Here Are Potential Price Targets for Chainlink Competitor That’s Up 85% This Year, According to Crypto Trader
A well-known cryptocurrency analyst is sharing optimistic price targets for a competitor of Chainlink, a cryptocurrency that has already experienced an impressive 85% surge since the start of 2024.
The analyst, known as Altcoin Sherpa, revealed on the social media platform X that he intends to use Fibonacci extensions to determine price targets for Pyth Network (PYTH), a data aggregating service.
Fibonacci extensions are a tool used in technical analysis to predict profit targets and price corrections. These extensions are based on ratios derived from the Fibonacci sequence.
PYTH has already exceeded Altcoin Sherpa’s initial target of approximately $0.65. Currently ranked 83rd by market capitalization, the cryptocurrency is trading at around $0.658 as of now, a significant increase from its value of $0.356 at the beginning of the year.
The next price targets set by Altcoin Sherpa for PYTH are $0.6979 and $0.767.
Earlier this week, Altcoin Sherpa pointed out that PYTH was entering a phase of price discovery, where a coin reaches unprecedented price levels in its history. Coins in price discovery mode often experience a robust uptrend with little resistance.
Additionally, the analyst suggests keeping an eye on older altcoins like Chromia (CHR), a public blockchain platform. Altcoin Sherpa admits to previously underestimating these older coins but now believes they may present trading opportunities. One challenge with these coins, however, is their tendency to go through long accumulation periods before significant price movements occur.
Altcoin Sherpa acknowledges their impatience in holding positions for extended periods and plans to explore these older altcoins more extensively in the coming weeks.