A popular cryptocurrency analyst is digging into the charts as the market tries to recover from a shaky start to a week.
Analyst alias known as Altcoin Sherpa inform The 175,400 followers leading the smart contract platform Ethereum (ETH) have already dropped to a January low in the $2,100 range.
“An interesting observation for Ethereum is that it is at its January lows. BTC [Bitcoin] We have already overcome the past.
BTC is closer to the May low, but ETH/USD is still well above that level. moderate power… ”
Ethereum recovered from Monday’s lows at the time of writing, rising 4.19% on the day and trading at $2,371.
Anonymous traders next look at the cross-chain interoperability protocol Polkadot (DOT). Environment Aim for less than $6 as an entry level.
“If this level is lost, it will cost you $6. At least a long scalp seems fine.”
Polkadot traded above $16 a week ago but fell below $11 before recovering slightly. DOT is now up 4.92% in the last 24 hours and is priced at $11.57.
The charting expert then moves to the Layer 1 smart contract platform Avalanche (AVAX). The platform also saw a significant drop in price from above $68 on May 5th to below $42 a few days later. altcoin sherpa looking to get in now.
“It seems like a good area to buy. 1W highest wiretapping ever”
Avalanche is rallying up 11.62% that day and is trading at $45.43.
Altcoin Sherpa Next Consideration Scalability and Interoperability Ecosystem Cosmos (ATOM) is taking note of crypto assets that are yielding at the $10 level if even Bitcoin (BTC) shakes.
“Once BTC gets another dump, it looks like it could ultimately go below $10 in the coming weeks, but this should provide some support.”
Cosmos is also recovering from an ugly week of price movement, up 12.64% to the $13.74 price, but has fallen significantly from its 7-day high, which was still above $20.
The analyst wraps up his tweet storm with this: highlight Bitcoin’s current support range is between $30,000 and $35,000.
“This remains a support area for now and we are starting to fill some bids. There is too much uncertainty about the macro to assume that the bottom is still completely there.
at [technical analysis] The next level will be about $23,000, then the volume profile will be about $20,000.”
BTC has fallen nearly 25% over the past week, giving up $40,000 and barely holding on to $30,269.
As of this writing, Bitcoin has risen 3.82% in the last 24 hours and is valued at $31,111.
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