A popular analyst is digging into the charts to set price targets for four crypto assets as the markets tumble.
The pseudonymous trader known as Altcoin Sherpa tells his 177,300 Twitter followers that he’s looking at leading smart contract platform Ethereum with one-week candles, and that the $500 to $800 range a possibility if ETH capitulates at $1,000.
“Some 1-week targets here. I think $1,000 is a solid short-term bottom for obvious reasons.
$800 would be the next area up, eventually $500 if things get bad.”
Ethereum is currently down 10% on the day and trading for $1,117.
Moving on to layer-1 blockchain Solana, the analyst thinks SOL might recapture some of its losses in the near term, but he still expects the altcoin to dip below $20.
“[In my opinion] current area is a good buy zone for a short-term bounce, would NOT get greedy and assume this is ‘the bottom’.
Bottom is probably sub-$20 if things continue lower.”
Solana is down nearly 5% today and changing hands for $29.34.
Altcoin Sherpa next assesses layer-1 smart contract platform Avalanche and says he expects AVAX eventually to fall to $10, adding that a sub-$5 price tag would mean “things are really bad.”
“Some targets. Long term I think that 10 bucks gets tagged eventually.”
At time of writing, Avalanche is in the red by 5.92% and priced at $15.73. A week ago AVAX was trading above $24.
Last on the chart guru’s list is decentralized application (dApp) platform and Ethereum competitor NEAR Protocol. He’s eyeing approximately $2.50 as a potential bottom, noting that further market capitulation could take NEAR below $2.
“$2.50ish would be a target in the mid-term; we could see a bounce before then, though.
If things get bad, eyeing sub-$2.”
NEAR Protocol is underwater by 5.83% on the day with an asking price of $3.23.
