Trader Turns Bullish on Altcoin Amid Breakout of Accumulation Range, Maps Path Forward for Sei and Gala
A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a top-30 altcoin by market cap.
The trader pseudonymously known as Altcoin Sherpa tells his 212,600 followers on the social media platform X that Internet Computer (ICP), a blockchain project whose aim is to replicate the internet’s speed, power and scale on decentralized networks, appears to have completed a consolidation period that begun earlier in the year.
“ICP: This looks like it’s finished its multi-week accumulation period, it’s time to go.
This is one to actively trade for the next few weeks in my opinion.”
ICP is trading at $19.40 at time of writing, up by around 72% in seven days.
Next up is the layer-one blockchain Sei (SEI). Altcoin Sherpa says that he expects SEI to continue trading in a range that started forming 83 days ago.
“SEI: Nearly three months in this trading range with some deviations to the upside. Expecting more chop on this one for a bit.”
SEI is trading at $0.845 at time of writing.
Next up is the native token of the Gala (GALA) blockchain gaming platform. Altcoin Sherpa says that GALA, which is 92% below its all-time high price of $0.825 reached in November of 2021, presents an attractive upside opportunity.
According to Altcoin Sherpa, the risk-reward ratio of Gala is “not bad”.
“GALA: Some of these coins have a long way to go to former all-time highs. Not saying they’re going to get anywhere close to it but the upside is definitely good if these projects still have some money in the bank + catalysts + kept building in the bear market.”
GALA is trading at $0.065 at time of writing.
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