Trader Warns of Steep Decline for One DEX Altcoin, Updates Outlook on Bitcoin and Four Other Crypto Assets
A extensively adopted crypto dealer believes that one decentralized alternate altcoin (DEX) is primed for a transfer to the draw back after its sturdy efficiency earlier this yr.
Pseudonymous dealer Altcoin Sherpa tells his 196,200 Twitter followers that the decentralized perpetual buying and selling platform GMX (GMX) will seemingly witness a few 20% transfer to the draw back.
GMX had a robust begin this yr, rallying over 143% from a low of $37.50 to a excessive of $91.40.
Says Altcoin Sherpa,
“GMX: I believe this one seems prefer it’s going to return to the $40s. It was the darling of crypto a couple of months in the past however anticipating it to chill and go into accumulation mode after a backside. Anticipating this to underperform the remainder of the marketplace for the mid-term.”
At time of writing, GMX is buying and selling for $50.68.
Taking a look at Bitcoin (BTC), the crypto dealer says that merchants look like bearish on the crypto king despite the fact that it’s nonetheless buying and selling above assist at round $29,500.
“BTC: the entire timeline is bearish… however that is nonetheless the vary low and assist remains to be assist (till it’s not).”
Bitcoin is buying and selling for $29,929 at time of writing, up 0.4% over the past 24 hours.
Sherpa additionally says he’s protecting his eye on different altcoins for a retracement to their respective Fibonacci 0.786 value ranges, together with Sui (SUI), Hooked Protocol (HOOK), Open Campus (EDU) and Arkham (ARKM).
In keeping with the dealer, the altcoins are prone to bounce again up as soon as they hit the 0.786 Fibonacci degree.
“Taking a look at a few of these Binance launchpad tasks and the 0.786 Fib (Fibonacci) and the reactions…hmm…
For many who don’t perceive what I’m speaking about… the 0.786 Fib has proven to have first rate reactions for each HOOK and SUI. I’m certain there are others on the market like these cash – search for sluggish grinding value motion to the draw back adopted by a pleasant response.”
He additionally notes that “BTC would be the largest issue” for the general efficiency of altcoins.
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