Altcoin
Trader Says Solana-Based Altcoin Up Over 1,200% in Six Months Down, Updates Bitcoin Outlook
A closely followed crypto strategist believes a red-hot altcoin project is on the verge of collapse.
Altcoin analyst pseudonym Sherpa tells his 217,600 followers on the social media platformWIFE) may not have found the bottom of the market yet.
“WIF: overall decent area, I expect a rebound. But I don’t really think this is the general fund. Overall a strong retracement and we expect a downside.”
Source: Altcoin Sherpa/X
Looking at his chart, the analyst suggests that WIF could rebound to around $2.50 before falling to the Fibonacci retracement level at $1.26.
WIF was trading for $0.148 on December 20 and at the time of writing it is worth $2.01, a gain of 1.258%.
Then the analyst He says that Bitcoin (Bitcoin) The price action on the daily chart is hovering in the middle of a trading range and waiting for trend confirmation.
“BTC: Keep your charts simple and relaxed. EQ (equilibrium price) is generally not where you want to actively trade, but let’s see what happens.”
Source: Altcoin Sherpa/X
At the time of writing, Bitcoin is trading for $64,922, up slightly over the past 24 hours.
Even the analyst suggest that today’s cryptocurrency market is comparable to the cryptocurrency cycle in late 2020, when alternatives, including Solana (SOL), fell further before taking off with massive rallies.
“I keep mentioning this thread because I think it’s very relevant nowadays. I think we are somewhere in the yellow boxes at the moment. Most alternatives probably still have some downsides to overcome and I wait more until BTC is in a very healthy state before alternatives start moving.”
Source: Altcoin Sherpa/X
Solana trades for $133 at the time of writing, down more than 2% in the last 24 hours.
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