The trader, known by the alias Altcoin Sherpa, shared his predictions for several altcoins amid the market volatility this week.
The analyst tells his 176,300 Twitter followers that smart contract platform Avalanche (AXAX) may see a good short-term trading opportunity soon, but he doesn’t think the asset has reached a “macro bottom” yet. told.
“If this current level continues to hold, it could see a move to the mid/above $30 level. In my opinion, it has not reached the macro bottom yet, but it could be a good short-term trading opportunity soon.”
Altcoin Sherpa said it plans to invest in Tron (TRX), a decentralized storage and distribution platform. However, the analyst is not hasty in this matter:
“It held up much better than many other coins. There are several ways to evaluate it, but personally I would wait for the break/retest before getting into (TRX).”
Besides, Altcoin Sherpa predicts that Ethereum will continue to lower its price in the coming days. On the other hand, he thinks that ETH will rise against BTC, assuming that it will experience new updates after the drop.
$ETHBTC: A year stuck in this range, guessing we see more chop. I eventually expect to see the range lows and then we move higher off merge narratives in the Fall. .055 and then go higher. #Ethereum $ETH pic.twitter.com/IvCcteQS2b
— Altcoin Sherpa (@AltcoinSherpa) June 1, 2022
Ethereum 2.0 attempts to solve network scalability issues by switching from a proof-of-work (PoW) consensus mechanism that Ethereum currently uses to a proof-of-stake (PoS) consensus mechanism. The update is currently expected for the month of August. Altcoin Sherpa is also of the opinion that after August, the event in question will affect the price.
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.