Sherpa

Polygon

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 A closely followed crypto trader says that one mid-cap altcoin is primed for a significant rally in price. 
 Pseudonymous trader Altcoin Sherpa tells his 196,300 followers on the social media platform X that blockchain oracle Chainlink (LINK) will likely break out of a months-long trading range in the next bull market cycle. 
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 “LINK: 500 days of accumulation/chop/ranging for one of the best crypto projects that is the core infrastructure for thousands of projects. I think LINK is going to do big numbers next cycle and is one of the few I’d probably hold. Not a good trading vehicle right now though.” 
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 Looking at the trader’s chart, LINK has traded since May 2022 within a range with an upper bound of $9.33 and a lower bound of $5.52. 
 Next, the trader predicts that Bitcoin (BTC) will likely cross the 200-day simple moving average (SMA), which indicates bullishness. 
 “BTC: would like to see a four-hour close above and continuation. A retest would actually be healthy too.” 
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 Looking at his chart, the trader suggests Bitcoin is likely to break out to $26,700 and then retest the $26,300 level before continuing a rally to $28,000 by September 18th. 
 Bitcoin is trading for $26,666 at time of writing, up 1.3% in the last 24 hours. 
 The trader also weighs in on the scaling solution Polygon (MATIC). He predicts Polygon could see a more than 42% decline due to a lack of trading interest if it loses support at the $0.50 level. 
 “MATIC: Not sure why anyone would buy this one, to be honest. Headed back to the $0.30-$0.45 area IMO (in my opinion).” 
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 MATIC is trading for $0.52 at time of writing, up 1.3% in the last 24 hours. 
 Lastly, the trader predicts a collapse for the native token of the Bored Ape Yacht Club community ApeCoin (APE) as it retests the $1.14 level. 
 “APE: This is why you don’t lock coins up in general. This is the last stand for this sh*tcoin. Might be worth a punt if you’re into knife catches. That said, I don’t really see any sort of narrative or reason for this to go up. NFT (non-fungible token) market dead right now.” 
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 APE is trading for $1.14 at time of writing, up 0.1% in the last 24 hours. 
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/crypto-trader-says-one-ethereum-based-altcoin-primed-to-do-big-numbers-updates-outlook-on-bitcoin-and-polygon-tbt62785.html">https://thebittimes.com/crypto-trader-says-one-ethereum-based-altcoin-primed-to-do-big-numbers-updates-outlook-on-bitcoin-and-polygon-tbt62785.html</a>

Crypto Trader Says One Ethereum-Based Altcoin Primed To ‘Do Big Numbers’, Updates Outlook on Bitcoin and Polygon

TheBitTimes

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