A popular crypto strategist said he was going through a parabolic rally. Ethereum announced that he is closely following an altcoin-based altcoin. He warned, however, that an altcoin could fall. Here are the details.
Known under the pseudonym Altcoin Sherpa, the analyst has 174,000 Twitter followers, trading near record highs. Kyber Network (KNC) that it is not a good idea to open a short position for warned.
“KNC: Don’t think you want to go long or short on this thing in the short term. It looks parabolic (like a move) and in these cases how far up it will go is unpredictable. However, this will also eventually become a fabulous short position. I prefer to wait for the downside break first.”
Another token that the trader is watching closely is an altcoin designed to strengthen the decentralized community structure of the APE ecosystem. ApeCoin (APE). Altcoin Sherpa predicts that APE will hit all-time highs.
“APE: It will likely break all-time highs given the general sale of land, but I think this will also soon be a sell the news period. The entire approaching area [teknik] It’s a dangerous area from a point of view, but I think right now [temeller] more important.”
Next up is Ethereum (ETH) competitor and smart contract platform Avalanche (AVAX). According to altcoin Sherpa, AVAX is still in an uptrend on higher timeframes despite the sharp corrective action over the past weeks.
“AVAX: To me it’s still just a range but also technically a bullish market structure as long as it stays at this low. I think this is going pretty well as long as BTC survives.”
The last coin on Altcoin Sherpa’s radar is the NFT marketplace. LookRare (LOOKS). According to the analyst, LOOKS is at risk of a 16% decline as it is currently trading below the support at $1.68.
“LOOKS: If this area fails, I think it will go below $1.30.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.