Many altcoins are currently losing momentum as they follow Bitcoin’s movements. The comments of some analysts are important as investors weigh the possibility of a continuation and ending of the decline. Below, you can see some analysts’ thoughts on various altcoin projects. Here are the details…
Altcoin Sherpa points out ATOM, SOL, and AVAX
A popular crypto strategist known for his timely altcoin calls said that Altcoin Sherpa Solana (SOL) will revisit the $25 low range. A run could come to the lows of $25, according to the analyst. He states that if it is seen as an accumulation range, the bottom levels may experience an appreciation.
On the other hand, Altcoin Sherpa predicts that Avalanche (AVAX) will revisit bear market lows around $14. He says that if the price continues to decline further, the opportunity to buy at the bottom will continue. In this respect, he advises investors to be patient. Finally, the crypto strategist also watches the price action of Cosmos (ATOM). Altcoin Sherpa sees ATOM correcting a bearish high around $8.
What’s next for XRP?
On the other hand, analyst Akash Girimath shared his expectations about Ripple-related XRP. XRP price reveals a major bearish pattern that could ruin the recovery rally, especially if the bulls don’t invalidate it. Therefore, traders need to be cautious as this outlook is in line with the macro bearish nature of the crypto market.
Also, XRP price action from March 28 to August 31 appears to be a continuation of a bearish pennant at play. According to the analyst, this technical formation measures the height of the flagpole. He estimates a 69 percent collapse, which was achieved by adding to the breakout point at $0.323. However, XRP will find stable support between $0.211 and $0.235. However, a breakout of this area could result in a steep drop in XRP price to $0.098.
Market comment from Nicholas Merten
Popular crypto analyst Nicholas Merten drew attention to Fed Chairman Jerome Powell’s recent speech on the economy. He argues that the price of cryptocurrencies will fall further. Powell spoke on Friday, as we reported on cryptokoin.com. He gave no signal that he would curb the rate hike.
Merten says that Powell’s statements made him believe that crypto and other financial markets would suffer more. However, Merten says that the FED is doing what it needs to do by curbing inflation, even if it hurts the markets in the short term. The analyst says that the price drop caused by the Fed’s actions will give investors an opportunity to buy crypto at a discount as Bitcoin (BTC) and Ethereum (ETH) could dip to levels lower than during the most recent crypto bear market.
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