A closely followed crypto strategist thinks three altcoins including the layer-1 project Sui (SUI) are in the midst of a clear downtrend.
Pseudonymous analyst Altcoin Sherpa warns his 218,900 followers on the social media platform X that SUI, along with fellow smart contract platform Near (NEAR) and the AI-focused Artificial Superintelligence Alliance (FET) are trading in bear territory.
“The really scary thing is that we still have a long way to go for some of these coins. An unstable BTC environment coupled with supply unlocking (peep SUI) means a recipe for disaster for many of these coins.
Clear bearish market structure for many and has been like that for a while. Stay safe out there.”
The trader shares a chart of SUI showing how the altcoin has sharply fallen from its all-time high of $2.17.
At time of writing, SUI is worth $0.575.
In another chart, he seems to suggest that FET is flashing a series of bearish lower highs and lower lows.
At time of writing, FET is trading for $0.921.
As for NEAR, the analyst’s chart appears to suggest that the altcoin has printed two consecutive lower highs on its weekly chart
At time of writing, NEAR is worth $4.16.
While Altcoin Sherpa is bearish on the trio of altcoins, he’s still long-term bullish on Bitcoin (BTC) and Ethereum (ETH). He also says that Q4s of each year have been historically bullish for crypto.
“BTC is still going to an all-time high (ATH) later this year and your shitcoins are going to *likely* be up multiples from today’s value.
Seasonality is a thing; Q4 and Q1 are splendid times. Don’t die before then.
ETH is still going to break ATH near guaranteed; still a trade that’s very high likelihood given ETF (exchange-traded fund).”Â
Bitcoin is trading at $55,939 at time of writing while ETH is worth $2,352.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
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.
Generated Image: Midjourney
