The cryptocurrency market is licking its wounds after a difficult week. Traders are calculating the position they will take for the coming days. A popular crypto analyst expects more in the medium term for ORDI, which has made 28X in three months. The analyst also says that coins on the ORDI-like Bitcoin Blockchain will also perform well. However, the analyst predicts that the prices of 2 altcoins on his radar will decrease in the short term.
Analyst: ORDI and similar coins are preparing to take flight!
cryptokoin.comAs you follow from , the market is trying to leave a difficult and red week behind. Leading crypto Bitcoin managed to compensate for some of its losses after falling below $41,000. Many altcoins followed a similar trend. However, analysts say this situation is temporary.
The popular analyst, nicknamed Altcoin Sherpa, says he expects Bitcoin Ordinals (ORDI), a protocol that allows text and images to be written on Bitcoin, and other similar coins in the ecosystem to “perform well in the coming months.” According to altcoin Sherpa, ORDI will be attractive at a price of $65.
ORDI, meanwhile, saw an increase of approximately 2,777% compared to its October 18 close of $3.48. At the time of writing, the token was trading at $67, down 4% on a daily basis. Therefore, ORDI has approached the $65 level that analysts expected.
Altcoin Sherpa expects SOL to decline in the short term
The analyst next looks at Ethereum rival Solana (SOL). Altcoin Sherpa says that while the price of the fifth-largest crypto asset by market cap may rise in 2024, he expects it to decline in the short term.
Meanwhile, SOL was trading at $92.19 at the time of writing, down 2.9% on a daily basis. However, SOL remains in the green zone at 0.5% on its weekly chart. Moreover, Solana saw an increase of approximately 19% on its monthly chart.
According to the analyst, these levels are on the cards for RUNE!
Altcoin Sherpa last takes a look at decentralized cross-chain liquidity protocol THORChain (RUNE). According to the analyst, if the downtrend continues, the key Fibonacci retracement levels to watch in RUNE on the daily chart are 0.50 (50%) and 0.618 (61.8%). Fibonacci retracement levels are used to identify possible support and resistance points for the price of an asset, and the most common are 38.2%, 50%, and 61.8%. According to its chart, Altcoin Sherpa will drop to around $4 and $3.50, which are the 50% and 61.8% Fibonacci retracement levels of RUNE price.
Meanwhile, RUNE was trading at $4.15 at the time of writing, up 1.8% on a daily basis. The token lost more than 8% value on its weekly chart.
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