- Pseudonymous analyst AltcoinSherpa recommends long trades for LTC, APE, and SUSHI.
- The analysis however notes that the profit potential would depend on the performance of BTC.
‘AltcoinSherpa,’ a pseudonymous crypto market analyst, has weighed in on several altcoins to look out for in the cryptocurrency market including Litecoin (LTC), Apecoin (APE), and SushiSwap (SUSHI).
Speaking in an analysis video, AltcoinSherpa stated that in his opinion, the three tokens appear to be the best coins to hold in the long term. He also revealed his reasons for the stance for each of the tokens.
He noted that the Apecoin token is a good prospect for placing a long trade as the ecosystem is preparing to introduce a new APE staking feature. “You can probably long until staking starts and then you can just short it,” he added.
For SUSHI, he pointed out that the token has been making nice moves lately despite the choppy trading conditions across the crypto market. Similarly, he maintains that LTC has been trading in pretty impressive regions.
However, he conceded that the projection of tokens’ potential to be profitable long trades is highly dependent on how Bitcoin (BTC) performs in the coming days. Reviewing BTC, he said that the benchmark crypto will likely regain ground early in December after its fast fall from around $21,000 in November when the FTX saga began.
Meanwhile, he iterated that he does not expect BTC to springboard back to $20,000. “But maybe it goes like $18,000 or something like that. And then potentially new lows. I don’t know where the new lows will go,” he surmised.
BTC already leading a crypto market’s massive recovery
The crypto market has already seen Bitcoin go on a sharp price spike on the back of remarks made by Federal Reserve Chairman Jerome Powell to the effect that rate hikes may soon slow down according to a CNBC report.
BTC has crossed the $17,000 mark for the first time in two weeks, currently trading at about $17,120, up 1.41 percent in the last 24 hours. The BTC recovery has also seen the total crypto market capitalization cross $900 billion again.
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Regardless, not all altcoins are yet to catch Bitcoin’s bullish momentum. According to the latest price data, LTC, APE, and SUSHI are all trading in the red on the day.
LTC is trading at around $77.26, down 1.20 percent in the last 24 hours. APE is trading at $3.97, down 2.39 percent, while SUSHI is trading at $1.39, down 0.51 percent in the last 24 hours. However, this does not rule out their potential to gain momentum if BTC continues its price surge.