Ethereum-Based Altcoin To See Parabolic Surge

It’s been just revealed that there is an important strategist who keeps an eye on an Ethereum-based altcoin. Check out the details about all this below.

According to the latest reports, the pseudonymous crypto analyst Altcoin Sherpa said that shorting Kyber Network (KNC) while it is trading close to record highs is not a good idea for now.

“KNC: Don’t really think you want to long or short this thing in the short term. It looks parabolic and price discovery is always unpredictable. With that said, this is also going to be a glorious short eventually. I’d prefer waiting for the breakdown first.”

Just to refresh your memory, Kyber Network is a decentralized, blockchain-based exchange that is focused on aggregating liquidity and facilitating instant swaps between ERC-20 tokens.

It’s also worth noting the fact that there is another token on the trader’s list which is ApeCoin (APE). This is an altcoin created for the Bored Ape Yacht Club non-fungible token (NFT) community. Altcoin Sherpa predicts that APE will print new all-time highs.

“APE: it’s probably going to soundly break all-time highs given the overall land sale but this is also a sell-the-news period soon, in my opinion. The entire area upcoming is a dangerous area from a [technical] perspective but I think [fundamentals are] more important right now.”

Another coin that the analyst is checking out is Ethereum (ETH) competitor and smart contract platform Avalanche (AVAX).

Altcoin Sherpa has recently said that AVAX is still bullish on high timeframes despite its sharp corrective move over the past weeks.

“AVAX: Still just a range but also technically a bullish market structure as long as this low holds, in my opinion. I think this one does pretty well as long as BTC holds up.”

Stay tuned for more news from the crypto space.