By Tom Blitzer
Key Insights:
- Altcoin Sherpa shared insights on various altcoins, highlighting potential long-term investment opportunities in PEPE, LINK, and SUI.
- The trader cautioned against investing in DOGE and XRP due to a lack of clear trends and sustained parallel ranges, respectively.
- Altcoin Sherpa noted that the fluctuations in BTC value could significantly impact the prices of the altcoins discussed.
Yesterday, Altcoin Sherpa, a renowned crypto trader, and analyst, shared his latest analysis on various altcoins via his YouTube channel. According to his insights, the leading crypto player, Bitcoin (BTC), still significantly influences the altcoin market. Nonetheless, he identified some promising altcoins, such as PEPE, LINK, and SUI, which he believes present favorable long-term investment opportunities.
Trader’s Verdict on DOGE Investment
The trader analyzed Dogecoin (DOGE) and concluded it lacks a clear trend. Thus, he said he would only consider trading the meme coin for fast scalping gains. Although Altcoin Sherpa projected a potential price of $0.1, the trader does not view DOGE as a viable short-term investment.
Like DOGE, the trader expressed reluctance to invest in Ripple (XRP) as it has remained within a parallel range for more than a year. Altcoin Sherpa predicts that if there is a price shift in either direction for the remittance token, it would be a significant one.
The trader observed SUI (SUI) trading at the 0.5 Fibonacci level when recording the video. The trader believes this particular altcoin has the potential for a considerable price surge, although he refrained from speculating when it might happen. Additionally, the trader noted that market makers are currently manipulating SUI, and he cautioned that a significant drop in Bitcoin’s (BTC) value could cause SUI to plummet to $0.82.
PEPE: A Promising Crypto Purchase
The trader expressed optimism about Pepe (PEPE), stating that the altcoin is currently positioned in a robust demand area. He sees the potential for PEPE as a worthwhile purchase in both the medium and long term. However, he emphasized that the crypto’s fate is subject to the fluctuations of BTC.
Finally, the altcoin expert Altcoin Guide evaluated Chainlink (LINK) and found that all of the altcoin’s daily EMA lines have converged positively. However, the expert stated that he would only consider purchasing the altcoin once it surpasses the $9.50 mark, given that it has been consolidating for an entire year. The expert further warned that if BTC experiences a decline soon, LINK’s value may plummet as low as $5.50.