A widely followed crypto trader is watching a trio of altcoins as the overall crypto markets enter the new week on an uncertain note.
The pseudonymous trader known as Altcoin Sherpa tells his 169,600 Twitter followers that he’s targeting $70 to $90 as the range to dollar cost average (DCA) buy-ins for layer-1 blockchain protocol Solana (SOL).
The analyst says,
“I still personally believe that this is forming a bottom on higher time frames.
With that said, I think it’s going to likely be a bit before this moves and there is an opportunity cost to buying / DCAing from 70-90.
Not a good active trade but maybe an ok investment.”
Altcoin Sherpa includes a chart showing SOL last approaching a critical accumulation zone not seen since August 2021.
Solana has been on a slow downward trend over the past week, falling 20.2% from a high of $105.63 on March 2nd to $84.25, including a 3.54% drop today.
Next on the analyst’s watch list is fellow layer-1 smart contract platform Avalanche (AVAX). He examines AVAX’s 200-day exponential moving average (EMA), an indicator commonly looked at by long-term traders.
“Still looks bearish overall, expecting more consolidation in the short term. 200D EMA hanging on by a thread but if BTC legs down, this should go back to the lows.”
Avalanche is currently trading sideways at $74.53 and is down 17.1% from its March 1st weekly top of $89.92.
Also getting a look under the hood is multi-chain liquidity hub Kyber Network Crystal (KNC). Altcoin Sherpa thinks the altcoin held up well amid a wider market sell-off and might still have room to rise in price.
“I still like this one to be honest, top of range got tapped and still a bullish market structure.
This one has moved well despite the rest of the market dumping. One to watch.”
At time of writing Kyber Network Crystal is valued at $2.52, virtually the same from a week ago after peaking at $2.89 on Thursday.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/FullRix/Natalia Siiatovskaia