A popular analyst is digging the charts to set price targets for four crypto assets as markets fall.
The pseudonymous trader known as Altcoin Sherpa told his 177,300 Twitter followers that he is looking at leading smart contract platform Ethereum with weekly candles and that the $500-$800 range is a possibility if ETH capitulates at $1,000.
“Some 1 week goals here. I think $1,000 is a solid short-term low for obvious reasons.
$800 would be the next range, eventually $500 when it gets bad.”
Ethereum is currently down 10% on the day and is trading at $1,117.
Moving on to Layer 1 blockchain Solana, the Analyst thinks SOL could recoup some of its losses in the near term, but it still expects the altcoin to dip below $20.
“[In my opinion] The current area is a good buy zone for a short-term bounce, would NOT get greedy and assume this is “the bottom”.
Bottom likely below $20 if things continue lower.”
Solana is down almost 5% today and is changing hands for $29.34.
Altcoin Sherpa next rated Layer-1 smart contract platform Avalanche and expects AVAX to drop to $10 at some point, adding that a price below $5 would mean “things are really bad.”
“Some goals. Long term, I think $10 will eventually be marked.”
At the time of writing, Avalanche is down 5.92% and trading at $15.73. A week ago, AVAX was trading above $24.
Last on the chart guru’s list is decentralized application platform (dApp) and Ethereum competitor NEAR Protocol. He is eyed around $2.50 as a potential bottom, noting that further market cap could drop NAH below $2.
“$2.50 would be a medium-term goal; However, we could see an upswing before then.
When things get bad, eye under $2.”
NEAR Protocol is down 5.83% on the day with an asking price of $3.23.
Check the price action
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/sweet kiwi/monkographic