According to Altcoin Sherpa, Chainlink (LINK), Arbitrum (ARB), Aptos (APT), Binance Coin (BNB), and Injective Protocol (INJ) are the top altcoins to watch for profitable trades. Sherpa’s review is based on the price behavior of the altcoins, supported by technical indicators based on their historical behavior.
Looking at the weekly chart, Sherpa notes that LINK has been trading in a sideways range for almost a year, attracting a large transaction volume. This behavior is similar to when LINK traded around $2, staying in a tight range for almost a year before embarking on a significant rally that pushed the price to an all-time high (ATH) of $52. Sherpa believes that LINK could experience a repeat of such a rally as soon as it breaks above the current range.
Arbitrum’s ARB coin has aligned for potential profit, according to Sherpa. Although the coin is already in an established uptrend, Sherpa thinks buying at a Fibonacci support around the $1.45 price region would be a good decision. That area would represent a considerable pullback and price consolidation coinciding with a volume profile that supports another leg in the price rally.
Sherpa’s opinion about APT is that buying around the $11.72 price region could be a good decision. He notes that consolidation is significant around that area, with the convergence of several EMAs on the daily chart. However, Sherpa thinks that activities around Bitcoin price could impact what happens with APT. He believes that a significant drop in the price of BTC could have APT falling toward the $9.62 price region. Otherwise, the $11.72 level remains valid for a bounce.
On the weekly chart, Sherpa identifies an area of interest that has become a significant resistance to BNB price. The $345 price level represents a historically strong area for BNB, and Sherpa believes a close above that level will indicate a significant breakout. He projects that a confirmed break above this region could see BNB climb to $450 on its first leg.
Sherpa’s choice of INJ is based on a confirmed uptrend that classifies it as one of the most bullish coins in the current Bitcoin market. He expects the coin’s price to stall around the $10.60 area and advised anyone in the trade to consider taking some profit there. However, he projects that INJ is in a good position for anyone who wants to partake in the bull run to look out for the dips and buy them. Sherpa believes there is still some significant momentum in INJ’s rally that could see it push toward higher price levels.
In conclusion, Sherpa’s analysis of the top altcoins to watch for profitable trades is based on technical indicators and historical behavior. While there are no guarantees in the volatile world of cryptocurrency trading, Sherpa’s insights provide a valuable perspective for investors looking to make informed decisions.