The cryptocurrency market briefly revisited $42,000 following the crypto decree that Joe Biden signed on March 9. As this hype quickly faded, nearly all altcoins suffered double-digit depreciation. A popular crypto analyst shares an altcoin that will outperform the market overall. Current technical analysis of Altcoin Sherpa cryptocoin.com compiled for our readers.
Altcoin Sherpa: Think again when shorting this altcoin
A closely followed crypto analyst is telling investors to think twice about trying to short an Ethereum competitor. The Twitter analyst, nicknamed Altcoin Sherpa, tells his 169,000 followers that he expects Terra (LUNA) to outperform Bitcoin every time BTC sees a price increase:
LUNA: Once again, this is a good example of why you typically shouldn’t short these types of coins. It will be much stronger than anything else for BTC in both up/down moves. I think there are much better options for shorting.
At the time of writing, Terra (LUNA) is one of the best performing large-volume altcoin projects, up 12% from last week.
Analyst expects a pullback to $34,000 in Bitcoin
The analyst, looking at Bitcoin, says he expects to see a clean course in the $45,000 range before it goes fully bullish, otherwise a break below $34,000 may also be in question. Sherpa interprets the following technical chart:
BTC: I mostly do nothing until I see a breakout of these two levels. Still higher lows (HL) and lower highs (LH). Today is a good day, but nothing has changed in my eyes. The longer this stays in this space, the more I think it will rise.
Altcoin Sherpa says it is still open to the possibility of a “shake-out” scenario for Bitcoin, but adds that it is seeing early signs of a trend reversal in BTC:
Also, it’s good to see volatility pick up, which is a change from this grind and also suggesting a possible end soon. High volatility usually means a potential trend change soon. However, this is still a high time frame bearish market structure.
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