The cryptocurrency market made a fast start to the new year. However, it is having difficulty maintaining this momentum. On the other hand, despite Bitcoin’s stagnation, some altcoins impressed with their performance. However, one cryptocurrency analyst with a large following says that one of them, a Solana rival that has rallied strongly over the past 30 days, is showing signs that it may have made a short-term top. The analyst also expects a correction for 2 similar altcoins.
According to the analyst, there are signs of bullish fatigue in SEI!
cryptokoin.comAs you follow from , after the spot Bitcoin ETF, BTC fell to 42 thousand dollars with sales. Although some altcoins are rallying, many are having difficulty sustaining it. Therefore, symptoms of fatigue are observed. Popular analyst with the nickname Altcoin Sherpa says that while the layer-1 Blockchain Sei (SEI) is still in an uptrend, it is starting to show signs of bullish fatigue. In this context, the analyst makes the following statement:
Why it looks good:
- Consolidation and highly bullish high time frame market structure.
- It is still on the rise in all time frames.
- EMAs (exponential moving averages) are all catching up + other altcoins look strong
Why not:
- There could be an exhaustion pump here and the last big move up.
- There may be rotation from others (SOL/SEI/etc/) to ETH season also known as ARB/LDO/OP.
- Staining volume/there are some scatter marks here.
Meanwhile, SEI was trading at $0.737 at the time of writing, down 14.8% on a daily basis. However, the altcoin has gained over 175% in the last 30 days.
Altcoin Sherpa awaits correction for LDO
The analyst is also tracking the price action of Lido DAO (LDO), a liquid staking service for the Ethereum (ETH) Blockchain. Altcoin Sherpa is still bullish on LDO but is awaiting a correction. The analyst predicts that LDO will see a correction to the 0.382 or 0.5 Fibonacci retracement level. In this regard, the analyst said, “LDO: While checking this, I think there will be a solid entry around $ 2.75-3.” says.
Meanwhile, LDO was changing hands at $3.01 at the time of writing, losing 4.7% on a daily basis. However, the token has gained 47.8% in the last 30 days.
“XAI will see a correction before rising!”
The last cryptocurrency on the analyst’s radar is the gaming-focused crypto project Xai (XAI). Altcoin Sherpa predicts that XAI will likely revisit the nearest support level before rising. In this context, the analyst said, “XAI: A figure like $0.90 would probably be a solid entry.” says.
Meanwhile, XAI was trading at $1.03 during the summer, down 5.25% on a daily basis. However, the token has seen an increase of more than 63% in the last week.
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