A closely followed crypto strategist says that one altcoin with a market cap of $1.934 billion looks anything but bullish.
Pseudonymous trader Altcoin Sherpa tells his 196,800 followers on the social media platform X that the native asset of the interoperable blockchain ecosystem Cosmos (ATOM) appears poised for more downside price action.
ATOM, which is down about 60% from its 2023 high of $15.45, will likely drop all the way down to $5.50 before witnessing a relief rally, according to the analyst.
“ATOM: I know the Dapp (decentralized applications) chain future is big but man, this is one ugly chart. I don’t see any relief until the mid-$5s truthfully… That should be a decent bounce area. Still no reason to buy this one though, in my opinion.”
At time of writing, ATOM is trading for $6.61.
Altcoin Sherpa is also watching the price action of Ethereum (ETH) rival Solana (SOL). The analyst says that for now, SOL is trapped in a wide trading range between $16 and $27.
“SOL: haven’t checked this chart in a bit. I don’t see any real change in the higher time frame charts. I think that it’s still just a range between $16-$27 and some deviations on both ends. Best to probably just buy and hold this for a bit.”
At time of writing, SOL is worth $22.10.
Another altcoin on the trader’s radar is the native asset of the decentralized pool trading platform Woo Network (WOO). Altcoin Sherpa shares a chart suggesting that WOO remains in a sideways trend with support at around $0.147.
“WOO: great project/exchange overall, had some good news recently with them burning the 3AC (Three Arrows Capital) tokens and that supply being gone. I still don’t really see this as a buy at this current time but probably a decent longer-term investment.
(I am holding a long-term bag of this).”
At time of writing, WOO is trading at $0.178.
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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 loses 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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