Cryptocurrency analyst nicknamed Altcoin Sherpa shared 4 cryptocurrencies that he expects to decline after the last rally in the market. Let’s take a look at technical analysis, keeping in mind that forecasts are not precise.
4 cryptocurrencies to watch closely for the weekend
Sherpa said that he will be worried if Bitcoin (BTC) falls below a certain level. Bitcoin is currently trading above $20,000. It has gained around 20% since October 25. According to the analyst, moving away from a critical resistance target will completely cut the bulls out of the game:
I personally don’t want to see $21,000 space disappear. To be honest, I’m not even sure this Fibonacci chart is well drawn.
BTC price surpassed the $20,500 region at the time of writing. The momentum it has maintained since the beginning of the week has also given a sigh of relief to the altcoin market.
Ethereum outperformed Bitcoin throughout the rally
The analyst then looks at the ETH/BTC chart to summarize the state of the altcoin market as a whole. In the medium term, he predicts that it will gradually climb to 0.0823:
ETH/BTC is typically a good indicator of the overall altcoin market and is still doing well. I expect a mid-term drop until around 0823.
The chart shows that the ETH/BTC ratio is currently 0.775. The popular DApp platform and one of its strongest Ethereum competitors, Near Protocol (NEAR), was the next altcoin on Altcoin Sherpa’s radar. Sherpa expects higher levels for NEAR despite a rather negative outlook from a technical standpoint:
If it’s going to jump, it should be here, but it looks awful here too. A double bottom might be interesting for a bigger move, but I’m still not sure about that.
NEAR is currently trading at $2.97. It has lost around 2% in value compared to the last 24 hours. However, he keeps his weekly earnings above 6%.
Analyst gives last place to a new cryptocurrency
Sherpa also shares his predictions for a trending altcoin project. Looking at the graph of Aptos (APT) reveals a positive outlook:
For now, I continue to maintain this position, which starts at $7. As long as BTC looks healthy, I believe it has an advantage, which I personally believe is.
