A closely followed analyst believes that the crypto markets are primed for a corrective move following strong rallies over the past couple of weeks.
Pseudonymous analyst Altcoin Sherpa tells his 245,200 followers on the social media platform X that he thinks “a dip is going to come soon,” but he doesn’t see any reason to be super bearish once the correction takes place.
According to the analyst, a correction should provide an opportunity for investors to enter the crypto market before another leg up.
Should a marketwide pullback materialize, Altcoin Sherpa says he plans to accumulate five altcoins.
“Coins I want to buy:
BONK ($0.00001600s)
Fartcoin ($0.85)
POPCAT ($0.33)
HYPE ($15-$16s)
GUN ($0.055s)
Loads of others too, but those are on my short list for now.”
Looking closer at the memecoin Fartcoin, the trader notes that FART needs to stay above $1.05 to witness new rallies. Otherwise, he thinks the altcoin could fall to as low as $0.8.
“Fartcoin: wouldn’t be surprised to see this pullback a little bit here, but don’t forget that hot air rises in the end.
Three different scenarios, all mostly dependent on BTC, frankly. I think this just continues up.”
Based on the trader’s chart, he seems to suggest that FART can rally to as high as $1.40. At time of writing, FART is worth $1.09.
Turning to fellow memecoin Bonk (BONK), Altcoin Sherpa thinks that the altcoin looks really strong.
“The chart itself still looks fire.”
At time of writing, BONK is trading for $0.00002, up over 10% on the day.
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
