October 1, 2023
Altcoin News

Ethereum-Based Altcoin To Explode In Price

It has been just revealed that there is an Ethereum-based altcoin that will eventually explode in price. Check out the latest reports about this below.

ETH-based altcoin to explode in price

Reports suggest that in the upcoming bull market cycle, Chainlink (LINK), the blockchain oracle, is expected to break out from a months-long trading range. An important trader believes that LINK, which is crucial infrastructure for thousands of projects, has gone through a period of accumulation, choppy movement, and ranging for 500 days, and is likely to perform well in the next cycle.

However, they caution that it is not a good trading vehicle currently. According to the trader’s chart, LINK has been trading between $9.33 and $5.52 since May 2022.

The same trader predicts that Bitcoin (BTC) is likely to cross the 200-day simple moving average (SMA), which is an indicator of bullishness. They would like to see a four-hour close above and continuation.

A retest, according to the trader, would be healthy. Based on their chart analysis, Bitcoin is expected to break out to $26,700 and then retest the $26,300 level before continuing to rally to $28,000 by September 18th.

At present, the value of Bitcoin stands at $26,666, indicating a growth of 1.3% over the past day. According to the trader, Polygon (MATIC), a scaling solution, may experience a decline of more than 42% if its support at the $0.50 level is lost, as there seems to be a lack of interest in the investment.

The trader is of the opinion that MATIC might not be a wise investment and may return to the $0.30-$0.45 range.

Currently, MATIC is trading at $0.52, which has also shown a 1.3% increase over the last 24 hours. Lastly, the trader predicts that ApeCoin (APE), the native token of the Bored Ape Yacht Club community, is likely to experience a collapse 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.”