- Altcoin Sherpa suggests holding Chainlink (LINK) for over six months for better returns, citing its chopping nature in the current market.
- The analyst also provides insights on layer-1 projects and other cryptos like Avalanche (AVAX), Fantom (FTM), and Rollbit’s native token RLB.
A renowned cryptocurrency analyst, going by the pseudonym Altcoin Sherpa, recently shared insights on Chainlink’s current market behavior. With 196,200 followers on the social media platform X, the expert highlights Chainlink’s consistent trading range and suggests it could be several months before any significant breakout. Referring to its performance, Altcoin Sherpa tweeted,
$LINK: still one of the best coins in terms of overall crypto infrastructure but it is still one that is chopping around. Would consider just buying this one and letting it sit for 6 months+ and then selling it much higher later. This isn't a good active trade IMO. #Chainlink pic.twitter.com/CqvfRbem0i
— Altcoin Sherpa (@AltcoinSherpa) September 4, 2023
An overview of Chainlink’s performance since May 2022 shows it has been trading between a high of $9.33 and a low of $5.53. As of the latest report, Chainlink stands at $6.28, marking a 1.7% increase over the last 24 hours.
Shifting his attention to layer-1 projects that have seen a decrease in prominence in the current crypto cycle, Altcoin Sherpa predicts some will achieve higher trading values within the next year. Notably, Ethereum’s competitor, Avalanche (AVAX), is currently retesting a potential bottom at $9.82, with its latest value being $10.07, showing a 1.2% uptick in the last 24 hours.
Insight on Other Cryptos
Further in his analysis, Altcoin Sherpa reviews the smart contract platform Fantom (FTM). Based on his charts, Fantom may witness a bounce, given its recent touch at the $0.202 mark, a level it last saw nearly a year back. At the moment, Fantom is trading at $0.203, with a minor 0.8% increase over the last 24 hours.
Lastly, turning to the cryptocurrency gambling platform Rollbit, its native token RLB has seen a staggering 714% rise from its low of $0.0189 on June 11th to its current $0.154. However, Altcoin Sherpa predicts potential dips to support levels of $0.135 or even $0.126, especially after it failed to sustain at the $0.178 mark. Sharing his sentiments on RLB, he mentioned, “RLB: Had nice moves today due to the stake hack but I still think the chart itself looks like crap. I’m going to hold off on buying this one for now.”
