A widely followed crypto analyst says he’s still waiting for a clear point of view after Bitcoin’s (BTC) recent price drop.
Pseudonymous trader Altcoin Sherpa tells his 183,100 Twitter followers that BTC’s price action is up and down at the moment.
“BTC: Price is fractal, we’re seeing this same price action – stairs up, elevator down. It’s happening on a lower scale than the last few months, though. Let’s see where the smoke clears from this recent move down.”
Sherpa looks at layer-1 blockchain Cosmos (ATOM), which has been steadily climbing against the grain of the declining market as of late.
“ATOM: Lots of interaction with the 200D [exponential moving average] right now, let’s see if it can flip it. Doing that in this current environment would be very very strong in my opinion… “
Turning his sights on interoperability blockchain and Ethereum (ETH) competitor Polkadot (DOT), Sherpa asks his followers for their opinions.
“DOT: Price has been chopping around the last several months, think this is accumulation or price pausing before further dumping?”
Finally, Altcoin Sherpa looks at ETH-based altcoin FTX Token (FTT), the native token of FTX exchange. The trader isn’t a fan of FTT’s price action.
“FTT: A lot of people talking about this one lately- I don’t see it. It’s easy to say that in hindsight with yesterday’s dump but I’ve always thought FTT was kind of a shitty coin to hodl. Yes, [centralized exchange] tokens are supposedly safe in bear markets (see: BNB) but the two are not similar.”
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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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