The cryptocurrency market entered rest mode to determine direction after the pullback. Leading crypto Bitcoin is consolidating at $66 thousand levels. Altcoins have a similar outlook, with exceptions. In this environment of uncertainty, a popular crypto analyst is bullish on a metaverse coin. However, it points south for 2 altcoins.
Altcoin Sherpa: GALA is getting ready to make a splash!
cryptokoin.comAs you follow from , the market started with a decline in April. Now it is consolidating at the levels where it found support. Although some analysts expect further declines, others are hopeful for the future of the market. The analyst with the pseudonym Altcoin Sherpa says that metaverse coin Gala (GALA) has found support at $0.053 and $0.046, which represent the 0.5 and 0.618 Fibonacci retracement levels. The analyst predicts that GALA will bounce after reaching the Fibonacci zones. In this context, the analyst said, “GALA: If you like money, buy here in green boxes.” says.
GALA is approaching this range and is trading at $0.05425 at the time of writing. The token ranks 64th by market cap. GALA saw an increase of 0.55% in the last 24 hours.
To the analyst at TAO A long-term bottom awaits!
Altcoin Sherpa also shares his analysis on Bittensor (TAO). Bittensor is a decentralized blockchain platform focused on machine learning and artificial intelligence (AI). The analyst points to the following levels for TAO:
TAO: I would like to see this calm down and form a long-term bottom. I still think this will be successful as an AI leader this cycle. But things look ugly in the short term. This product (dollar-cost average) is between 400-500 dollars.
Meanwhile, TAO was trading at $609 at the time of writing. The token currently ranks 31st by market capitalization. TAO has increased by more than 7% in the last 24 hours. It has also gained over 10% on its weekly chart.
“ARB will potentially go to $1.20!”
Finally, the analyst says the charts are showing a bearish trend for Arbitrum (ARB). Arbitrum is a leading Ethereum (ETH) layer-2 scaling solution. “Some of these charts look dirty,” the analyst said of ARB. I’d like to see some jumps here. Otherwise, ARB will potentially go to $1.20.” says.
Meanwhile, ARB was trading at $1.48 at the time of writing. The token currently ranks 33rd by market capitalization. ARB is up about 1% on its daily chart.
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