The pseudonymous crypto analyst Altcoin Sherpa stays largely bearish in regards to the market regardless of the final price uptick final week.
The dealer tells his 180,700 Twitter followers that $22,000 is a “must hold” degree for Bitcoin (BTC).
“The last high, although technically higher, is not convincing, and I think there’s a real chance that this low gets broken at $22,000.”
BTC is buying and selling at $23,429 at time of writing.
Altcoin Sherpa is equally bearish on the Ethereum (ETH) competitor Solana (SOL).
“Didn’t see a clear higher high on this last move. Best we get is some sort of ranging consolidation pattern [in my opinion], seems unclear to me.”
Solana is buying and selling at $40.23 at time of writing.
The analyst additionally believes OP, the native token for Optimism, will break lower, saying it has “lots of inefficiencies to fill.” Optimism is a layer-2 scaling answer for Ethereum.
OP is buying and selling at $1.91 at time of writing. The 116th-ranked crypto asset by market cap is up greater than 18% up to now 24 hours.
Additionally, Altcoin Sherpa predicts “more overall chop” for LOOKS, the utility token of the Ethereum-based non-fungible token (NFT) market LooksRare.
LOOKS is buying and selling at $0.380175 at time of writing.
Conversely, nevertheless, Altcoin Sherpa is extra bullish on SNX, the native token of Synthetix, a protocol that permits for the issuance of artificial tradable belongings on Ethereum, resembling commodities or indices.
“Waited patiently for this level and I think that it’s going to go up, that said it’s always going to depend on BTC. Still think this looks pretty good.”
SNX is buying and selling at $3.84 at time of writing.
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