Analyst Says Top-100 Altcoin That’s Exploded 174% in Days Is a ‘Strong Strong Coin,’ Updates Outlook on Ethereum and Plasma
A widely followed crypto analyst says that one top-100 altcoin that has seen massive gains over the last few days still looks strong while updating his outlook on Ethereum ( ETH ) and the stablecoin-focused blockchain Plasma ( XPL ).
In a new thread, crypto strategist Altcoin Sherpa tells his 255,800 followers on X that privacy-focused blockchain ZCash ( ZEC ), which has seen its price skyrocket by 174% this week, is a strong token that still has room to grow.
“Almost bought [ZEC] last night but didn’t; this green box is predictive of another leg [up], usually. Strong, strong coin.”
Source: Altcoin Sherpa/X
ZEC went from a low of $54 on September 28th to its current price of $145, a gain of about 170%.
Moving on to the top altcoin, Sherpa says that while he’s skeptical that ETH has found its local bottom, things are looking up for the second-largest digital asset by market cap.
“Was this ETH move really the bottom? I’m dubious but things are looking pretty good.”
Source: Altcoin Sherpa/X
Ethereum is trading for $4,408 at time of writing, a 1.3% gain during the last 24 hours.
Concluding his analysis with Plasma, a protocol optimized for transacting stablecoins, Sherpa notes that it appears as if its price has bottomed out. However, he says he believes the asset’s price will slowly dwindle over the next month after it reverses course.
“I think XPL is fairly bottomed but I also recognize this can be like a PUMP trade; where people eagerly wait for it to bounce/come back up and then it chops for a good month or something before coming back. You’ll have to ask yourself if the opportunity cost is worth it.”
Source: Altcoin Sherpa/X
XPL is trading for $0.94 at time of writing, a 9% decrease during the last 24 hours.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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