A popular cryptocurrency analyst says he is closely following an Ethereum-based altcoin project, which he says is undergoing a parabolic rally. He also cites his comments for several altcoins. Here are the details…
Comments on 3 altcoins from Altcoin Sherpa
Altcoin Sherpa has 174,000 Twitter followers, trading close to record levels while shorting Kyber Network (KNC) is for now. warns that it is not a good idea. Noting that KNC appears parabolic, “Price discovery is not always predictable. However, this too will eventually be a great short position. I prefer to wait to be broken first,” he says. At the time of writing, the KNC is changing hands for $4.83.
Another token on the trader’s list is ApeCoin (APE), an altcoin created for the Bored Ape Yacht Club NFT community. Altcoin Sherpa predicts that APE will hit all-time highs, saying, “APE: It will likely break all-time highs given the general land sale, but I think this will also be a news sell-off soon. The whole upcoming field is a [technically] dangerous one, but I think [the fundamentals] are more important right now.”
Analyst: AVAX will rise, LOOKS will fall
The smart contract platform Avalanche, which is seen as an Ethereum (ETH) competitor, is next on the analyst’s list, as we have also reported as Kriptokoin.com (AVAX) exists. According to altcoin Sherpa, AVAX is still bullish on higher timeframes despite the sharp corrective action over the past weeks. The analyst said, “AVAX: It’s still only in a range to me, but it also technically displays a bullish market structure as long as it stays at this low. I think this is going pretty well as long as BTC holds up.”
Altcoin The last coin on Sherpa’s radar is NFT marketplace LookRare (LOOKS). According to the analyst, LOOKS is at risk of a 16% decline as it is currently trading below the support at $1.68. “LOOKS: If this area fails, I think it will go below $1.30,” the analyst says. At the time of writing, LOOKS is trading at $1.66.
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