A popular crypto strategist says he’s keeping a close watch on one Ethereum-based altcoin that he says is going through a parabolic rally.
Pseudonymous crypto analyst Altcoin Sherpa warns his 174,000 Twitter followers that shorting Kyber Network (KNC) while it is trading close to record highs is not a good idea for now.
“KNC: Don’t really think you want to long or short this thing in the short term. It looks parabolic and price discovery is always unpredictable. With that said, this is also going to be a glorious short eventually. I’d prefer waiting for the breakdown first.”
Kyber Network is a decentralized, blockchain-based exchange that focuses on aggregating liquidity and facilitating instant swaps between ERC-20 tokens. At time of writing, KNC is exchanging hands for $4.83.
Another token on the trader’s list is ApeCoin (APE), an altcoin created for the Bored Ape Yacht Club non-fungible token (NFT) community. Altcoin Sherpa predicts that APE will print new all-time highs.
“APE: it’s probably going to soundly break all-time highs given the overall land sale but this is also a sell-the-news period soon, in my opinion. The entire area upcoming is a dangerous area from a [technical] perspective but I think [fundamentals are] more important right now.”
Next up is Ethereum (ETH) competitor and smart contract platform Avalanche (AVAX). According to Altcoin Sherpa, AVAX is still bullish on high timeframes despite its sharp corrective move over the past weeks.
“AVAX: Still just a range but also technically a bullish market structure as long as this low holds, in my opinion. I think this one does pretty well as long as BTC holds up.”
The last coin on Altcoin Sherpa’s radar is NFT marketplace LooksRare (LOOKS). According to the analyst, LOOKS is at risk of a 16% pullback now that it is trading below support at $1.68.
“LOOKS: If this area fails, it’s going down to the low $1.30s, in my opinion.”
At time of writing, LOOKS is trading for $1.66.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/lassedesignen/Natalia Siiatovskaia