One of the closely followed crypto analysts and traders has come up with his analysis for a few of the largest cryptocurrencies.
An anonymous strategist known as Altcoin Sherpa believes that though Bitcoin (BTC) is hit with a downward price movement for a week now, he still believes BTC will hit back and reclaim the $28,000 range.
He is hoping for some higher highs in the days to come
At the moment, Bitcoin is selling at $22,766 after a fall of 3% over the last 24hrs.
Next, Altcoin Sherpa talks about the second largest cryptocurrency by market cap, Ethereum (ETH). He compares ETH against BTC and asserts, that in May 2021 and January 2022 Ethereum was valued at 0.082400 BTC.
He then expects ETH/BTC to go higher in the near future.
Currently, Ethereum is changing hands at $1,817 with a pullback of 2.31% in the last 24hrs.
Binance Coin (BNB)
The next currency that has caught the analyst’s attention is the Binance exchange’s native currency, Binance Coin (BNB). The analyst speaks about October 2021 when BNB was trading between $260 and $322.
For now, he expects the altcoin to plunge around $250 and calls BNB one of the best-performing altcoins on the whole.
BNB had seen some of the massive rallies in the month of July before being pulled back this month. At the time of writing, BNB is trading at $292 with a fall of 4.66% on the last day.
Shiba Inu (SHIB)
The next on the list is the Dogecoin competitor, Shiba Inu (SHIB) where the strategist says we could expect some good upward run if Bitcoin and Ethereum prices don’t fluctuate.
Hence, for SHIB to surge it’s important for Bitcoin and Ethereum to hold on to their position without much volatility.
At the moment, Shiba Inu’s (SHIB) price is being pulled down by 11.76% and is now trading at $0.0000131. Between August 9th and 14th, the altcoin increased by 80%, climbing from $0.000010 to $0.000018 prior to actually losing the rally.
The last coin that the expert focuses on is Ethereum’s layer-2 scaling solution, Optimism (OP). Earlier in the month of July when Optimism (OP) had surged notably, the expert had asked the traders to short OP.
However, now he anticipates OP price to plunge below $1 if Bitcoin and Ethereum hold on.
At the time of publication, Optimism (OP) has seen pullback of 11.74% in the last 24hrs and is trading at $1.18