A closely tracked crypto strategist is mapping out the potential bottom for one Ethereum (ETH) challenger while predicting bounces for Cosmos (ATOM) and The Graph (GRT).
Pseudonymous analyst Altcoin Sherpa tells his 174,500 Twitter followers that developer-focused blockchain Near Protocol (NEAR) is likely close to printing a local bottom.
“I’m guessing this finds a short-term bottom around here to $10. It’s a current demand area, and this is also a PoC (point of control)/200-day EMA (exponential moving average) on volume profile.”
At time of writing, NEAR is changing hands for $10.47, down almost 50% from its all-time high of $20.44 which it printed earlier this year.
Another coin on the trader’s list is the native token of Cosmos (ATOM), a decentralized network that offers developers tools to create interoperable blockchains. Altcoin Sherpa says ATOM looks “awful,” but he expects the coin to ignite a relief rally as it approaches a key support area.
“Goes without saying but most alts are looking awful and losing important levels. I do think there should be a temporary bounce soon for many of these, but I don’t expect any change in market structure until BTC stabilizes.”
ATOM is currently valued at $18.17, down over 6% in the last 24 hours.
The next coin on the analyst’s radar is The Graph (GRT), a platform that indexes and organizes blockchain data. Altcoin Sherpa says that GRT is flashing signs of strength and must now take out its immediate resistance at $0.394 to kick off a nearly 30% surge.
“If you flip this level I think we see $0.51. Kind of weird to see this one doing well lately, but it does look like a temporary bottom is in.”
GRT is trading at $0.31 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia