The cryptocurrency market continues to struggle with harsh winter conditions. However, no signs of spring are on the horizon. In fact, there are signs that macro winds will blow harder. In this environment, a crypto analyst is predicting more rallies for two explosive altcoins. Also, the leading crypto is updating its Bitcoin (BTC) forecast.
The first altcoin that the analyst predicted a rally: Injective Protocol
A popular crypto analyst nicknamed AltcoinSherpa is predicting more rallies for the two lower-value altcoins that have been showing strength lately. The analyst says the decentralized derivatives exchange Injective Protocol (INJ) is a “gift that keeps on giving.” In this context, the analyst makes the following statement:
This entire area ($2.00) is a major supply zone. However, it has been tapped several times over the past few weeks. I think many sellers went for $2. I’m driving this from $1.80 entry to $2.50.
At press time, INJ was trading at $1.81, down 6.52% in the past 24 hours. A move towards the analyst’s target shows an upside potential of about 38% for INJ.
“Second altcoin with rally potential: SUSHI”
Another altcoin on AltcoinSherpa’s radar is SushiSwap (SUSHI), which is also a decentralized exchange protocol. According to the analyst, SUSHI is facing some resistance at current levels. However, the analyst says that SUSHI will continue to rise towards its target. AltcoinSherpa expresses its prediction as follows:
SUSHI: The current space is a little scary. I still think it’ll probably go up to $1.60 eventually.
At press time, SUSHI is trading at $1.32, down 4.35% in the last 24 hours. SUSHI hit an all-time high of $23.38 in March last year. However, it later saw drastic declines. Currently, the altcoin is about 94% off the ATH level.
“The $19,500 region is important for the leading crypto”
Finally, the analyst looks at the leading crypto Bitcoin (BTC). AltcoinSherpa predicts that BTC will drop to $18,000 if it fails to keep the balance of its range around $19,500. He explains his prediction as follows.
There are two scenarios I’ve watched. This is an uncertain area for now. Overlapping signals and exponential moving averages are right next to price. Theoretically, these should provide some support. However, if the price is changing so consistently across EMAs, I think it’s less likely to be strong support or resistance.
cryptocoin.comAs you can follow from , Bitcoin was changing hands at $ 19,244 at press time. On a daily basis, it fell more than 1%. It also stands below the analyst’s range balance.
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