Analyst points out two cryptocurrencies that could rise 600% this cycle
The famous cryptocurrency analyst known as Altcoin Sherpa believes that two altcoins have the potential to soar up to five times before this cycle ends. These altcoins are Chainlink (LINK) and Algorand (ALGO). According to the analyst, even common altcoins will see huge price increases.
Specifically, Sherpa sees the decentralized oracle network Chainlink (LINK) and layer-1 protocol Algorand (ALGO) with huge upside potential. In this sense, Sherpa predicts that the two tokens could appreciate between 400% and 600% before the current cycle comes to an end.
“Market average for altcoins from here on out: probably around three to five times upside on the bearish forecast. In an optimistic scenario, the appreciation can reach between five and ten times. Meaning, if you buy pretty much anything right now, I expect it to go three to five times. Here are two examples with LINK (and) SOMETHING”, explains the trader.
On the other hand, pre-sales are also among the market's biggest bets for significant appreciation after the launch of the tokens. Flockerz and FreeDum Fighters are two examples whose pre-sales have already accumulated more than US$1.6 million.
Bet on LINK and ALGO cryptocurrencies
Looking at the trader's chart, he appears to predict that LINK will rise by over 350% to revisit its all-time high. Taking into account the current price of the token at US$13.30, this increase could see LINK reach the US$60 region.
As for ALGO, Sherpa shares a chart suggesting that a move of more than 300% will not even take the coin close to its all-time high of $3.56. Currently, the token's price is US$0.14, and the rise predicted by the trader would see ALGO reach a maximum price of US$0.56 in this cycle.
Along with these two tokens, the trader also bets on the appreciation of the market's main memecoin, Dogecoin (DOGE). According to a post on his X profile, Altcoin Sherpa thinks memecoin is taking a break before starting a new bull rally.
“This is the bottom you want to see for DOGE in my opinion. A lot of volatility and a range forming”, explained the trader. In the last seven days, DOGE registered a strong increase of 95% and had the biggest gains of the period in the Top 10.
Pre-sales chances
Finally, investors look for new opportunities outside of tokens that are already on the market. In this scenario, pre-sales are the best opportunities, as the tokens have very low values and a greater chance of appreciation after being launched on exchanges.
One example is the Flockerz (FLOCK) token features a voting project in which investors can vote on the project's fate, earning tokens in the process. Its pre-sale raised more than US$1.6 million and the token's price is US$0.006, representing a great chance of appreciation with the future arrival of FLOCKERZ on exchanges.
Another election-themed token is FreeDum Fighters, which rode the optimism of the elections in the United States and saw its presale exceed US$400,000. This project aims to use the DUM token to engage the community through weekly events and staking rewards.