As the cryptocurrency market tries to close the week in the green, a well-known expert shared the levels he will sell for 5 altcoins. Let’s take a look at the technical analysis of Altcoin Sherpa, keeping in mind that the predictions are not exact.
Altcoin Sherpa updates forecasts for BTC, ETH, FTM, SOL, DOT and AAVE
The popular Twitter analyst, nicknamed Altcoin Sherpa, shared that he follows the 200-day exponential moving average (EMA) to determine Bitcoin’s next levels. The crypto expert says that although Bitcoin is stuck in a short-term range, it has not reached the bottom of the bear market. Sherpa also reports that it will sell some of the position on the 200 EMA:
Right now, focusing on $21,600 and $22,000, I believe the top of the range is reasonable. Although I continue to distrust Bitcoin, these levels are good for positioning. Where the four-hour 200 EMA is can be ideal for taking profits.
Analyst expects correction to $850 in Ethereum
Regarding Ethereum, Sherpa again set a target of $1,013 to $1,283, using the 200-day EMA measure. The analyst also mentions his concern that he is expecting $850 in Ethereum. According to the analyst, Ethereum will correct up to $850 before reaching the $1,013-1,283 zone. According to Sherpa:
ETH has reached resistance at the 200 four-hour EMA. It also rallied to highs before returning to lows. It could potentially drop to $850 before it rallies again. But I think the bottom is still not here.
Altcoin Sherpa expects drop in FTM
The next coin on the analyst’s radar is Phantom (FTM). Sherpa has low expectations for FTM, but says it can at least reach the midpoint of the current range:
I haven’t looked at Phantom much lately. However, I wouldn’t be shocked if it continues to rise to $0.32. Overall, there is still a lot of decline.
Analyst Solana will close all positions at this level
Solana, an Ethereum competitor, is the next altcoin on the analyst’s radar. If SOL can rise to $42, the analyst says he plans to sell all his holdings:
I took a position at $34 but only 1/3 out. At $42, while I’m almost out of money, I believe the Solana can hit the top of the range.
The next altcoin, Polkadot (DOT), has been bearish since April. But Sherpa thinks the bottom isn’t coming:
While I don’t believe this is a backlog yet, it’s often hard to see in real time. If this continues for a few more weeks, I can guess that this is the bottom. I’m guessing $5 will come in by then.
The last project on Sherpa’s list was AAVE (AAVE). The analyst expects AAVE to see a big drop before any rally takes place. The analyst shares the technical levels for AAVE:
If you are trading on shorter timeframes, I believe the EMA cluster could be a good entry at mid $70 ($75). It looks positive on the four-hour timeframe. But one-day and higher timeframes are still heavily bearish. If it gets there, I would definitely try to shorten the $100 low range.
AAVE is trading at $88.94 at the time of writing. As we covered in the cryptokoin.com analysis, Coin Bureau analyst “Guy” said that Aave will rise “astronomically” with this catalyst.
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