A closely followed analyst believes that the native token of the crypto project co-created by ChatGPT founder Sam Altman looks poised for a severe correction.
Pseudonymous analyst Altcoin Sherpa tells his 196,400 X followers that he’s bearish on Worldcoin (WLD), an artificial intelligence-based crypto project that uses iris-scanning technology.
According to the trader, WLD is likely to witness a nearly 40% devaluation from current prices at the very least after losing the 0.618 Fibonacci level.
“WLD: don’t buy this thing until low $1s and even then, it’s just a buy for a quick bounce, nothing else. THIS IS NOT A LONG-TERM INVESTMENT.”
At time of writing, WLD is worth $2.03.
The crypto strategist is also keeping an eye on the smart contract platform Solana (SOL). Altcoin Sherpa says SOL is currently in an area of interest as it hovers close to its 200-day exponential moving average (EMA).
“SOL: It’s too hard to tell which areas are important to the left, so you can use 200-day EMA as confluence to your levels. This is probably an area of interest right now, and I think that Solana will do well in the bull market. Not a bad idea to just buy some and accumulate.”
At time of writing, SOL is trading for $23.07 with the 200-day EMA sitting at $22.62.
Next up is Maker (MKR), token that supports the stablecoin Dai (DAI). Altcoin Sherpa says that he’s looking to accumulate the token just above the 0.50 Fibonacci retracement level.
“MKR: My favorite setup, the Fib .50 retrace. Looking for around $1000; psychological and should be close to these key levels. To be determined if this is over or not, but I think it’ll be a good buy.”
At time of writing, MKR is worth $1,209.
The last altcoin on the trader’s radar is Rollbit Coin (RLB), the native asset of the crypto casino and exchange platform Rollbit. According to Altcoin Sherpa, RLB looks primed to rally all the way up to its immediate resistance at $0.126.
“RLB: Taking 50% off here, will take profit more higher and also leave a runner on this. Despite all the FUD (fear, uncertainty and doubt), I still think it’s a $ printer.”
At time of writing, RLB is trading for $0.118.
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