The popular cryptocurrency analyst has a bullish price target for rival Chainlink (LINK), which has already soared nearly 85% since early 2024.
Fake trader known as Altcoin Sherpa To tell He told his 207,200 followers on social media platform X that he plans to use Fibonacci extensions to target data aggregation service Pyth Network (PYTH).
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price pullbacks. These are based on Fibonacci ratios.
PYTH is already above analysts' initial target of around $0.65. The crypto asset, which ranks 83rd by market capitalization, is trading around $0.658 at the time of writing, up from this year's high of $0.356.
Altcoin Sherpa’s next asset target is $0.6979 and then $0.767.
Earlier this week, the same analyst noted that PYTH is in the midst of price discovery, a situation where the coin is trading at levels never seen before in its history.
Altcoin Sherpa says that coins that trade in price discovery territory are “always magical” as they tend to be in strong upward trends even without any known resistance.
Vendors too Note It may be worth looking at some older altcoins, such as public blockchain platform Chromia (CHR).
“Seeing old coins like CHR come back from the dead made me think that we should not despise these old coins so much and think about trading them more.The problem I think is that they usually It's in a long accumulation pattern and takes a while to really start moving…and with my impatient personality I can't maintain that position for weeks.
That being said, there's probably a lot of stuff out there that looks pretty good. We will begin investigating these further over the coming days and weeks. ”
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me twitterFacebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Mid Journey
