The pseudonymous crypto analyst Altcoin Sherpa remains largely bearish about the market despite the general price uptick last week.
The trader tells his 180,700 Twitter followers that $22,000 is a “must hold” level for Bitcoin (BTC).
“The last high, although technically higher, is not convincing, and I think there’s a real chance that this low gets broken at $22,000.”
BTC is trading at $23,429 at time of writing.
Altcoin Sherpa is similarly bearish on the Ethereum (ETH) competitor Solana (SOL).
“Didn’t see a clear higher high on this last move. Best we get is some sort of ranging consolidation pattern [in my opinion], seems unclear to me.”
Solana is trading at $40.23 at time of writing.
The analyst also believes OP, the native token for Optimism, will break lower, saying it has “lots of inefficiencies to fill.” Optimism is a layer-2 scaling solution for Ethereum.
OP is trading at $1.91 at time of writing. The 116th-ranked crypto asset by market cap is up more than 18% in the past 24 hours.
Additionally, Altcoin Sherpa predicts “more overall chop” for LOOKS, the utility token of the Ethereum-based non-fungible token (NFT) marketplace LooksRare.
LOOKS is trading at $0.380175 at time of writing.
Conversely, however, Altcoin Sherpa is more bullish on SNX, the native token of Synthetix, a protocol that allows for the issuance of synthetic tradable assets on Ethereum, such as commodities or indices.
“Waited patiently for this level and I think that it’s going to go up, that said it’s always going to depend on BTC. Still think this looks pretty good.”
SNX is trading at $3.84 at time of writing.
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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 losses 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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