A closely followed crypto strategist says that one altcoin with a market cap of $1.934 billion looks anything but bullish.
Pseudonymous trader Altcoin Sherpa tells his 196,800 followers on the social media platform X that the native asset of the interoperable blockchain ecosystem Cosmos (ATOM) appears poised for more downside price action.
ATOM, which is down about 60% from its 2023 high of $15.45, will likely drop all the way down to $5.50 before witnessing a relief rally, according to the analyst.
“ATOM: I know the Dapp (decentralized applications) chain future is big but man, this is one ugly chart. I don’t see any relief until the mid-$5s truthfully… That should be a decent bounce area. Still no reason to buy this one though, in my opinion.”
At time of writing, ATOM is trading for $6.61.
Altcoin Sherpa is also watching the price action of Ethereum (ETH) rival Solana (SOL). The analyst says that for now, SOL is trapped in a wide trading range between $16 and $27.
“SOL: haven’t checked this chart in a bit. I don’t see any real change in the higher time frame charts. I think that it’s still just a range between $16-$27 and some deviations on both ends. Best to probably just buy and hold this for a bit.”
At time of writing, SOL is worth $22.10.
Another altcoin on the trader’s radar is the native asset of the decentralized pool trading platform Woo Network (WOO). Altcoin Sherpa shares a chart suggesting that WOO remains in a sideways trend with support at around $0.147.
“WOO: great project/exchange overall, had some good news recently with them burning the 3AC (Three Arrows Capital) tokens and that supply being gone. I still don’t really see this as a buy at this current time but probably a decent longer-term investment.