A closely tracked crypto strategist is predicting dips for two altcoins while updating his forecast for Solana (SOL) and ApeCoin (APE).
Pseudonymous crypto analyst Altcoin Sherpa tells his 180,700 Twitter followers that smart contract protocol Ethereum Classic (ETC) looks poised for a significant pullback after its steep rally over the past few weeks.
“ETC: comfy in my short from $39s as a hedge. I think this goes to $33 and $30 (potentially) at a minimum. Taking profits there.”
At time of writing, ETC is trading for $35.80, over 16% above Altcoin Sherpa’s downside target of $30.
Next up is Optimism (OP), a layer-2 scaling solution for Ethereum (ETH). The crypto strategist believes OP is also likely to witness a deep correction after surging over 286% in less than three weeks.
“OP: I think this thing goes to $1.12 at a minimum.”
OP is trading at $1.55 at time of writing.
Looking at Ethereum rival Solana, Altcoin Sherpa says SOL is likely to experience more corrective moves in the coming days now that it is trading below a crucial level.
“For continuation, you really want to see this form a higher low around $39ish. If that level breaks, I think that things could get ugly quickly. I’m still cautiously bullish, and I would look to long around that level if you think things are bullish in mid-term.”
At time of writing, SOL is valued at $37.99.
The last coin on the trader’s radar is Bored Ape Yacht Club (BAYC) offshoot project ApeCoin. According to Altcoin Sherpa, APE is primed for a rally to $10 before any significant retracements.
“Still mad I never got fully filled on my reloads in the low $5s. This one is continuing to grind up, but I’m still comfy in my entries in mid/high $5s.”
APE is swapping hands for $6.71 at time of writing.
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Source: https://dailyhodl.com/2022/08/03/analyst-predicts-pullbacks-for-ethereum-classic-and-one-low-cap-altcoin-updates-outlook-on-solana-and-apecoin/