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Home Analysis

Altcoins Are Starting To Revolt After Bitcoin Recovers

June 25, 2022
in Analysis, Altcoins
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Canaan The World’s Largest Mining Company Increases Revenues Despite The Crypto Prohibition

Crypto Market Highlights August 18, 2022

Bitcoin has seen a significant bounce from the bottom of $17,600 last week. However, the reversal of the altcoins makes us even more shocked.
Altcoins Are Starting To Revolt After Bitcoin Recovers

Altcoin analyst Sherpa says SOL will outperform most cryptocurrencies in the current cycle. According to Sherpa, the native token of popular smart contract platform Solana may outperform other altcoins depending on Bitcoin’s price movements.

He emphasized he doesn’t know how high the SOL can go but hopes to break through resistance at around $40 and fall back when it hits $50. At the time of writing, SOL is trading for $41.16.

$SOL: I think this still looks decent on lower time frames, EMAs looking good still on the 4h. Expecting the 4h 200 EMA to be some immediate resistance but #Solana should outperform most altcoins in this environment. Still, everything depends on btc ofc. pic.twitter.com/KXI42b3aIg

— Altcoin Sherpa (@AltcoinSherpa) June 22, 2022
Altcoins Are Starting To Revolt After Bitcoin Recovers
SOL daily chart. Source: CoinCu

Another cryptocurrency that Altcoin Sherpa is optimistic about is MANA. The analyst says the virtual reality platform is recovering from bottoming out. This altcoin is currently trading for $0.94 from a low of $0.74 in June.

Altcoins Are Starting To Revolt After Bitcoin Recovers
MANA daily chart. Source: CoinCu

He then shared his forecast for the Metaverse APE token. According to him, the token created for the Bored Ape Yacht Club NFT community could reverse the downtrend at $6. APE currently costs $4.5.

Altcoins Are Starting To Revolt After Bitcoin Recovers
APE daily chart. Source: CoinCu

As for Bitcoin, the analyst thinks that the bearish market structure remains active in the high time frame. At the time of writing, BTC is changing hands at $21,260.

$BTC: I think that the 200 EMA 4h will make a good short when it comes. Large gaps between the lagging MAs usually mean the first test are good buys/sells depending on context. Still high time frame bearish market structure though. #Bitcoin pic.twitter.com/dhytCXhN5c

— Altcoin Sherpa (@AltcoinSherpa) June 22, 2022
Altcoins Are Starting To Revolt After Bitcoin Recovers
BTC daily chart. Source: CoinCu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Tags: #BitcoinAltcoinsanalysisApeBTCHOTMANAmarketpriceSOL
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