Trader Predicts Altcoin That Has Doubled in Less Than a Week Will Continue to Rise, Provides Strategy for Sui’s Future
A prominent crypto strategist has expressed optimism about the potential of a rapidly growing altcoin project. Altcoin Sherpa, an analyst known for his insights in the crypto community, recently shared his perspective with over 200,000 followers on the X social media platform. He believes that the native token of the modular blockchain Dymension (DYM) could see further gains after a slight pullback.
Altcoin Sherpa revealed that he had recently closed his position on DYM to secure his profits, mentioning that he is not currently willing to re-enter the market due to its volatility and his reservations about Bitcoin’s performance. However, he remains optimistic about DYM’s potential for growth, expressing his patience in waiting for the right opportunity to reinvest.
Analyzing a chart, the trader suggests that DYM has found support at the $7.05 level and predicts that the token could rally to $7.39 based on Fibonacci retracement levels. As of now, Dymension is trading at $7.11, indicating a significant increase from its low of $3.54 on February 6th.
Altcoin Sherpa also shares his predictions for the layer-1 blockchain project Sui Network (SUI), forecasting a potential increase of over 10% from its current value. He asserts that SUI has demonstrated strength in low time frames and points out that various consolidation patterns are in play. His chart analysis indicates that SUI’s upward trend is supported by multiple exponential moving averages (EMAs) that continue to rise. At the time of writing, SUI is trading at $1.81, with a nearly 7% increase in the last 24 hours.
In addition to altcoin predictions, the trader discusses the critical moment Bitcoin (BTC) is facing as it approaches the $50,000 level. Altcoin Sherpa emphasizes the importance of a clear breakthrough and subsequent follow-up to maintain bullish sentiment. He urges caution in the case of a swift deviation. While he remains bullish on higher time frames, he suggests that Bitcoin may correct down to around $46,000 if it fails to convincingly surpass the $50,000 level. Currently, Bitcoin is trading at $49,624, reflecting a growth of over 3% in the last 24 hours.
Overall, Altcoin Sherpa’s analysis highlights the potential for further growth in Dymension’s native token and Sui Network, with cautious optimism for Bitcoin’s performance. As with any investment, market conditions can change rapidly, and investors should carefully evaluate their positions.