Trader Says Altcoin Thats Doubled in Less Than a Week Could Go Higher, Outlines Path Forward for Sui

A closely followed crypto strategist believes a red-hot altcoin project has more upside potential.

Pseudonymous analyst Altcoin Sherpa tells his 206,900 followers on the social media platform X that the native token of modular blockchain Dymension (DYM) could soon revisit higher levels after a retracement.

“DYM: closed all of this yesterday, not going to round trip profit right now.

It’s still a bit choppy and not a huge fan of where BTC is. Still think this could go higher but going to be patient for now.

Source: Altcoin Sherpa/X

Looking at his chart, the trader suggests that DYM is holding the $7.05 level as support and could rally to $7.39 based on Fibonacci retracement levels.

Dymension is trading at $7.11 at time of writing, up from a low of $3.54 on February 6th, a gain of more than 100%.

Next up, the trader predicts that the layer-1 blockchain Sui Network (SUI) will increase more than 10% from its current value.

“SUI: this will hit $2 eventually, feel pretty strongly about it. Low time frames still look pretty strong and it’s important to remember there are all different types of consolidation patterns.

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Source: Altcoin Sherpa/X

Looking at his chart, the trader suggests that SUI remains in an uptrend as several exponential moving averages (EMAs) continue to rise.

SUI is trading for $1.81 at time of writing, up nearly 7% in the last 24 hours.

Lastly, the trader says Bitcoin (BTC) is facing a critical moment as it touches the $50,000 level on Monday.

“BTC: moment of truth here. You want to see this clearly smash through AND HAVE FOLLOW UP. If this is a quick deviation, be extremely careful. Still bullish on high time frames but let’s see what happens.

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Source: Altcoin Sherpa/X

Looking at his chart, the trader suggests that if Bitcoin can convincingly break the $50,000 level itll remain in an uptrend, otherwise he suggests Bitcoin could correct down to around $46,000.

Bitcoin is trading for $49,624 at time of writing, up more than 3% in the last 24 hours.

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Featured Image: Shutterstock/Athitat Shinagowin/Sensvector

This article was originally reported on The Daily Hodl.