A veteran crypto trader is taking to the charts to see where four of the top cryptocurrencies are headed in the spring months.
Pseudonymous crypto analyst Kaleo tells his 475,300 Twitter followers that after the recent Bitcoin (BTC) rally, he expects BTC to rise a bit more but then meander in the mid-$50,000 range.
“The pump has been spot on so far.
My macro-bullish bias hopes the rest of this is wrong and we just continue to pump forever, but have a feeling we hit the breaks and chop for a bit in the mid-50s.”
At time of writing, Bitcoin is down 1.53% and trading for $47,040. The leading crypto asset by market cap is still up 9.8% from a week ago.
Kaleo also has his eye on peer-to-peer virtual currency Litecoin (LTC). The trader says while the altcoin has done well against the US dollar, he’s uncertain how it will fare in the LTC/BTC trading pair.
“So far Litecoin (USD) has continued to climb piggybacking on BTC / market strength, but has failed to do anything special in and of itself.
Waiting for the BTC pair to break up from here, if not just F me, I’ll continue to feel the pain I deserve.”
Litecoin is up a percent and valued at $131.07. The 22nd largest crypto asset by market cap is up 8.2% from a weekly low of $121.06.
Next on the pseudonymous trader’s list is Dogecoin (DOGE). Following up on a March 23rd tweet in which he anticipated the dog-themed meme coin mirroring a 2018 rally, Kaleo remains optimistic after it rose by nearly 20%.
“DOGE is up ~20% from the initial entry, still waiting on the day we’ll see a couple of massive legs up though. Patience pays.”
Dogecoin at time of writing is down 3.32% and trading for $0.14 It’s up about a penny from its weekly low on March 25th.
Last on the chart guru’s list is stablecoin issuer Terra (LUNA). In light of the altcoin’s recent breakout from the $90 range starting on March 27th, the trader expects it to work past $150 during this cycle.
“LUNA finally entered into price discovery.
As the resistance I’m looking at is a rising diagonal – a slight delay in the approach means a slightly higher target range.
Looking for $150 – $180 this leg.”
Terra is currently down 1.3% on the day and exchanging hands for $105.59.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Oleksandra Klestova/MrArtHit/Chuenmanuse
