A crypto analyst predicts strong volatility for Ethereum (ETH), Axie Infinity (AXS) and one low-capacity altcoin. Another analyst says Polygon (MATIC) and Cosmos (ATOM) have bear setups.
“Leading altcoin project has more gas in its tank”
The analyst, nicknamed Altcoin Sherpa, predicts a strong rally for the leading smart contract platform Ethereum (ETH). Also, he expects a strong rally for the two altcoins as the crypto markets rise. cryptocoin.com As you follow, Ethereum has almost doubled its value in less than two months. Despite this, the analyst says that the altcoin has more gas left in its tank:
I expect Ethereum to eventually hit $2,200 in the medium term. But we’ll see if it can surpass this current support/resistance level ($1,720). The longer this lasts here, the more bullish I am in the short/medium term. Don’t think it’s the ‘bottom’ though.
Source: Altcoin Sherpa / Twitter
Altcoin Sherpa predicts a rally for AXS and LOOKS
The next popular blockchain-based game is Axie Infinity (AXS). Altcoin Sherpa thinks Axie Infinity has room to start a relief rally. But he’s still wary of whether AXS can actually achieve its massive goal. In this context, the analyst makes the following statement:
What do we think of this kind of idea? I don’t know if it has the power to go up to $40. But if BTC fits, some kind of bear market rally is definitely possible.
Source: Altcoin Sherpa / Twitter
The last crypto on the analyst’s radar is LOOKS, the native token of the Non Fungible Token (NFT) marketplace LookRare. Altcoin Sherpa predicts 50% rally for LOOKS as long as it stays stable compared to Bitcoin (BTC). The analyst makes the following assessment:
There are some interesting price movements. All four-hour exponential moving averages add up. LOOKS price is changing back and forth. I think the altcoin actually still looks good. If LOOKS/BTC plays well, I wouldn’t be surprised if the token sees an increase of over 50%.
The market is giving a bearish signal, according to the analyst
The analyst, nicknamed Cheds, says that crypto markets have given multiple bearish signals after a relatively strong week. Cheds explains:
Today, the crypto market has many outside bars, high floating candles and dark cloud covers etc. reveals. If we stopped and continued, you would be asleep at the wheel, not looking for short setups.
Outer bars, high volatile candles and dark cloud covers indicate indecision among market participants. They are also candlestick patterns that indicate a possible momentum shift after a rally.
Bearish altcoin projects: MATIC and ATOM
Cheds foresees fixes for Polygon (MATIC) and Cosmos (ATOM). Polygon (MATIC), the first crypto on the analyst’s radar, is currently struggling to take its immediate resistance near $1.00. According to Cheds, this indicates that the altcoin is ready for a corrective move. The analyst evaluates:
MATIC is another clean short install where BTC should stop. Mark it at $0.9297. Note the rise in downstream supply and potential M [formation].
Source: Cheds / Twitter
Cheds is targeting $0.74 for the MATIC. This shows that there is about 25% downside risk from Polygon’s current price of $0.98.
Another crypto on the analyst’s list is Cosmos, a blockchain ecosystem designed to scale and communicate with each other. According to Cheds, ATOM is a possible target for bears around its current price of $10.78. The analyst says:
ATOM possible short candidate. Here it is $10,778.
