What Happened: Pseudonymous cryptocurrency analyst Altcoin Sherpa said on his YouTube channel that Bitcoin — which dictates the entire market — is seeing short-term relief.
The analyst added that while altcoins should also do nicely in the short term, he will start taking profits as Bitcoin approaches the $47,000 range.
See Also: How To Buy Bitcoin (BTC)
Polygon (CRYPTO: MATIC): Noting that MATIC is a very strong coin, the analyst said that the altcoin should form a bottom similar to that seen in November for more sustainable price action.
“In my opinion, the next area would be like the all-time high levels right around $3 or so, close to $3,” Altcoin Sherpa said.
Chainlink (CRYPTO: LINK): Altcoin Sherpa said he has noticed lots of strong buying volume coming for LINK in the current environment and thinks it is not a bad idea to consider buying around the $25 level, as it is also the 200-day EMA.
Cosmos (CRYPTO: ATOM): The analyst noted that area between $38 and $45 was being tapped by AROM repeatedly, but it is only a matter of time before this breaks.
Harmony (CRYPTO: ONE): Altcoin Sherpa noted that ONE is still “hanging around” in the $0.32 to $0.33 area despite being tapped multiple times. The coin should see a daily close above the $0.33 range for it to be termed a bullish trend, he added.
Fantom (CRYPTO: FTM): The analyst believes the coin could expect another rejection as it moves higher to the resistance area around $3.15.
NEAR Protocol (CRYPTO: NEAR): The analyst described NEAR as his favorite coin right now and he is personally viewing an entry into the token around the $16 level, while an aggressive entry would be around the low $17 range.