is holding the $7.05 degree as help and will rally to $7.39 primarily based on Fibonacci retracement ranges.
Dymension is buying and selling at $7.11 at time of writing, up from a low of $3.54 on February sixth, a achieve of greater than 100%.
Subsequent up, the dealer predicts that the layer-1 blockchain Sui Community (SUI) will enhance greater than 10% from its present worth.
“SUI: this may hit $2 ultimately, really feel fairly strongly about it. Low time frames nonetheless look fairly sturdy and it’s necessary to recollect there are all various kinds of consolidation patterns.”
his chart, the dealer means that SUI stays in an uptrend as a number of exponential shifting averages (EMAs) proceed to rise.
SUI is buying and selling for $1.81 at time of writing, up practically 7% within the final 24 hours.
Lastly, the dealer says Bitcoin (BTC) is dealing with a important second because it touches the $50,000 degree on Monday.
“BTC: second of fact right here. You need to see this clearly smash by way of AND HAVE FOLLOW UP. If it is a fast deviation, be extraordinarily cautious. Nonetheless bullish on excessive time frames however let’s see what occurs.”
his chart, the dealer means that if Bitcoin can convincingly break the $50,000 degree it’ll stay in an uptrend, in any other case he suggests Bitcoin may appropriate right down to round $46,000.
Bitcoin is buying and selling for $49,624 at time of writing, up greater than 3% within the final 24 hours.
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