In the midst of the week’s highly volatile price action, a crypto analyst nicknamed Altcoin Sherpa is updating his forecasts for several altcoins.
What levels are next for ETH, AVAX and TRX according to altcoin Sherpa?
Sherpa informed his 176,300 Twitter followers that Avalanche (AXAX) may offer significant opportunity in the short term, but has not yet reached the “macro bottom”. In his recent Twitter analysis he says:
If this current level continues to hold steady, it could see a move into the mid/high 30s. In my opinion, the macro is not at the bottom yet but there may be a good short term trading opportunity soon
$AVAX: Could see a move up to the mid/high 30s if this current level continues to hold. IMO not the macro bottom quite yet but could be a good short term trading opportunity soon. #AVAX pic.twitter.com/95LLr18htI
— Altcoin Sherpa (@AltcoinSherpa) May 31, 2022
At the time of writing, Avalanche is trading at $24.33, down slightly from the previous 24 hours. The 14th largest crypto unit by market capitalization reached $146.22 in November 2021. It is currently trading 80% below this level.
“Waiting for these levels to buy TRX”
Altcoin Sherpa says it will continue to buy Tron (TRX) once it reaches a level it has set . USDD, the stablecoin of the Tron network, reached $660 million in volume in the vacuum created when Terra UST collapsed. Meanwhile, he made significant gains in TRX. Sharing the chart below, Sherpa says:
It has a much better track record than most other shit coins. There are several ways to play it, but I’d wait until it breaks/retests before trying.
Tron (TRX) is currently trading at $0.08505, down more than 3% in the last 24 hours. After LUNA and UST were deleted from the market, TRX reached 13th place by market capitalization.
Ethereum analysis
According to altcoin Sherpa, Ethereum (ETH) is expected to make sideways and downward price movements compared to Bitcoin (BTC) until the fall. The analyst believes that ETH will later rise against BTC as a result of the hype about its transition to a new PoS mechanism.
Ethereum (ETH) 2.0 aims to address network scalability concerns by moving from the PoW consensus process to a PoS consensus mechanism. As we mentioned in Kriptokoin.com news, the merge is expected to start in August network.
