A popular analyst is diving into the price charts to provide updates for a trio of crypto assets as the markets cool off.
Pseudonymous analyst Altcoin Sherpa tells his 180,500 Twitter followers that the trend so far for Bitcoin (BTC) in 2002 has been to fall further after each consolidation event, and so he intends to proceed cautiously in the days ahead.
“Is this time different? I don’t know. Every single consolidation has resulted in another leg down for Bitcoin this year.
Assuming the same is going to happen is probably the safest/most prudent approach [in my opinion].”
At time of writing, Bitcoin is trading for $20,954. BTC briefly topped $24,000 on July 20th but has been steadily falling ever since.
Next on the analyst’s radar is smart contract platform Solana (SOL). Altcoin Sherpa says that despite recently hitting a price peak, SOL’s 4-hour exponential moving average (EMA) leads him to believe the altcoin could drop to around $30-$32 before establishing a new zone of support.
“First higher high in months but the low has to be maintained for it to be considered a bullish [market structure] on lower time frames.
Doesn’t look great [to be honest]; 4h EMAs all flipped bearish. The low $30s might be the next support area up.”
Solana is currently valued at $35.33.
Last on the chart guru’s watch list is Bored Ape Yacht Club (BAYC) offshoot project ApeCoin (APE). While he remains bearish when looking at 1-day candles, the trader plots out several Fibonacci levels where APE might be able to pull off some quick rallies.
“Still a bearish [market structure] on the 1D but I think that the next areas coming up are interesting for short-term bounces.”
ApeCoin is down over 10% on the day and changing hands for $5.68.
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Featured Image: Shutterstock/Tithi Luadthong