A closely followed crypto trader is updating his outlook on the top two digital assets, an altcoin, and a smart contract platform that has been hailed as the “Solana killer.”
Pseudonymous crypto analyst Altcoin Sherpa tells his 185,600 Twitter followers that he’d be worried about king crypto Bitcoin (BTC) if it were to dip below a certain level.
“BTC: Wouldn’t want to see the $21,000 area get lost personally. I’m not even sure if this [Fibonacci chart] is well charted to be honest, might rather go from the impulse.”
Bitcoin is changing hands for $20,385 at time of writing.
The analyst next points to the ETH/BTC chart, saying that it’s a primary indicator of the overall health of the altcoin market. He says he expects it to slowly work its way up toward the .0823 level in the mid-term.
“ETH/BTC is usually a decent indicator for the entire altcoin market as a whole and it still looks pretty good. Expecting this to grind up to the .0823 area in the mid-term.”
The ETH/BTC is currently sitting at 0.775, according to the chart. Altcoin Sherpa then brings up the decentralized application (DApp) platform and Ethereum (ETH) challenger Near Protocol (NEAR), saying that while the altcoin’s chart may look awful, the asset’s price looks like it may bounce in the short term.
“NEAR: This looks like shit but if it’s going to bounce, it should be around here. Some sort of double bottom would be interesting for a larger move but I’m still dubious on that.”
NEAR is moving for $2.99 at time of writing, a 2.7% dip on the day.
The trader concludes his analysis by saying that Aptos (APT), a rival of smart contract platform Solana (SOL), has further up to go as long as BTC continues to look strong.
“APT: Still in this position from the $7s, going to keep holding it for now. As long as $BTC looks healthy (I personally think it does), I think this has another leg up.”
APT is valued at $8.86 at time of writing, a 2.2% drop during the last 24 hours.