A leading cryptocurrency market expert has recently expressed a positive outlook on the performance of a Chainlink competitor, the Pyth Network (PYTH), after its substantial growth of nearly 85% since the year’s start. The analyst utilized recent performance data to establish ambitious future prices for the altcoin.
Bullish Milestones Predicted by Market Expert
Using the name Altcoin Sherpa, the analyst shared via social media their intention to apply Fibonacci extensions as a method to determine price goals for PYTH. Typically, Fibonacci extensions are employed by traders for forecasting potential price movements and corrections. PYTH’s price has already exceeded the analyst’s initial goal, reaching approximately $0.65.
With a current market ranking of 83rd in valuation, the cryptocurrency’s latest trading price hovers around $0.658, a significant increase from its $0.356 value at the beginning of the year. Altcoin Sherpa now eyes a price point of $0.6979, with an eventual rise to $0.767. The analyst has highlighted PYTH’s entry into a price discovery phase earlier this week, an indication of the cryptocurrency reaching unprecedented price levels.
Insights on Long-standing Altcoins
Altcoin Sherpa has pointed out the remarkable trend of cryptocurrencies like PYTH entering strong bullish trends without facing historical price resistance. The expert also turned attention to other seasoned cryptocurrencies such as Chromia (CHR), suggesting that they might be worth trading considerations. Citing a resurgence in older cryptocurrencies, the analyst warned about the tendency of these assets to undergo prolonged accumulation phases, which could test the patience of investors not inclined to hold positions for extended durations. Yet, the expert sees potential in several of these assets, pledging to provide further analysis in the near future.