A popular analyst is diving into the price charts for half a dozen crypto assets as the markets rebound from a challenging last few months.
The pseudonymous trader Altcoin Sherpa tells his 180,400 Twitter followers that while he foresees smart contract platform Solana (SOL) rising to around $60 as long as Bitcoin (BTC) holds up, long term he’s not optimistic about SOL’s strength.
“Although I think price is going to $60ish if BTC stays healthy, I think that it’s still very bearish overall.
If you’re looking for some sort of macro reversal pattern, you’ll probably get a much better entry than current price later [in my opinion].
Still a good trading opportunity now.”
Solana has had an impressive week, jumping from $34 to nearly $47 before correcting. SOL is trading for $41.77 at time of writing.
The analyst next examines Bitcoin’s exponential moving average (EMA) on 4-hour candles, sharing his belief that BTC might be able to work its way to around $28,000 before prevailing bear-market conditions knock it back down.
“Four-hour EMAs all flipped bullish for the first time since March. I think that this grinds all the way to the high $20,000s, i.e. $28,000, before probably dumping.
It’s important to remember this is still a bear market.”
Bitcoin has managed to hold the $20,000 support level for the past week and is currently trading for $23,321.
Regarding decentralized application (DApp) platform and Ethereum competitor NEAR Protocol (NEAR), Altcoin Sherpa looks at its price action on 12-hour candles dating back to mid-May while predicting NEAR will encounter resistance at $3.08, $4.36, $5.26, $6.40, and $7.63.
NEAR is up by nearly 50% over the past week, jumping from a low of $3.09 on July 13th to a high of $4.61 on Wednesday.
The trader next plots out 12-hour candles dating back to the beginning of May to set resistance for the Bored Ape Yacht Club (BAYC) offshoot project ApeCoin (APE) at $5.94, $7.63, and $9.67.
ApeCoin also witnessed a recent price surge, jumping from $4.38 on July 14th to a weekly peak of $6.42 on Wednesday before correcting slightly. APE is currently trading for $5.79.
Also on the analyst’s radar is leading smart contract platform Ethereum (ETH). Looking at price action on 1-day candles dating back to mid-January, Altcoin Sherpa sees ETH encountering resistance at $1,012, $1,281, $1,701, $2,145, and $2,465.
ETH has been on a tear this month, rising 50% from a July 1st low of $1,065 to a $1,602 peak on July 20th. Ethereum is changing hands for $1,535 at time of writing.
Last on Altcoin Sherpa’s crypto watch list is the layer-1 smart contract platform Avalanche (AVAX). He examines the 12-hour candles dating back to the second week of May and says that AVAX is likely to encounter resistance at $23.51, $27.51, and $36.33. The analyst also points out $55.68 as a potential higher-side resistance level.
Avalanche is currently trading for $23.94.
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