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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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.
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