Top Trader Predicts Massive Rallies for Under-the-Radar Altcoin Amid Crypto Correction – Here Are His Targets
An analyst who nailed the top of Bitcoin’s (BTC) 2021 bull market thinks that one low-cap altcoin may ignite rallies amid a flurry of bullish catalysts.
Pseudonymous analyst Pentoshi tells his 674,900 Twitter followers that he’s accumulating Synapse (SYN), a protocol that goals to allow safe cross-chain communication.
In response to Pentoshi, the undertaking will seemingly witness bullish occasions that might catapult SYN towards his targets.
“Earlier than I’m going to mattress. Thought I’d share how I’m seeking to play it. Most necessary ranges marked technical analysis-wise. Fundmental analysis-wise: I consider three or so catalysts will come within the subsequent one to 6 weeks to propel it revolving round Synchain/DApps.”
Synchain is a undertaking that bills itself as a next-generation blockchain that goals to unravel the problems scalability and safety. In the meanwhile, there’s no clear announcement suggesting {that a} partnership is brewing betwen Synapse and Synchain.
Taking a look at Pentoshi’s chart, he seems to have set a number of targets for SYN from $1.47 all the way in which as much as $3.75. The crypto analyst additionally says that he positioned bids between $1.20 and $1.25 in case of a corrective transfer.
At time of writing, SYN is buying and selling at $1.33, up over 4% on the day.
Taking a look at Bitcoin, the crypto strategist sees BTC falling to round $21,200.
“BTC present vary.”
At time of writing, Bitcoin is price $21,800, a fractional dip on the day.
As for the broader crypto market, Pentoshi warns that crypto may witness a troublesome 2023 as regulators crack down on the nascent trade.
“Clearly that is going to be a tough 12 months from a regulatory standpoint, as we’ve seen this week. All of this too shall cross. Bullish on the frogs [crypto market participants] overcoming the fits, and animal spirits profitable in the long run.”
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