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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Disclaimer: Opinions expressed at The Daily Hodl are usually not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any loses you could incur are your accountability. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please be aware that The Daily Hodl participates in internet online affiliate marketing.
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