The excitement of Ripple’s victory in the cryptocurrency market has faded and the recession is back. A popular analyst issues a vertical bearish warning for a DEX altcoin. In addition, the analyst is updating the Bitcoin and 4 altcoins that he has on his radar.
GMX is gearing up for a 20% drop!
A widely followed crypto analyst nicknamed Altcoin Sherpa says a decentralized exchange altcoin (DEX) is poised for a bearish move after its strong performance earlier this year. The analyst points to the decentralized perpetual trading platform GMX (GMX). He suggests that GMX will likely witness about 20% movement to the downside. cryptocoin.comAs you can follow, GMX made a strong start to this year. In the process, it surged from a low of $37.50 to a high of $91.40. Thus, it recorded an increase of over 143%. Altcoin Sherpa explains his prediction as follows:
GMX: I think this looks like it will go back to $40. A few months ago it was a favorite of crypto. However, after bottoming out, I’m waiting for it to cool down and go into accumulation mode. I predict this will underperform the rest of the market in the medium term.
At press time, the GMX was trading at $50.68. Meanwhile, GMX lost over 11% on a weekly basis.
Bitcoin and the 4 altcoins on the radar
Altcoin Sherpa then looks at the leading cryptocurrency Bitcoin (BTC). The crypto analyst says that the crypto king of traders is still trending bearish even though it is still trading above the support around $29,500. “BTC: the whole timeline is bearish… But this is still low range and support still stands as support,” the analyst says.
Bitcoin is trading at $29,842 at the time of writing, down 0.18% in the last 24 hours.
Altcoin Sherpa also says it is keeping its eye on other coins for pullbacks to their respective Fibonacci 0.786 price levels, including Sui Network (SUI), Hooked Protocol (HOOK), Open Campus (EDU) and Arkham (ARKM). According to the analyst, these coins are likely to rise again once they reach the 0.786 Fibonacci level. In this context, the analyst makes the following statement:
Looking at some of these Binance launchpad projects and the 0.786 Fib (Fibonacci) and the responses… hmm… For those who don’t understand what I’m talking about… 0.786 Fib seems to have had good responses for both HOOK and SUI. I’m sure there are other coins like these. Expect a slow price move to the downside followed by a nice reaction.
Furthermore, the analyst states that “BTC will be the biggest factor” for the overall performance of altcoins.
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