Altcoin Sherpa, a famous cryptocurrency analyst, warned investors of Axie Infinity (AXS), Aptos (APT) and Bitcoin (BTC) in his new comments. In addition, the analyst stated that some altcoins are on the decline and shared his technical analysis. Here are the details…
Altcoin Sherpa warns of Axie Infinity and Aptos
In a post on Twitter, the analyst targeted Axie Infinity (AXS). According to the analyst, AXS’s value is at risk of falling sharply due to the unlocking process through which investors can sell cryptocurrencies. In fact, the analyst warns that the altcoin’s price could drop by more than 65 percent. According to the TokenUnlocks app, about 8 percent of the total token supply will be unlocked within three days. This equates to 21.5 million AXS. “If you are in this business, be careful,” the analyst said.
Apart from that, the analyst has correlated the price of Bitcoin with the new layer-1 crypto project Aptos (APT). As we reported as Kriptokoin.com, Aptos has been the most talked about crypto money project this week. According to the analyst, Aptos could see a regression if Bitcoin goes down. He states that the cryptocurrency, which is currently at $ 7.40, may decline to $ 6.80 in case of a decrease in BTC.
He said that at the moment the coin exhibits a lot of volume and volatility. Therefore, he thinks it will start a pullback as soon as it reaches $7.60. However, he says that with Bitcoin being stable, this coin will exhibit drastic movements.
Analyst focused on these levels in Bitcoin
Altcoin Sherpa then says that price resistance may not continue. It focuses on the recent price action of Bitcoin (BTC), which dropped below the $19,000 price level. “Why are many 2018 people afraid of this price action?” the analyst asks, noting that this reminds the crypto community of $6,000 base levels. Shifting the focus to Bitcoin, Altcoin Sherpa predicts that Bitcoin will drop after trading around $19,000 for about four months.
He says there are three low price levels that he thinks Bitcoin could retest based on past patterns. According to the analyst, investors should focus on the areas of $ 16,000, $14,000 and $12,000 for BTC. While he is not sure if BTC will drop to these levels, he says, “it is good to be prepared for these levels in case there is a drop”.
Expected decline for NEAR, FTM and INJ
The analyst points to the collapse in the smart contract-focused Blockchain Phantom (FTM). Saying that FTM “looks terrible”, the analyst states that he does not see any signs of a bottom at the moment. Then, Altcoin Sherpa states that the Injective Protocol (INJ) also experienced a decline. He says he largely disposed of his investment due to a significant selling trend. He stated that he is out of his $2.20 position. Finally, the analyst states that the price resistance for Near Protocol (NEAR) is weak. He believes it will go to the lower part of $2.
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