Altcoin Sherpa, a popular altcoin analyst, has announced the next levels for the three cryptocurrencies. Apart from this, the analyst also examines on-chain movements. Here are the details…
Altcoin Sherpa focuses on Solana
Altcoin Sherpa told its 179,900 Twitter followers that it has identified support and resistance levels for Solana. The analyst used the Fibonacci retracement tool to determine the levels in question. He stated that if the $32 range (0.618 Fibonacci level) is lost, things could go badly for the SOL. If it reaches $30, then it marks $42. However, at that point, he points out that he can sell short. So looking at the chart of Altcoin Sherpa, it seems to be targeting $38 and $42 for SOL.
cryptocoin.com As we reported, Solana relies on the permissionless nature of Blockchain technology to provide decentralized finance (DeFi) solutions. While the work on the project started in 2017, it officially entered the market in March 2020. Solana is currently changing hands for $35.96.
What does the analyst expect for Ethereum?
Altcoin Sherpa also has the leading altcoin Ethereum (ETH) on its radar. The analyst states that heavy buying activity at current prices may enable Ethereum to form a short-term bottom. In general, he reports that he does not see any upward movement in the ETH chart. He just points out that his available space provides a high volume. So he emphasizes that people like to trade at these levels, it’s usually a good support/resistance level. Apart from that, it observes bearish on all timeframes.
Ethereum is a decentralized open-source Blockchain system with its own cryptocurrency, Ether. ETH works as a platform for many other cryptocurrencies as well as for decentralized smart contract execution. Ethereum is currently changing hands at $1,136.
The last cryptocurrency on the analyst’s list: STEPN
The next altcoin on Altcoin Sherpa’s watchlist is STEPN, the move-and-win altcoin. While waiting for more price consolidation before another rally, the analyst points to the high-volume node (HVN) metric. He points out that this metric indicates that traders are likely to start saving. The analyst points out that he has not yet seen a trend change. He adds that he invests in this altcoin and uses the STEPN app every day.
However, he thinks it needs to go through its consolidation phase before an upside move can be seen. He points out that traders like to trade in the current HVN space. STEPN’s cryptocurrency GMT, which entered the market with great interest in the past months, is changing hands at $ 0.91 with a decrease of 3 percent at the time of writing.
