Altcoin Sherpa, one of the leading names in the cryptocurrency world, made an important analysis about Pixels (PIXEL), a recently released and remarkable gaming altcoin. While Sherpa claimed that PIXEL has the potential to increase significantly from its current value, he warned investors to be careful.
Altcoin Sherpa used the following statements in his analysis:.
“PIXEL: I think this is a good coin to trade, but you have to be careful. Because I’m pretty sure this will work out pretty well; Most new coins do this. Since this is also a Binance launchpad project, I expect good things. However, further downside is certainly possible, so you should be willing to take a drawdown, which is difficult for most people to do when leveraged. I think you should do a spot trade from here, DCA (dollar cost average) lower, then wait a week or two and sell much higher. It is a place where entry/exit is difficult.”
As the analyst noted, PIXEL’s upside potential is truly remarkable. Especially with the increasing popularity of Web3 games and digital assets, the demand for gaming-oriented cryptocurrencies such as PIXEL is also increasing. Additionally, being a Binance launchpad project means PIXEL is supported and promoted by major exchanges, which means the project can reach a wider audience.
However, like any investment, investing in PIXEL involves risks. The cryptocurrency market is highly susceptible to extreme volatility and unexpected price fluctuations. As Altcoin Sherpa emphasizes, investing in a newly released coin always comes with certain risks, and therefore investors should take these risks into consideration.
Looking at the analyst chart, PIXEL is likely to continue trading above the $0.46 support level.
The analyst then warned that Ethereum (ETH) rival Avalanche (AVAX) could form a bearish trend.
“I’m not saying this will happen, but it will be important to see where the next overhead low forms for some altcoin charts. Watch coins like AVAX: If this is the recent lower high and we form a lower low (see reaching $26), this is generally scary “I think it could happen.”
The analyst also noted that Bitcoin (BTC) is in an uptrend but altcoins may start consolidating or declining. allegation It does.
“BTC/everything is still in an HTF (high timeframe) bullish market structure. “But seeing some sort of longer consolidation/bottom formation would be healthy and sort of to be expected for the next few weeks/months for some of these altcoins.”
Finally, the analyst believes that it may take some time for Celestia (TIA) to break out to the upside.
“TIA: 40+ days of consolidation, that’s chilling. It’s not a very good active trade; Just buy more and keep it for more benefits. “I will probably continue to buy at this level personally.”
You can follow the current price movement here.
