Category Archives: Altcoin
Analyst Says Ethereum Primed To Outperform Bitcoin, Updates Outlook on XRP and Two Additional Altcoins – The Daily Hodl
A closely followed crypto strategist and trader is expecting Ethereum (ETH) to outshine Bitcoin (BTC) while updating his forecast for XRP and two low-cap digital assets.
Pseudonymous analyst Altcoin Sherpa tells his 183,500 Twitter followers that he sees the Ethereum/Bitcoin pair (ETH/BTC) rallying from current levels.
This one should bounce around this area. Equilibrium of this range and near the 200-day exponential moving average. Great moves overall but I still dont see this breaking out in current market conditions.
A bullish ETH/BTC chart suggests that Ethereum will likely post more gains than Bitcoin. At time of writing, the ETH/BTC pair is trading at 0.0695 BTC ($1,345), above Altcoin Sherpas range equilibrium.
Looking at XRP, the analyst says hes currently bearish on the sixth-largest crypto by market cap but that would change if Bitcoin flashes signs of strength.
Testing the 200-day exponential moving average (EMA) but given there was such a large gap between the previous price and the EMA, I dont expect this to break to the upside. I think we see a bit more consolidation before this goes lower. If BTC recovers, disregard that idea.
At time of writing, XRP is valued at $0.0472, down nearly 5% on the day.
Next up is Ethereum rival Algorand (ALGO). Altcoin Sherpa says he sees ALGO pulling back to lower levels.
I like the $0.35 area or lower to buy this one.
At time of writing, ALGO is swapping hands for $0.368, a 4.59% decrease on the day.
The last altcoin on the traders radar is Reserve Rights Token (RSR), a cryptocurrency designed to facilitate the stability of the asset-backed stablecoin known as the Reserve Token (RSV). According to Altcoin Sherpa, he sees RSR launching a nearly 30% rally from current prices.
Its making its way to the range highs ($0.0099). Would take caution around that area: 200-day EMA + range high.
At time of writing, RSR is changing hands for $0.0076, down over 3% in the last 24 hours.
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Analyst Says Ethereum Primed To Outperform Bitcoin, Updates Outlook on XRP and Two Additional Altcoins - The Daily Hodl
Web3 Altcoin Inks Deal With New England Patriots and Jumps by 25% This Week, Thwarting Crypto Market Woes – The Daily Hodl
A Web3 altcoin is surging this week amid news that it inked a sponsorship deal with the New England Patriots football team.
Through a multi-year partnership with Kraft Sports + Entertainment, the blockchain infrastructure solution company Chain (XCN) is now the official blockchain and Web3 sponsor of the Patriots, the New England Revolution soccer team, the Patriots homefield Gillette Stadium and Patriot Place an open-air shopping center built around the stadium.
XCN, Chains native governance and utility asset, jumped from trading around $0.067 before the announcement to around $0.075 afterward, a nearly 12% increase. The 37th-ranked crypto asset by market cap is trading at $0.0778 at time of writing and is up over 4% in the past 24 hours and more than 25% from its weekly low of $0.619.
Says Murray Kohl, vice president of sales for Kraft Sports + Entertainment,
Together with Chain, well look to innovate that same way with their cutting-edge blockchain technology. Our fans will be able to connect with the Patriots and Revolution in ways never before possible.
Chain offers cloud, ledger and non-fungible token (NFT) services. The company also recently partnered with Coinbase for the exchanges launch of a learn-to-earn program that offers XCN rewards for crypto beginners who complete a series of quizzes and learning modules.
Despite the price increase this week, XCN remains more than 57% down from its all-time high of more than $0.18, which it hit in late May.
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Everything You Need To Know About Supontis Token, The Upcoming Altcoin That Could Surpass Cryptocurrency Industry-Leaders Like Solana – NewsBTC
The cryptocurrency industry, as innovative and ingenious as it is, still has a ways to go before it achieves mainstream adoption. Several obstacles are currently standing in the industrys way, such as scalability and interoperability. Interoperability is necessary to enable blockchain networks to communicate and interact with one another, an activity that is not yet achievable without the help of cross-chain bridges.
Blockchain bridges or cross-chain bridges enable the transfer of native tokens and
information between blockchain networks. They also allow decentralized applications (dApps) to access the strengths of different blockchains, which boost their capabilities and provide users with access to new platforms and services, allowing them to leverage various chains and their benefits. There is no denying that blockchain bridges are necessary for the industrys growth.
It is for this reason that the Supontis Token (PON) is stirring excitement within the cryptocurrency industry. Native to the Supontis platform, an upcoming crypto platform that will facilitate the cross-chain transfer of assets between blockchain networks, Supontis Tokens (PON) potential lies in its real-life application and use cases. This makes the token valuable and relevant and a suitable long-term cryptocurrency investment in the ongoing bear market.
This piece compares Supontis Token (PON) to cryptocurrency industry-leading altcoin, Solana (SOL). Heres everything you need to know about both altcoins.
The SOL token is the native cryptocurrency of Solana, a highly active open-source project that utilizes blockchain technology to provide Decentralized Finance (De-Fi) solutions. The Solana (SOL) platform is the ideal environment for creating Decentralized Applications (dApps). It provides improved scalability through its innovative hybrid consensus mechanism. The Solana (SOL) platforms speed and performance make it suitable for both small-time users and enterprise customers alike. Solana (SOL) is also notable for incredibly short processing times and decreased validation times for transaction and smart contract execution.
SOL is a token of choice within the cryptocurrency industry for crypto-related activities such as trading and fee payments. With a live market cap of $12,111,524,876 and a circulating supply of 345,893,303 SOL coins, SOL is one of the most prominent tokens in the cryptocurrency industry. It is available on a host of crypto platforms, including Binance, FTX, Bilaxy, Coinbase and Huobi Global.
Supontis Token (PON) is the native cryptocurrency of Supontis, an upcoming crypto platform running on the Binance Smart Chain (BSC) that seeks to enable the cross-chain transfer of crypto assets across multiple blockchain networks such as Ethereum (ETH), Binance Smart Chain (BSC), Tron (TRX) and Fantom (FTM). Supontis Token (PON) plays an integral role in the platforms operation and its ecosystem, facilitating activities such as transaction fees and staking. Additionally, the token grants membership into the Supontis DAO and a say in how the platform is run and its future.
With its real-life application and use cases, Supontis Token (PON) could become a valuable asset in the industry, making it ideal for long-term cryptocurrency investment in the bear market. The token goes on presale soon and will reward early investors with attractive incentives and bonuses. One such incentive is the 6% additional token bonus that comes with purchasing Supontis Token (PON) in the first stage of its presale. See more information on Supontis here.
Supontis Token (SUP)
Presale: https://register.supontis.comWebsite: http://supontis.com/Telegram: https://t.me/SupontisTokenOfficial
Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
Algorand Price Slowly Moved Up, Will The Bulls Stick Around? – Geeks World Wide
Originally posted here.By: anushsamal
Algorand price has been trying to sail through the choppy waters, the coin has moved against the broader market price movement. Over the last 24 hours, Algorand has gained 2%, which means that ALGO is stuck in consolidation. In the past week, ALGO moved up by 3%. This also signalled that the altcoin hasnt made significant upward movement on the chart. The technical indicator of the altcoin showed that the bulls were still in control. The buyers were still more than sellers, but the technical outlook also pointed out that the bulls would soon fizzle out in the market. The demand for ALGO had slowed down, indicating that sellers would soon take control, bringing the price of the altcoin down to its next support level. The support zone for the altcoin stood between $0.33 and $0.27 respectively. The demand for the altcoin has been dropping, which means that the coin will move near the $0.31 price mark. Algorand Price: One Day Chart ALGO was trading for $0.34 at the time of writing. The coin was trading in a descending channel from which it broke out, but it was unable to add further fuel to its price owing to lower demand. The immediate resistance for the coin stands at $0.40 and a push above that could help the bulls to stick around for longer. On the other hand, the local support for the coin stood at $0.31. A fall from the $0.31 level will bring ALGO down to $0.27. The amount of Algorand traded in the last session decreased considerably, pointing towards slowing buying strength. Technical Analysis ALGOs technical indicators showed that the buying strength was falling on the chart. Indicators were yet to display the upcoming bearish sentiment. The Relative Strength Index was above the half-line, which still meant that buyers were in control of the market. The indicator also displayed a steep fall, which signalled that the upcoming trading sessions could be controlled by the sellers. The Algorand price was still above the 20-SMA line, which pointed toward buyers driving the price momentum in the market. A continued fall in demand will push the price below the 20-SMA line. Related Reading: Solana Price Reverses Its Green Start, Whats The Next Target? Other indicators also agreed with the major indicators that selling strength would soon take over in the market. The Moving Average Convergence Divergence indicates the price momentum and action. MACD displayed green histograms, which was still buy signal on the chart. These green histograms were declining on the chart, indicating that the bullish action was losing steam. The Directional Movement Index shows the price direction. DMI was still positive with the +DI line above the -DI line. The Average Directional Index (red) was below the 20 mark, signifying a loss in the current price momentum. Related Reading: Litecoin Price Recovers But The Bears Might Drag The Altcoin To $51 Featured image from The VR Soldier, charts from TradingView.com
Algorand price has been trying to sail through the choppy waters, the coin has moved against the broader market price movement.
Over the last 24 hours, Algorand has gained 2%, which means that ALGO is stuck in consolidation. In the past week, ALGO moved up by 3%.
This also signalled that the altcoin hasnt made significant upward movement on the chart. The technical indicator of the altcoin showed that the bulls were still in control.
The buyers were still more than sellers, but the technical outlook also pointed out that the bulls would soon fizzle out in the market.
The demand for ALGO had slowed down, indicating that sellers would soon take control, bringing the price of the altcoin down to its next support level.
The support zone for the altcoin stood between $0.33 and $0.27 respectively. The demand for the altcoin has been dropping, which means that the coin will move near the $0.31 price mark.
Algorand Price: One Day Chart
Algorand was priced at $0.34 on the one-day chart | Source: ALGOUSD on TradingView
ALGO was trading for $0.34 at the time of writing. The coin was trading in a descending channel from which it broke out, but it was unable to add further fuel to its price owing to lower demand.
The immediate resistance for the coin stands at $0.40 and a push above that could help the bulls to stick around for longer.
On the other hand, the local support for the coin stood at $0.31. A fall from the $0.31 level will bring ALGO down to $0.27.
The amount of Algorand traded in the last session decreased considerably, pointing towards slowing buying strength.
Technical Analysis
Algorand registered a fall in buying strength on the one-day chart | Source: ALGOUSD on TradingView
ALGOs technical indicators showed that the buying strength was falling on the chart. Indicators were yet to display the upcoming bearish sentiment.
The Relative Strength Index was above the half-line, which still meant that buyers were in control of the market.
The indicator also displayed a steep fall, which signalled that the upcoming trading sessions could be controlled by the sellers.
The Algorand price was still above the 20-SMA line, which pointed toward buyers driving the price momentum in the market. A continued fall in demand will push the price below the 20-SMA line.
Algorand displayed buy signal on the one-day chart | Source: ALGOUSD on TradingView
Other indicators also agreed with the major indicators that selling strength would soon take over in the market.
The Moving Average Convergence Divergence indicates the price momentum and action. MACD displayed green histograms, which was still buy signal on the chart.
These green histograms were declining on the chart, indicating that the bullish action was losing steam.
The Directional Movement Index shows the price direction. DMI was still positive with the +DI line above the -DI line. The Average Directional Index (red) was below the 20 mark, signifying a loss in the current price momentum.
Featured image from The VR Soldier, charts from TradingView.com
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Algorand Price Slowly Moved Up, Will The Bulls Stick Around? - Geeks World Wide
Alt Ranks Tracker Places XRP and Chiliz as Top Altcoins By CoinEdition – Investing.com
According to Alt Rank, a measurement tracker for altcoins that combines actual altcoin price performance relative to with social activity indicators, the top five altcoins as of September 23 are XRP, Chiliz, Cronos, Axie Infinity, and PankaceSwap.
On Friday, the price of the XRP coin continued climbing higher and higher, eventually reaching an all-time high of $0.559 on Binance. At the time of this writing, the value of the cryptocurrency is $0.5, representing an increase of 14% over the course of the previous 24 hours. As a result of the most recent price increase, XRP has now established itself as the cryptocurrency with the greatest performance as of September 23rd.
Chiliz (CHZ) has been rising, soaring over 40% in seven days to trade at 0.2759. This has led to an optimistic price forecast for the currency. The current price of CHZ is $0.270012, an increase of 8.5% over the last twenty-four hours.
Crypto.coms Cronos (CRO) token has likewise been trending upwards. The price of CRO as of this writing is $0.11, a gain of about 10% in the last twenty-four hours. As of September 23rd, it is the third best-performing alternative coin.
Axie Infinity (AXS), the fourth-best performing altcoin, has been losing value since August. However, the cryptocurrency has turned bullish in the previous twenty-four hours. The price has increased by 3.4% to $12.7. With regards to PancakeSwap (CAKE), the price has been consistently rising. It has gained over 4% in value to $4.45 as of this writing.
The post Alt Ranks Tracker Places XRP and Chiliz as Top Altcoins appeared first on Coin Edition.
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Alt Ranks Tracker Places XRP and Chiliz as Top Altcoins By CoinEdition - Investing.com
Chainlinks [LINK] near-term price action can be catalyzed by the following – AMBCrypto News
In light of the approaching Chainlink event Smartcon scheduled for 28 September, all eyes appear to be on LINK. Thanks to attention from both whales and social media, LINKs price has been rising on the charts over the last 24 hours.
Ergo, the question Will LINK continue to rise or will it face intense selling pressure over the next few days?
According to a recent update shared by WhaleStats, LINK is among the top-10 tokens that major ETH whales are holding. About $40 million worth of $LINK has been accumulated by the top-100 Ethereum whales.
This development could be considered a positive signal for investors interested in the altcoin.
Thats not all, however. Chainlinks social media presence has grown during this period as well. The smartcons comprehensive guest list could be one of the reasons for the increasing hype around $LINK.
In fact, both LINKs social mentions and engagements grew by 5.708% over the past week.
Now, even though there have been multiple spikes in Chainlinks social media dominance over the past week, weighted sentiment has turned negative over the last few days. If the publics opinion stays negative for some more time, it could be a big problem for Chainlink going into the future and it could harm its prices.
Increasing negative sentiment is not the only factor that investors need to worry about.
As can be seen from the chart attached below, there has been a decline in LINKs velocity as well. This finding suggested that the number of times the coin has changed wallets has reduced drastically over the last few days.
Chainlinks market cap dominance has fallen as well, and occupied just 0.4% of the total market share. Chainlink registered a spike in volatility as it grew by 12% over the past month, implying that investing in the altcoin might be riskier than usual.
Chainlink has seen a hike in its volume over the past month too.
LINKs 30-day MVRV ratio has also been increasing over the past week, suggesting that the future of the altcoin could be bullish in the near-term.
There has been a spike in Chainlinks development activity as well, which could mean that the team at Chainlink has been working on new updates and upgrades.
With both positive and negative factors affecting Chainlink, readers are advised to do more research about the token before getting into any trade.
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Chainlinks [LINK] near-term price action can be catalyzed by the following - AMBCrypto News
Daily Close – Your Source for Bitcoin and Altcoin Market Closes
Cryptocurrency trading operates a little differently from other financial markets because of the more decentralized nature of the industry. Theres no overarching authority when it comes to crypto market hours, but rather a number of unaffiliated cryptocurrency exchanges all operating independently from each other (Coinbase, Binance, Poloniex, etc.). Unlike the New York Stock Exchange (NYSE), NASDAQ, and London Stock Exchange (LSE), traders and investors buy and sell cryptocurrency 24 hours a day everyday of the year. When looking at the stock market, investors and traders are able to tell what price point a stock closed the day at. However, cryptocurrency markets dont have standard market hours like a traditional 9:30am - 4:00pm trading day so it can make things a little trickier.
Fortunately, thats why the cryptocurrency community has come up with a market time frame of their own to help traders and crypto enthusiasts alike. Though trading takes place all hours of the day, the way traders measure how a cryptocurrency is performing is through a daily 24 hour time frame, this is the daily close. At the end of a full day of trading (12:00 UTC), traders compare the price of a cryptocurrency to what its price was exactly 24 hours ago. This is how the price movement and performance is calculated when looking at a percentage change in Bitcoin for example, as well as any and all other cryptocurrencies.
The daily close of a cryptocurrency is important for the same reasons the stock market daily close matters. Traders and enthusiasts dont have the time to watch every cryptocurrency trading on the market for the entirety of the day, but when they look at the daily close in the market, they get a brief snapshot of how the cryptocurrency is performing. Looking at the daily close is a great way to stay up to date on the latest happenings in the markets and gauge how a particular cryptocurrency is performing compared to the day before. On a larger scale, investors use daily closings in the market to identify macro trends and make predictions about how certain assets are likely to perform in the future. Regardless of what youre using it for, knowing the daily close in the crypto market is a great way to stay connected with whats going on subscribe to our different timers to never miss a close in the crypto markets again!
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Daily Close - Your Source for Bitcoin and Altcoin Market Closes
Analyst Says Ethereum, Polkadot and Four Additional Crypto Assets Are Top Altcoin Picks for Accumulation – The Daily Hodl
A popular analyst says he has his radar locked on a number of altcoins that are high on his list for accumulation including Ethereum (ETH) and Polkadot (DOT).
Crypto strategist Michal van de Poppe tells his 624,700 Twitter followers that he believes the crypto markets are giving long-term bulls the opportunity to accumulate digital assets at deeply discounted prices.
In addition to leading smart contract platform Ethereum and interoperability chain Polkadot, Van de Poppe says hes currently accumulating Cosmos (ATOM), an ecosystem of blockchains designed to scale and communicate with each other.
The crypto strategist also says he has his eye fixed on SKALE (SKL), a blockchain network that aims to allow developers to create and provide decentralized chains that are completely compatible with Ethereum, as well as Mina Protocol (MINA), a project designed to speed up the blockchain identification process.
Looking closer at Ethereum, Van de Poppe forecasts in a new strategy session that ETH must hold its immediate support to possibly ignite a rally to his target above $2,000.
Clearly, you want to see it test around $1,450 to $1,475. If that holds, we can continue. You want to see a crack of $1,685.
Looking at Van de Poppes chart, the analyst predicts a potential Ethereum rally to $2,225. At time of writing, ETH is swapping hands for $1,556.
As for Bitcoin (BTC), Van de Poppe says the king crypto is currently trading within a narrow range in the lower timeframe between $19,000 to $20,600.
You technically want to see it hold above this area here ($19,800) If we do lose $19,800 to $20,000, probably were going to sweep the lows here ($18,900). And then question will become whether we get a very high volume candle liquidity grab and then reverse immediately and then we can go to the other side of the range ($20,600).
Should BTC surge to $20,600, Van de Poppe predicts a breakout rally to $22,000.
At time of writing, BTC is valued at $19,866.
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Featured Image: Shutterstock/Alina Spiridonova/Natalia Siiatovskaia/Fotomay
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Analyst Says Ethereum, Polkadot and Four Additional Crypto Assets Are Top Altcoin Picks for Accumulation - The Daily Hodl
10 Best Altcoins Of 2022 Forbes Advisor – Forbes
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
The definition of an altcoin has evolved since the early days of cryptocurrency, when only a handful of crypto assets existed. Back then, anything but Bitcoin (BTC) was considered to be an altcoin.
Today the world of crypto assets is much broader. There is a wide variety of coins and tokens with use cases that go well beyond a medium of exchange, meaning they arent necessarily Bitcoin competitors.
Still, for lack of a better designation at the moment, the basic definition of an altcoin is any crypto asset other than Bitcoin.
Heres a look at the top 10 altcoins by market capitalization, excluding stablecoins. Weve excluded stablecoins since they are designed to maintain a stable price and are not typically considered to be a speculative investment.
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Of the nearly $1 trillion that represents the total market capitalization of the more than 20,000 crypto assets available today, nearly 20% is held in Ethereum, the biggest altcoin on the market.
Unlike Bitcoin, which is characterized as a decentralized currency, think of Ethereum as a distributed computing network where users can use the blockchain to run decentralized applications (dApps) and host smart contracts.
BTC is a store of value while ETH is a decentralized playground for builders to determine the future in the technological innovations of blockchain technology, says Walker Holmes, vice president of metaverse platform MetaTope.
Critics of Ethereum point to high fees for conducting transactions. But with the thousands of apps and other altcoins powered by its blockchain, Ethereum is here to stay.
Binance Coin is a utility token that can be used to pay trading fees and get discounted trades on the Binance exchange. You can even use BNB outside the Binance crypto exchange for payment processing, such as booking travel arrangements.
Critics say BNB isnt as decentralized as other altcoins. Another risk is a reported Securities and Exchange Commission (SEC) investigation into whether Binance should have registered BNB as a security during its initial coin offering.
XRP can be used to facilitate exchanges of different currency types with digital technology and payment processing company Ripple Labs. Although this altcoin has extremely low transaction fees, critics note it is facing legal challenges.
Ripple and two of its executives are involved in an SEC lawsuit alleging they should have registered XRP as a security, and the company says XRP is instead a currency.
Cardano was an early adopter of the proof-of-stake consensus mechanism, which speeds up transaction time by removing the competitive and energy-intensive problem solving dimension of platforms like Bitcoin.
Cardano is a thought leader in the industry that has paved the way for proof of stake consensus mechanisms, Holmes says. ADA is a blockchain solution that promises low fees with higher levels of security than many of its counterparts.
But Daniel Logvin, CEO of blockchain network provider and consultancy LedgerByte, says the altcoin promised too much and has yet to deliver.
Developed to help power decentralized finance and apps as well as smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely.
Solana is one of the fastest blockchains out there. Still, it has also faced criticism for being too centralized with very few validating nodes compared with Ethereum, says Whitney Setiawan, research analyst with digital assets exchange Bitrue.
Holmes says Solana is a highly scalable blockchain solution with very low fees but has seen outages and downtime.
Dogecoin is the original meme coin, famously started as a joke in 2013. Nevertheless, it has rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes.
Richard Gardner, CEO of financial software provider Modulus Global, points out that DOGE has had some big backers but remains riskier than Bitcoin.
Altcoins like DOGE can fluctuate to extreme lows and highs depending on market volatility since they have yet to prove real-world use cases, says Garry Krugljakow, founder of 0VIX Protocol, a decentralized app that enables crypto lending and borrowing.
This altcoin powers the Polkadot ecosystem, where developers can build specific-purpose blockchains as spokes connecting to the main Polkadot blockchain hub, says Max Thake, co-founder of peaq, a blockchain network built on Polkadot. DOT is the native token for Polkadot.
(There is) a sustained demand for DOT from projects aiming to build on Polkadot, he says.
This altcoin has better-shared security and is a leader in developer activity and many projects, says James Wo, CEO at blockchain and cryptocurrency investment firm Digital Finance Group. But project progress has been slow, and it lacks star applications to help boost its ecosystem, he says.
Polygon is an Ethereum-based scaling platform that allows developers to build dApps with low transaction fees.
It allows people to process transactions on top of the Ethereum network, Logvin says. This solution increases efficiency and saves tons of money on gas (transaction fees). Gas fees, a transaction fee, are usually cheaper on Polygon than on Ethereum.
Like DOGE, this is another meme coin. Dubbed the Dogecoin killer, its a joke based on a joke. Although its based on the Ethereum blockchain, Shiba Inu is one altcoin not to invest in for a use case, although there are SHIB-based non-fungible tokens (NFTs) out there.
That doesnt mean theres no investment case. Speculators can make a lot of money but lose it all with this highly volatile crypto asset.
Tron is a blockchain that developers can use to share media content and and create decentralized applications. TRX also has a healthy total value locked (TVL) or amount of money deposited in decentralized finance. TVL is the total value of crypto assets deposited in a decentralized finance (DeFi) protocol, such as staking, lending or liquidity pools.
A high TVL indicates the popularity of a protocol and the adaption rate of a particular cryptocurrency. Currently, TRXs TVL stands at $5.7 billion, according to DeFi Llama.
*Market caps and pricing sourced from coinmarketcap.com, current as of Sept. 1, 2022.
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10 Best Altcoins Of 2022 Forbes Advisor - Forbes
Crypto Trader Predicts Over 60% Crash for One Ethereum-Based Altcoin, Unveils Outlook for Bitcoin and Cardano – The Daily Hodl
A widely followed crypto trader is expressing bearish sentiment toward one Ethereum-based altcoin while revealing his forecast for Bitcoin (BTC) and Cardano (ADA).
The pseudonymous crypto analyst known as Altcoin Sherpa tells his 182,400 Twitter followers that the native token of Lido DAO (LDO), the decentralized autonomous organization (DAO) behind the Lido Ethereum staking protocol, could fall by about 64% from its current price.
LDO: Wouldnt long this thing until more destruction, maybe $0.75? There will be bounces along the way though.
LDO is trading at $2.07 at the time of writing.
Altcoin Sherpa then says that the $19,000 price level is a support zone for Bitcoin that can offer the flagship digital asset a base for launching a stronger bounce.
However, the analyst says that if Bitcoin were to decline to $19,000 from its current level, altcoins could dip by about 10%.
BTC: I still believe $19,000 (or around there) should provide a stronger bounce. Guessing altcoins take another 10% haircut if this happens.
Bitcoin is changing hands for $20,260 at the time of writing.
Altcoin Sherpa concludes his analysis with smart contract platform Cardano (ADA). According to the crypto trader, Cardano could fall further before bouncing higher.
ADA: Havent looked at this chart in a while butis it possible these charts are forming some sort of accumulation? Lots of volume transacted in this area right now, maybe this is the mid-term bottom (possibly a spike to mid/low $0.30 and then up after)?
Cardano is moving for at $0.448 at the time of writing, a 2.4% dip on the day.
Featured Image: Shutterstock/klyaksun
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Crypto Trader Predicts Over 60% Crash for One Ethereum-Based Altcoin, Unveils Outlook for Bitcoin and Cardano - The Daily Hodl