Popular crypto analyst Altcoin Sherpa has updated his outlook on a number of altcoins, including Chainlink (LINK), Avalanche (AVAX), Fantom (FTM), and one altcoin that’s exploded over 700% in a matter of weeks.
Chainlink
Sherpa believes that Chainlink is still one of the best altcoins in terms of overall crypto infrastructure, but he thinks it will take months before it breaks out of its current trading range. He says that LINK is “chopping around” and is likely to remain range-bound until the broader market improves.
Avalanche
Sherpa is more bullish on Avalanche, saying that it is retesting a potential bottom at $9.82. He believes that AVAX could bounce from this level and move back up to $12 or $13 in the near future.
Fantom
Sherpa also sees potential in Fantom, saying that it could bounce after touching the $0.202 level, which it last retested nearly a year ago. He believes that FTM could reach $0.25 or $0.30 in the next few months.
One Altcoin That’s Exploded Over 700%
Finally, Sherpa highlights one altcoin that he believes has the potential to explode even further. This altcoin is called Frax Finance (FRAX), and it is a stablecoin that is pegged to the US dollar. FRAX has been on a tear in recent weeks, increasing over 700% in value.
Sherpa believes that FRAX is still undervalued and that it could reach $10 or even $20 in the near future. He says that FRAX is a “very interesting project” and that it has the potential to become a major player in the stablecoin market.
Overall, Sherpa is cautiously optimistic about the altcoin market. He believes that there are some altcoins with good fundamentals that are undervalued and could see significant price gains in the future. However, he also warns that the market is still volatile and that investors should be prepared for sharp pullbacks.
Here are some other altcoins that Sherpa is bullish on
What are your predictions for #Crypto coins in December 2023?
Mine:$BTC $35,000$ETH $3200$SOL $35$BNB $400$XRP $.60$LINK $14$MATIC $1.75$AVAX $25$DOGE $.10$DOT $9 pic.twitter.com/xXToWjZT9T
— Altcoin Sherpa (@AltcoinSherpa) December 23, 2022
THORChain (RUNE)
THORChain (RUNE) is a decentralized liquidity network that allows users to swap tokens across different blockchains. It is a promising project with a lot of potential, and Sherpa believes that it could see significant price gains in the future.
Helium (HNT)
Helium (HNT) is a decentralized wireless network that uses blockchain technology to provide low-cost, long-range connectivity for IoT devices. It is a unique project with a strong use case, and Sherpa believes that it is undervalued.
The Graph (GRT)
The Graph (GRT) is a decentralized indexing protocol that allows developers to query data from blockchains. It is a key infrastructure project for the DeFi ecosystem, and Sherpa believes that it has the potential to become a major player in the blockchain space.
Convex Finance (CVX)
Convex Finance (CVX) is a yield aggregator that allows users to earn higher returns on their staked CRV tokens. It is a relatively new project, but it has seen rapid growth in recent months. Sherpa believes that it has the potential to become a major player in the DeFi yield farming market.
Axie Infinity (AXS)
Axie Infinity (AXS) is a blockchain-based game that allows players to collect, breed, and battle digital pets. It is one of the most popular DeFi games, and Sherpa believes that it has the potential to continue to grow in popularity in the future.
These are just a few of the altcoins that Sherpa is bullish on. He encourages investors to do their own research before investing in any altcoin.
It is important to note that these are just a few of the altcoins that Sherpa is bullish on. He encourages investors to do their own research before investing in any altcoin.
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