Some widely followed analysts predict meltdowns for various altcoin projects. A few altcoins are on the way up. Here is the latest market assessment of analysts…
Altcoin Sherpa shared their current trading strategy
Widely followed analyst Altcoin Sherpa looks at the popular meme coin Dogecoin (DOGE) and five other major altcoins. Altcoin Sherpa said that DOGE’s current rise is likely unsustainable. As we reported on Kriptokoin.com, Dogecoin has been on the rise with hopes that Elon Musk will release a new phone and integrate DOGE as a payment method. The analyst used the following statements regarding this issue:
DOGE is probably moving because of some Elon news. Considering the market conditions, do not think that this will be a sustainable rise. It is likely to drop around $0.09.
Next, the trader shares some thoughts on Polygon (MATIC). He says “some trading ideas” are currently pending for MATIC. Next, Sherpa looks at the tier-1 platform Avalanche (AVAX). He calls the current AVAX chart “ugly.” While the analyst says that he does not see any signs of a return in AVAX, he states that the “large time frame” is the support area. For this reason, he states that he is not short-selling at the moment, preferring to wait.
Analyst holds BNB long-term
Sherpa also points to some theoretical support levels for Cosmos (ATOM). Therefore, he states that he would not prefer short selling in the current situation. Finally, the analyst outlines his expectations for BNB. The analyst uses the following statements:
$330 and then pullback? The current area is at the 200-days EMA, so be careful. Still, this is probably one of the strongest coins you can buy and hold for a while (a coin you really need to follow in 2023). I keep BNB in my portfolio for long term.
Prospects for Litecoin (LTC)
Altcoin Sherpa states that it is patiently waiting for $70 to arrive in Litecoin. But he is not sure whether this level will come. On the other hand, crypto strategist Justin Bennett says Litecoin bulls will have to defend a significant price level or the rally could explode. Bennett says Litecoin’s price of $73.20 has played a crucial role in its current rally since it turned into a support level after acting as a resistance level earlier this month and May.
He says that if Litecoin closes below $73.20, it will bounce back to the resistance level and the coin will likely start falling. Bennett uses the following expressions:
LTC suffered a breakout recently and surpassed the intersection of the $73.20 resistance, which has now turned to support. If this area holds, we see LTC rising to $96.50 here and potentially to $128. Alternatively, a daily close below $73.20 would signal a bearish divergence and end the rally.
As it is known, Litecoin was previously trading at both $96 and $128 price levels earlier this year. For Litecoin to reach these price levels again, it would need to recover 24% or 64% from its current value, respectively. LTC has seen a significant increase in price over the past few weeks. It hit $82.63 in November, up nearly 50% from the $55.11 price tag at the beginning of the month. However, it has stabilized since then.
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