A widely followed cryptocurrency analyst predicts corrections in various altcoin projects. Analyst Altcoin Sherpa; He estimates Solana (SOL) and Polygon (MATIC) and LooksRare (LOOKS) appear poised for a corrective action after rising from their 2022 lows. Here are the details…
Fall alert for 3 altcoins
Cryptocurrency trader Altcoin Sherpa said that he expects an indicator on the four-hour chart to act as a resistance that could lower SOL, MATIC and LookRare (LOOKS) prices in the short term. According to the analyst, he used the following statements regarding price action and the four-hour 200 exponential moving average (EMA), which acts as resistance for many coins:
A slight altcoin pullback is expected here in the short term. The four-hour 200 exponential moving average (EMA) acts as a resistance for many people. When there is a large gap between the price and the 200 EMA, you will often find that it acts as support or resistance. We need to watch what happens next.
Altcoin Sherpa says that the first touch of the 200 EMA on four charts after a rally usually results in a pullback. The analyst is primarily talking about Solana. It rose from the low of $26.02 according to the SOL chart in the analyst’s hand. The coin is currently finding resistance around $40. Currently, Solana’s price is down 8.9 percent at $34.9. The coin has fallen by 3.4 percent in the last 7 days.
LOOKS and LEFT, in the same boat
The crypto strategist says LOOKS, the altcoin of Ethereum-based NFT marketplace LooksRare, is in the same boat as SOL. According to altcoin Sherpa, LOOKS may struggle to climb above $0.40 in the short term. At the time of writing, LooksRare is changing hands at $0.29, down 12.5%. Although the cryptocurrency has fallen by 17.6% in the last 7 days; In the 14-day period, it gained close to 50 percent.
As for Polygon, Altcoin Sherpa states that the recent move of MATIC above the 200 EMA is a “divergence”. He says he expects the altcoin to move lower. Polygon is a platform established for Ethereum scaling and infrastructure development. Currently, Polygon appears to be below the 200 EMA. The cryptocurrency is changing hands at $0.52, down 3.2 percent at the time of writing. MATIC, which is in the 19th place with its market value, has increased by 24.4% over the past 7 days. In 14 days, he made a 25 percent gain.
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