Pseudonymous analyst Altcoin Sherpa tells his 183,500 Twitter followers that he sees the Ethereum/Bitcoin pair (ETH/BTC) rallying from current levels.
“This one should bounce around this area. Equilibrium of this range and near the 200-day exponential moving average. Great moves overall but I still don’t see this breaking out in current market conditions.”
A bullish ETH/BTC chart suggests that Ethereum will likely post more gains than Bitcoin. At time of writing, the ETH/BTC pair is trading at 0.0695 BTC ($1,345), above Altcoin Sherpa’s range equilibrium.
Looking at XRP, the analyst says he’s currently bearish on the sixth-largest crypto by market cap but that would change if Bitcoin flashes signs of strength.
“Testing the 200-day exponential moving average (EMA) but given there was such a large gap between the previous price and the EMA, I don’t expect this to break to the upside. I think we see a bit more consolidation before this goes lower. If BTC recovers, disregard that idea.”
At time of writing, XRP is valued at $0.0472, down nearly 5% on the day.
Next up is Ethereum rival Algorand (ALGO). Altcoin Sherpa says he sees ALGO pulling back to lower levels.
“I like the $0.35 area or lower to buy this one.”
At time of writing, ALGO is swapping hands for $0.368, a 4.59% decrease on the day.
The last altcoin on the trader’s radar is Reserve Rights Token (RSR), a cryptocurrency designed to facilitate the stability of the asset-backed stablecoin known as the Reserve Token (RSV). According to Altcoin Sherpa, he sees RSR launching a nearly 30% rally from current prices.
“It’s making its way to the range highs ($0.0099). Would take caution around that area: 200-day EMA + range high.”
At time of writing, RSR is changing hands for $0.0076, down over 3% in the last 24 hours.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Analyst Says Ethereum Primed To Outperform Bitcoin, Updates Outlook on XRP and Two Additional Altcoins appeared first on The Daily Hodl.
Source: Daily HODL
Original Post: Analyst Says Ethereum Primed To Outperform Bitcoin, Updates Outlook on XRP and Two Additional Altcoins