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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