Popular cryptocurrency strategist Altcoin Sherpa has sounded an ominous message for altcoins, warning that prices could plummet as much as 30-50% in the coming months. However, Sherpa is of the opinion that such troubles should be seen as an opportunity to enter the market as prices will likely rebound as they cross key support levels.
Sherpa offered his views on a select few cryptos, beginning with the memecoin Pepe (PEPE). Although the token has lost value significantly since its all-time high, the analyst still believes it can make a comeback, suggesting that a confluence of Fibonacci retracement levels, the volume profile visible range (VPVR) and support/resistance levels will eventually push the price up.
The crypto strategist was also fairly optimistic about Ethereum (ETH) rival Avalanche (AVAX), saying good news may be on the horizon for price action as it nears the lower end of its $13-$21 trading range. Additionally, Altcoin Sherpa believes the layer-2 scaling solution Polygon (MATIC) has potential to bounce back from its current $0.75 price level. He was less optimistic about decentralized derivatives exchange Injective Protocol (INJ), which he suggested may continue its downward trend and dip below the $4 psychological barrier.
The current market environment for altcoins looks murky and turbulent, but attentive traders could benefit from spotting the right entry points and opportunity. While Altcoin Sherpa has shared his bullish points of view on the above-mentioned cryptos, investors must carefully take into account their personal financial situation and risk appetite before making any investments.
Sophie Young
- 2023-05-14
Will Altcoins Plunge by 30-50% in the Coming Months?
Popular cryptocurrency strategist Altcoin Sherpa has warned that prices of altcoins could plunge as much as 30-50% in the coming months. Sherpa shared his thoughts on some of the top coins and suggested that traders could take advantage of the current market conditions.
